(USA, NY, New York City) Global Softgel Capsule Market is slated to acquire the valuation of USD 3,276.00 Million while rising at a CAGR of 5.46% during the forecast term from 2018 to 2023, evaluates Market Research Future (MRFR).
The growing health-conscious population is a significant factor that is expected to boost the industry during the review period. Another important factor that is expected to drive the market forward is the growing popularity of sports. The number of gyms, marathons, and sporting activities is expected to increase, increasing demand for such capsules. A the desire to be physically fit is also expected to fuel the industry in the future. The ongoing development in the healthcare sector, combined with increased competition in the pharmaceutical industry, is expected to be a significant factor driving market growth in the forecast period.
The nutraceutical industry’s massive demand is expected to drive the soft gel capsule market’s growth trajectory over the forecast period. The nutraceutical industry offers appealing prospects that are expected to help the market develop. Furthermore, the expansion of the pharmaceutical industry coincides with the rise of the softgel capsule market. The sector is expected to be catapulted upward by innovations in the healthcare industry, as well as increasing competition in the pharmaceutical industry.
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Key players leading the global softgel capsules market include Patheon (part of Thermo fisher scientific), Weihai Baihe Biology Technological Co. Ltd., Catalent, Inc., Capsugel (a part of Lonza), Captek softgel International Inc., Amway, EuroCaps Ltd. (part of the DCC plc Group), Sirio Pharma Co. Ltd., Strides Pharma Science Limited, Soft Gel Technologies, Inc., and International Vitamin Corporation, among others.
The nutrition segment of the global softegel capsules market is expected to develop at a CAGR of 5.98 percent over the forecast period among the applications. The rapid adoption of a sedentary lifestyle is likely to result in a variety of health problems, which will contribute significantly to the segment’s development.
The gelatin segment of the global softegel capsules market is expected to gain a larger market share than the non-animal type segment in the type segment. By 2023, the segment is estimated to have a market capitalization of USD 2,242.08 million. The non-animal type segment, on the other hand, is expected to grow at a CAGR of 5.79 percent over the study period.
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North America leads the global softgel capsule market, accounting for the largest market share. The well-developed status and the highest GDP, worldwide, allows the North American region to hold an edge over other regions in terms of aspect, including technology and healthcare. Owing to the burgeoning precision medicines market, the region would retain its leading position throughout the forecast period.
Large technological advancements in the field of medical technology that has shifted the traditional manufacturing approach in the pharmaceutical industry to more customized manufacturing approach are supporting the growth of the market. Moreover, the presence of a well-established pharmaceutical sector and a massive pool of health-conscious consumers drive the regional market growth.
The softgel capsule market in the European region stands as the second-largest one on a global scale. The resurging economy in the region is playing an important role in the development of the market, allowing increased access to healthcare. Germany, heading with its advanced technology, contributes to the growth of the regional market hugely. Furthermore, the UK and France with the increasing investment in personalized medicines and pharmaceutical industry drive the regional softgel capsule market at a large scale.
The Asia Pacific softgel capsule market is emerging as a promising market, globally led by the rapidly improving economic conditions in the region. Besides, factors, such as substantial technological advancements, the burgeoning pharmaceutical industry, and rising demand for softgel capsules, foster the regional market growth.
Furthermore, a huge patient population that dictates the demand for quality healthcare in the rapidly developing countries, such as China, Japan, South Korea, and India, are expected to lead the market growth in the APAC region. China represents the largest share in the regional market, witnessing a sharp rise in sales of softgel capsules.
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