Market Trends of Tablet Coatings Industry
This section covers the major market trends shaping the Tablet Coatings Market according to our research experts:
Immediate-release Segment is Expected to Witness Considerable Growth During the Forecast Period
Immediate-release tablets are used to disintegrate and release their dose type with special coatings and different techniques. These immediate-release tablets are economical and cost-effective, provide quick onset of action, are suitable for industrial production, and have improved stability and bioavailability. They are also adaptable to existing processing and packaging machinery. Hence, such advantages create more opportunities for immediate-release tablets, which may drive the growth of the segment during the forecast period.
An NCBI article published in June 2021 mentioned that the immediate-release tablets offer ease of ingestion. They are simple, safe, and convenient to use. These immediate-release forms provide versatility and, most significantly, patient compliance and are cost-effective for manufacturing. The same source also stated that the need for a rapid therapeutic action of drugs has increased recently, and this dosage form gives a rapid set of action. Therefore, the demand for the immediate therapeutic action of drugs is positively driving the growth of the segment.
North America is Expected to Witness Significant Growth During the Forecast Period
North America is expected to witness considerable growth over the forecast period. Factors such as high treatment awareness among the target population across the countries in the region, pharmaceutical expenditure, increasing product launches, and drug approvals are driving the growth of the tablet coatings market in the region. The geriatric population is another key factor responsible for the market's growth in the region, as the older population is at a higher risk of acquiring this disease. According to the US Census Bureau data updated in July 2022, in 2021, more than 18.37% of the US population fell into the 0-14 year category, 65.0% into the 15-64 age group, and 16.63% were aged over 65. A total population count of around 320.0 million inhabitants and a more-or-less steady population growth over the past decade indicate that the country has steadily improved its living conditions and standards for the population. Hence, owing to such factors, considerable market growth is expected in the North American region.
Key product launches, high concentration of market players or manufacturers, acquisitions and partnerships among major players, and product approvals in the United States are some of the factors driving the growth of the tablet coatings market in the country. For instance, as per the data provided by the Center for Drug Evaluation and Research (CDER) updates from the FDA in June 2021, among the total 53 drugs approved worldwide in 2020, most of them were approved in the United States before any other country in the world. Therefore, owing to such factors, the tablet coatings market in the United States is expected to witness strong growth over the forecast period.
