Sustained Release Coatings Market to Reach USD 770 Million & Growing at a CAGR of 6.9% (2022-2028).
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The market's growth can be due to increased demand for micro-encapsulated products and pharmaceutical products for effective patient treatment and the rising need for sustained release coatings in cancer and brain tumor-specific drug delivery…
A recent study by the strategic consulting and market research firm;?BlueWeave Consulting?revealed that the global?sustained release coatings market?was worth USD 494.2 Million in 2021 and is anticipated to reach USD 770.6 Million by 2028, growing at a CAGR of 6.9% (2022-2028).?With the rising demand for microencapsulated products, several companies are investing extensively in research and development, contributing to the growth of the sustained release coating market. New technologies, such as sustained-release coating, are required to tap specialized markets in cancer and brain tumor-specific medication delivery.
Increasing Product Launches Contributing To The Growth Of Sustained Release Coatings Market
New product launches are one of the key strategies acquired by the major players in the global sustained release coating market. Moreover, major companies are also focused on entering new markets by launching technologically advanced and innovative sustained-release coating products for varied applications.?North American companies are considered to be the most active region in terms of strategic initiatives in recent years. For instance- Colorcon has added a line of modified release products based on DuPont's Aquacoat technology to its coatings portfolio. Aquacoat ECD, colloidal dispersion of ethylcellulose polymer for prolonged-release, is part of the product line. Pharmaceutical and nutritional solid dosage applications will both benefit from the coatings. Similar innovation in the industry is expected to propel the market growth of the global sustained release coatings market.
Targeted Action Properties boost sustained Release Coatings' Global Growth.
The demand for sustained release coatings is growing in the pharmaceutical industry due to the need for targeted action to the desired site, which enhances the treatment and results in very less or no side effects. As a result, the development of drugs based on sustained release coatings is predicted to increase the demand for sustained release coatings to distribute active ingredients effectively and precisely. Pharmaceutical businesses employ sustained release coating technology to disguise medications' bitter taste or odor and promote targeted and controlled distribution. The above advantages make the sustained release coatings market very profitable for the pharmaceutical industry, propelling market expansion.
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Tablet Segment Expected To Witness Tremendous Growth In Upcoming Years
The rising demand for pharmaceutical products and?microencapsulated products?increases the growth of the tablet segment. The entire sustained release coatings market is projected to dominate the tablet segment. The development of mini-tablets is a prominent trend in this market, and it has gotten a lot of attention due to its multiple benefits, such as ease of production, less coating material required, lower risk of dose dumping, and lower inter-and intra-subject variability. Other improvements in this industry include the use of no solvents during production, adaptable sustained release, immediate-release tablet systems, modified-release tablet formulations, and technologies.
Impact of COVID-19 On The Sustained Release Coatings Market
There was a huge increase in the demand for coated pills during the pandemic. Governments and pharmaceutical and biotech companies worldwide have been working nonstop to combat the COVID-19 pandemic. As a result, tablet coating production and demand have soared. The demand for COVID-19 treatment has skyrocketed for commonly used drugs like hydroxychloroquine. Because many rich countries were experiencing a shortage of these pharmaceuticals, the rising demand has provided huge opportunities for COVID-19 management drug producers.
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North America Projected To Maintain Its Position During The Forecast Period in Global Sustained Release Coating Market
The sustained release coatings market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa.?North America is the largest sustained release coatings market among these regions, and it is expected to remain so during the forecast period. The sustained release coating market is growing due to the rising demand for microencapsulated tablets, capsules, and pills. The sustained release coatings market is predicted to grow at a steady pace due to the presence of a large number of pharmaceutical giants and significant investments in the development of novel medications and drug delivery systems.
Competitive Landscape
The key players dominating the sustained release coatings market are?BASF SE, Evonik Industries, Colorcon, Coating Place, Inc, Panchsheel Organics Ltd, sbpanchal, and Meenaxy Pharma Pvt Ltd., LFA Machines Oxford LTD, Aurora, Merck KGaA, SEPPIC, Ashland, G. M. Chemie Pvt. Ltd?and?other prominent players. The players maintain their dominance in the market by investing in launching enhanced products and services to customers. Different strategies adopted are engaging strategic alliances and collaborations. The key marketing strategies adopted by the players are new launches, collaborations, and partnerships to expand their customer reach.
?The report's in-depth analysis provides information about growth potential, upcoming trends, and the global sustained release coatings market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global sustained release coatings market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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