Market Size of Tablet Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.60 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Tablet Coatings Market Analysis
The tablet coatings market is expected to register a CAGR of 5.6% over the forecast period.
The COVID-19 pandemic impacted the tablet coatings market. The supply chain was disrupted drastically due to regulatory restrictions on transport. International trade was also affected by the pandemic. The ongoing clinical trials and drug development process were delayed with disruptions to trial enrolment, data collection, data analysis, and industrial closures. However, the demand for drug development to combat COVID-19 infection grew rapidly, which created the demand for the development of new drugs. Major companies in the pharmaceutical sector have taken advantage of the pandemic, thus increasing drug repurposing. For instance, an NCBI research article published in September 2021 stated that scientific research focused majorly on the development of drugs and vaccines and expanding the therapeutic indications of drugs that could have a potential effect on COVID-19. The same source also mentioned that, as of September 2021, 113 drugs and 53 vaccines were in clinical trials globally. Thus, the market witnessed moderate growth during the pandemic. However, with the decreasing number of COVID-19 cases and the resumption of healthcare services, the market gained momentum and is expected to maintain an upward trend over the forecast period.
Rapid growth of the pharmaceutical industry, rapid adoption of orphan drugs and nutraceuticals, and increasing R&D investment activities are likely to drive the market's growth over the forecast period. Pharmaceutical spending is the expenditure on prescription medicines and self-medication, sometimes referred to as over-the-counter (OTC) drugs. For instance, according to the Center for Infectious Disease Research and Policy (CIDRAP) updates from May 2021, the United States was among the top market for healthcare and pharmaceutical spending, which was valued at more than USD 527.8 billion in 2021, while China spent 25.4% of the United States' total spending, thus coming second in healthcare and pharmaceutical spending. Therefore, such high investments by the countries are expected to drive the growth of the market over the forecast period.
The growing pharmaceutical industry is also expected to propel the market's growth. For instance, according to the European Federation of Pharmaceutical Industries and Associations, 2022 report, the production of pharmaceuticals in Europe was valued at EUR 286,697 million (USD 30,7416.88) in 2020 and EUR 300,000 million (USD 321681.30) in 2021. Such an increase in production value corresponds to an increase in the volume of production of drugs, in turn, boosting the demand for tablet coatings. The expansion of facilities by the market players to develop high-performance ingredients is also expected to propel the market's growth. For instance, in July 2021, Croda International PLC opened a new high-purity excipients facility in Mill Hall, London. The investment led to Croda's commitment to developing innovative pharmaceutical excipients for use in smart science. Therefore, such favorable initiatives are anticipated to boost the market's growth over the forecast period.
However, stringent regulations for drug approvals and time and cost-exhaustive drug development proceses are anticipated to hinder the market's growth over the forecast period.
