Tablet Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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.

Key Market Trends

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.

Competitive Landscape

Currently, major players are increasing their product launches, collaborations, and other strategies, thus fueling the tablet coatings market. The market is competitive and fragmented due to the presence of several major players in the market. Merck KGaA, Wincoat Colours and Coatings Pvt. Ltd, BPSI Holdings LLC (Colorcon), Corel Pharma Chem., DuPont, BASF Corporation, Sensient Technologies Corporation, Kerry Group PLC, JRS Pharma, Eastman Chemical Company, Evonik Industries AG, and Roquette Freres are some of the major players operating in the market.

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