The sustained release coating market share will post incremental growth of USD 207.64 million, progressing at a CAGR of 6.11% during the forecast period. The growing demand for pharmaceutical products will offer immense growth opportunities to market vendors. The market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Browse Technavio's 155-page report and in-depth TOC on "Sustained Release Coating Market by type (tablets, capsules, and pills), application (in vitro and in vivo), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 463.60 million.
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The sustained-release coating market is segmented by type (tablets, capsules, and pills), application (in vitro and in vivo), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The market share growth by the tablets segment will be significant during the forecast period. The growth of the segment is attributed to factors such as the rising demand for controlled-release formulations and the simplicity of manufacturing and administering tablets.
North America is estimated to contribute 43% to the growth of the global market during the forecast period. The sustained-release coatings market in North America is established and highly competitive. There is intense rivalry between the major players in the region, with a focus on collaborations, R&D, and product innovation.
The growing demand for pharmaceutical products will directly influence the sustained-release coating market. In addition, the growing popularity of biodegradable and environmentally friendly sustained-release coatings is one of the major sustained-release coating market trends that will positively impact the market growth. However, factors such as stringent government regulations will hamper the sustained-release coating market growth.
The market is fragmented due to the presence of several players. Some of the major sustained release coating market vendors are Ashland Inc., BASF SE, Coating Place Inc., Eastman Chemical Co., Evonik Industries AG, G.M. Chemie Pvt. Ltd., JRS PHARMA GmbH and Co. KG, LFA Machines Oxford Ltd., Merck KGaA, Novartis AG, Panacea Biotec Ltd., Panchsheel Organics Ltd., Pfizer Inc., S.B. Panchal and Co., Spraycel Coatings, Viatris Inc., Sun Pharmaceutical Industries Ltd., Lonza Group Ltd., AstraZeneca Plc, and Meenaxy Pharma Pvt. Ltd.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2023-2027.
CAGR of the sustained release coating market forecast during 2023-2027.
Market-level data on units, average selling prices, and values of the sustained release coating market share.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the sustained release coating market.
Sustained release coating industry growth across North America, Europe, APAC, South America, and Middle East and Africa.