The empty capsules market is projected to expand from US$ 6.75 billion in 2022 to US$ 12.52 billion by 2030, reflecting a compound annual growth rate (CAGR) of 8.0% during the period from 2022 to 2030.

The anticipated growth in this market is primarily driven by the thriving nutraceutical and dietary supplement sectors, alongside the steadily increasing pharmaceutical industry. The rising demand for hard gelatin capsules is expected to create further opportunities for the empty capsules market. However, the complexities involved in the manufacturing of empty capsules pose challenges that may impede market growth.

Empty capsules are produced using materials such as gelatin, hydroxypropyl methylcellulose (HPMC), pullulan, and starch. These capsules are versatile and can be utilized to encapsulate formulations aimed at treating both acute and chronic conditions, including cancer and common ailments like colds and coughs. Additionally, they serve as packaging for nutritional supplements, antacid and anti-flatulence medications, as well as personalized medicine formulations.

In 2022, North America held the second largest share of the global empty capsules market. This region's market is divided into the US, Canada, and Mexico. The growth of the empty capsules market in North America can be attributed to the increasing preference for capsule-based nutraceuticals, which have been shown to be effective in preventing serious health issues such as cancer, obesity, and arthritis. The rising prevalence of chronic diseases, particularly among the aging population in the US, also contributes to market expansion. According to the Population Reference Bureau's Population Bulletin: Aging in the US, the number of Americans aged 65 and older is expected to nearly double from 52 million in 2018 to 95 million by 2060. The well-established healthcare systems in the US and Canada encourage global market players to enter these markets, resulting in a significant presence of various international companies. The high demand for empty capsules is effectively met by these global participants operating in the region.

The increasing demand for hard gelatin capsules is anticipated to provide significant market opportunities in the future. Hard gelatin capsules, particularly those made from HPMC, offer excellent protection against oxidation. They represent a modern dosage form utilized for medicinal purposes, driven by the growing focus on pharmacokinetics in drug development. This has broadened the scope of formulations that can be delivered using hard gelatin capsules, which are favored for oral drug administration. Modern capsule-filling machines are capable of producing up to 200,000 capsules per hour, allowing for the filling of various substances in a single operation. Such advancements enhance the appeal of hard gelatin capsules, which are increasingly preferred for new solid oral medications.

A variety of manual, semi-automatic, and automatic filling machines are available for the production of hard gelatin capsules. These machines facilitate the production of both large and small capsules in bulk or in smaller quantities, which is often required by community and hospital pharmacies. The ability to fill multiple units in hard gelatin capsules allows for the combination of different drug constituents, even if they are incompatible or have varying release profiles. Recent scientific and technological advancements in formulations have led to a preference for hard gelatin capsules for encapsulating liquid and semi-solid formulations. Advantages of hard gelatin capsules include improved content uniformity in low-dose products, reduced risk of cross-contamination during production, and lower packaging costs due to their standardized dimensions.

Gelatin-based hard capsules are not only easier to swallow but also protect the active ingredients from exposure to oxygen, light, moisture, and dust. For manufacturers, hard capsules offer rapid processing and setting times, excellent dissolution properties, and optimal protection for the encapsulated ingredients. Consequently, innovations in dosage forms have resulted in a growing reliance on hard gelatin capsules within the pharmaceutical sector.

Product Type -Based Insights

The empty capsules market is categorized based on product type into gelatin capsules and non-gelatin capsules. In 2022, the gelatin capsules segment commanded a larger market share. However, the non-gelatin capsules segment is projected to experience a higher CAGR of 9.0% from 2022 to 2030.

Functionality -Based Insights

The market is also segmented by functionality into immediate-release capsules, delayed-release capsules, and sustained-release capsules. The immediate-release capsules segment held the largest market share in 2022 and is expected to achieve the highest CAGR of 8.5% during the forecast period.

Application -Based Insights

In terms of application, the hyperbaric oxygen therapy market is divided into antibiotic and antibacterial drugs, vitamin and dietary supplements, antacids and antiflatulent preparations, among others. The antibiotic and antibacterial drugs segment held the largest market share in 2022, while the vitamin and dietary supplements segment is anticipated to grow at the fastest CAGR of 8.9% from 2022 to 2030. This growth is largely due to the increasing global geriatric population, which drives the demand for therapeutic drugs and nutritional supplements aimed at improving health outcomes. The rising focus on building strong immunity to combat viral infections has led to a surge in demand for immunity-boosting vitamins and nutritional supplements, with capsules being the preferred solid oral dosage form.

End User -Based Insights

The hyperbaric oxygen therapy market is segmented by end user into pharmaceutical, nutraceutical, cosmetics, and research laboratories. The pharmaceutical segment held the largest share of the empty capsules market in 2022 and is expected to register the highest CAGR of 8.4% during the period from 2022 to 2030.

Leading companies are adopting strategies such as expansion, partnerships, new product launches, and customer base acquisition to capitalize on existing business opportunities. For instance, in November 2022, Lonza introduced Enprotect capsules designed to deliver acid-sensitive active pharmaceutical ingredients (APIs). In July 2022, Sunil Healthcare Limited reported a 25.0% increase in export revenue for FY2022, attributed to improved profitability from HPMC capsules. Furthermore, in May 2022, Lonza expanded its Capsugel offerings to include titanium dioxide-free (TiO2-free) white hard gelatin capsules to meet rising demand in the European Union. In March 2021, CapsCanada launched a new service for manufacturing liquid-filled hard capsules in North America, supporting the entire manufacturing process from formulation to production. In June 2020, Lonza introduced DBcaps (double-blind capsules), an HPMC capsule designed to address challenges in clinical trials.

The report on the hyperbaric oxygen therapy market references primary and secondary sources, including the US Food and Drug Administration, the Centers for Disease Control and Prevention (CDC), the Global Burden of Disease Study, and the European Commission.