The Europe is expected to account for the largest share of the tablet coatings market in 2019
Northbrook, IL 60062 -- (SBWIRE) -- 05/23/2022 -- The Research Report on "Tablet Coatings Market by Polymer (Cellulosic, Vinyl, Acrylic), Functionality (Delayed Release, Sustained Release), Type (Sugar Coated, Film Coated, Enteric Coated), End User (Pharmaceutical, Nutraceutical) - Global Forecast to 2025, is projected to reach USD 969 million by 2025 from USD 739 million in 2020, at a CAGR of 5.6% during the forecast period.
Rising adoption of orphan drugs;
An orphan drug is a pharmaceutical agent developed to treat rarely occurring medical conditions referred to as orphan diseases. Owing to the surge in the number of treatments for rare diseases, the pharmaceutical industry is expected to witness a rising demand for pharmaceutical ingredients, including APIs and excipients. According to the US NIH, there are as many as 7,000 conditions classified as rare by US standards (affecting less than 200,000 Americans). Since the introduction of the Orphan Drug Act, only about 600 drugs have been approved, leaving most rare diseases without any licensed treatment.
Additionally, drug makers typically charge higher prices for orphan drugs (being protected by market exclusivity granted to any company that secures an orphan drug approval). To date, insurers have mostly agreed to cover such drugs, despite their higher price, due to the lack of other options. The continuous focus of drug manufacturers on the development of treatment options for rare diseases is further expected to drive the growth of the tablet coatings market. Some of the major pharmaceutical companies selling orphan drugs in the market are Celgene (US), Roche (Switzerland), Teva (Israel), Bristol-Myers Squibb (US), Biogen (US), AbbVie (US), Amgen (US), Novartis (Switzerland), Takeda (Japan), and Jazz Pharmaceuticals (Ireland).
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Industry Segmentation In Detailed:
The non-functional non-modifying coatings segment is expected to account for the largest share of the tablet coatings market.
Based on functionality, the non-functional non-modifying coatings segment commanded the largest share in 2019. The large share of this segment can be attributed to high use of these coatings for the manufacture of immediate-release dosage forms. Also, the growing demand for innovative drug delivery formulations and dietary supplements using immediate-release coatings will continue to drive market growth.
The film-coated tablets segment is expected to grow at the highest rate during the forecast period.
The tablet coatings market is segmented into film-coated, sugar-coated, gelatin-coated, enteric-coated tablets and other tablet coatings based on type. In 2019, the film-coated segment dominated the tablet coatings market, by type, and is also expected to grow at the highest CAGR during the forecast period. These coatings also minimize the risk of medication errors leveraging pigments/ colors for identification and also improves patient compliance through aesthetic appeal which further support market growth.
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Leading Key Players and Analysis:
The prominent players in Tablet Coatings Market are Colorcon Inc. (US), Sensient Technologies Corporation (US), BASF SE (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).
Geographical Analysis in Detailed:
The Europe accounted for the largest share of the tablet coatings market, followed by North America, the Asia Pacific, Latin America, and the Middle East & Africa. The large share of this market segment can be characterized by the presence of a number of pharmaceutical giants with large production capacities leading to a high consumption of excipients. The growing emphasis on superior pharmaceutical products, generics, and biosimilars has also led to the increase in the demand for novel excipients, which, in turn, is expected to drive the market growth in this region in the coming years.
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