Tablet Coatings Market - Emerging Trends to Bring Major Revolution in Global Healthcare Industry
Market Size Estimation:
This study's market size estimations and forecasts are the result of combining a top-down (evaluation of utilization/adoption/penetration trends by polymer type, functionality, type, end user, and region) and bottom-up (segmental analysis of important segments) methodology.
Projected Surge in Revenue Generation:
With a compound annual growth rate (CAGR) of 5.6%, the tablet coatings market is expected to reach a valuation of USD 969 million by 2025 from its estimated USD 739 million in 2020.
Major Growth Boosting Factors:
The pharmaceutical industry's growth and the rise in R&D in this area are the main factors driving this market's expansion. The market is expanding thanks to the burgeoning nutraceutical business, the fast expanding biopharmaceuticals sector, the growing generics market, and the increased use of orphan medications. Furthermore, there are a lot of prospects for market expansion due to the pharmaceutical industry's growing emphasis on emerging markets and the growing outsourcing of operations to these nations. The growing emphasis on technology developments in specialized markets also presents large growth prospects for companies involved in this industry.
However, throughout the projected period, the market's expansion is anticipated to be constrained by the tightening regulations pertaining to the licensing of pharmaceuticals and excipients, as well as the high cost of the microencapsulation process.
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Data Triangulation:
The entire tablet coatings market was split into a number of categories and subsegments when the market size was determined. In order to finalize the market engineering process and obtain precise statistics for every segment and subsegment, data triangulation and market breakdown techniques were utilized, if appropriate.
End Users:
The pharmaceutical industry end-user segment is expected to account for the largest share of the tablet coatings market
The tablet coatings market, by end-user, is segmented into pharmaceutical and nutraceutical industry. The pharmaceutical industry segment accounted for the largest market share in 2019. The demand for tablet coatings in the pharmaceutical industry is largely driven by the increasing number of drugs launched as tablet formulations and growing prevalence of diseases for which tablet-based formulations form the primary treatment. The rising demand for innovative drug delivery formulations is also supporting the growth of the tablet coatings market for the pharmaceutical industry.
Geographical Growth Dynamics:
Asia Pacific is expected to account for the highest CAGR for players operating in the tablet coatings market
The Asia Pacific tablet coatings market is expected to grow at the highest CAGR from 2020 to 2025. Increase in outsourcing of drug manufacturing to specialized contract manufacturing organizations (CMOs), rising number of companies setting up manufacturing units in these countries, favorable government regulations, low labor and manufacturing costs, and the large base for the generation of generics & biologics are factors expected to drive the growth of the market during the forecast period.
Global Key Players:
The prominent players in this market are Colorcon Inc. (US), Sensient Technologies Corporation (US), BASF SE (Germany), Evonik Industries AG (Germany), Ashland Global Holdings Inc. (US), DuPont De Numeours Inc. (US), Kerry Group plc (Ireland), Roquette Freres (France), Eastman Chemical Company (US), Air Liquide S.A. (France), and Merck KGaA (Germany).
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