Growth in demand for sustained release coating in the In Vitro application is driving the market.
The sustained release coating market size is projected to grow from USD 478 million in 2019 to USD 660 million by 2024, at a CAGR of 6.6%, during the forecast period.
The demand for sustained release coating has improved in recent years due to its increased consumption in the APAC region. In addition, the increasing use of sustained release coating in varied applications, such as In Vitro and In Vivo, has further contributed to the growth of this market. The newer, high-growth substrate of sustained release coatings include tablets, capsules, and pills. For instance, there is a sharp rise in demand for tablets that are increasingly favored as a new high-performance substrate for pharmaceutical drug applications.
Ethyl & methyl cellulose is expected to be the largest polymer material type during the forecast period.
Ethyl & methyl cellulose was the most extensively used sustained release coating material. Its primary release mechanism is drug diffusion across a water-insoluble membrane. It is an aqueous colloidal dispersion of ethyl cellulose polymer, which can be used as a moisture barrier as well as in sustained release and taste-masking applications. So, these properties help them to make the most favorable over other polymer material type.
APAC to record the highest growth rate during the forecast period.
The APAC sustained release coating market is projected to register the highest CAGR during the forecast period, due to its rising demand from Japan, India, China, and South Korea. China is expected to lead the demand for sustained release coating due to the increase in the production of pharmaceutical drugs. Generic drug manufacturing in APAC is a lucrative prospect for many foreign investors. Numerous multinational pharmaceutical drugs manufacturers are focusing on Asian countries, such as China, India, Japan, South Korea, and Indonesia, to balance the impending patent expiration of branded drugs with the manufacturing of generic drugs.
A large pool of scientific talent and well-defined R&D infrastructure complement the pharmaceutical formulations market in the APAC region.
- By Company Type: Tier 1: 58%, Tier 2: 33%, and Tier 3: 9%
- By Designation: C Level: 40%, Director Level: 35%, and Others: 25%
- By Region: North America: 33%, Europe: 30%, APAC: 15%, South America: 14%, and the Middle East & Africa: 8%
The sustained release coating market comprises major players, such as Colorcon (US), BASF (Germany), Evonik (Germany), and Coating Place (US). The study includes an in-depth competitive analysis of these key players in the sustained release coating market, with their company profiles, recent developments, and key market strategies.
- The study covers the sustained release coating market across segments. It aims at estimating the size and the growth potential of this market across different segments based on substrate, polymer material type, application, and region.
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall sustained release coating market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.