Global Sustained Release Coating Market, by Polymer Material Type (Polyvinyl & Cellulose Acetate, Ethyl & Methyl Cellulose, Methacrylic Acid, Polyethylene Glycol, and Others), by Substrate (Tablets, Capsules, and Pills), by Application (In Vitro and In Vivo), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 508.2 million in 2021 and is expected to exhibit a CAGR of 6.6% during the forecast period (2021-2028).
Key players in the market are focusing on launching new products in order to expand their product portfolio, which is expected to drive the growth of the global sustained release coating market during the forecast period. For instance, in November 2020, JRS PHARMA, a manufacturer of excipients, announced the launch of VIVAPHARM alginates product line, applications include disintegration and pH-controlled release in tablets. VIVAPHARM product line includes, VIVAPHARM Sodium Alginate, VIVAPHARM Calcium Alginate, and VIVAPHARM Alginic Acid.
Market players are focused on adopting strategies such as acquisitions in order to expand its product portfolio, which is expected to drive the growth of the market over the forecast period. For instance, in October 2021, Supernus Pharmaceuticals, Inc., a pharmaceutical company, announced that the company has signed an agreement to acquire Adamas Pharmaceuticals, Inc., a pharmaceutical company, under the agreement, Supermus Pharmaceuticals, Inc. will be able to market GOCOVRI (amantadine) extended release capsules and Osmolex ER (amantadine) extended release tablets in United States.
Global Sustained Release Coating Market - Impact of Coronavirus (COVID – 19) Pandemic
The coronavirus (COVID-19) pandemic is expected to drive the growth of the global sustained release coating market over the forecast period.
COVID-19 outbreak was first reported on December 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 263 million cases and 5.2 million deaths due to coronavirus (COVID-19) were reported up till December 03, 2021, across the globe. COVID-19 pandemic has affected the economy in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Furthermore, in May 2020, government of India announced relief for daily wage workers and construction workers for an amount of US$ 13.3 per person for all states and union territories. According to an article published by Journal of Generic Medicine, in July 2020, according to the article, the COVID-19 pandemic affected the pharmaceutical industry, by affecting the supply of finished drugs as well as Active Pharmaceutical Ingredients (APIs) to the world. China & India are major suppliers of finished dosage products as well as API to the World. Factory lockdowns in China and logistics delays due to Covid-19 measures at ports affect production and delays in shipping of APIs. With the coronavirus spreading globally, the Pharmaceutical industry had serious impact on costing. API imports from Indian manufacturers had been a major cost advantage for global pharmaceutical companies, but the outbreak in China and Covid-19 spread to the European Union could limit the supplies to the global manufactures thereby increasing the overall costs to global manufacturers and importers & there by impacting consumers. Thus, due to lockdown the pharmaceutical industry has been affected.
Browse 39 Market Data Tables and 32 Figures spread through 175 Pages and in-depth TOC on Global Sustained Release Coating Market, by Polymer Material Type (Polyvinyl & Cellulose Acetate, Ethyl & Methyl Cellulose, Methacrylic Acid, Polyethylene Glycol, and Others), by Substrate (Tablets, Capsules, and Pills), by Application (In Vitro and In Vivo), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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According to an article published by Merck KGaA, I January 2021, an appropriate release kinetics for an active pharmaceutical ingredient (API) is essential to ensure success of the therapeutic effect. For certain medications such as Anpec SR, sustained release can allow a larger amount of API to be taken in a single dose, which can reduce the number of total daily doses required. This contributes to an increase in usage of sustained-release formulations and thereby drives the growth of market. Moreover, sustained-release formulation addresses issues of long-term therapy with the help of novel excipients and polymer material. This in turn creates significant opportunity for oral sustained release formulations and thereby, drive the growth of the global sustained release coating market.
Key Takeaways of the Global Sustained Release Coating Market:
- The global sustained release coating market is expected to exhibit a CAGR of 6.6% over the forecast period (2021-2028), owing to rising number of approvals from regulatory bodies. For instance, in December 2020, Glenmark Pharmaceuticals Limited., a research-led global pharmaceutical company, announced that it received final approval from the U.S. Food & Drug Administration (U.S. FDA) for Tadalafil Tablets USP, 2.5 mg, 5 mg, 10 mg and 20 mg, the generic version of Cialis Tablets, 2.5 mg, 5 mg, 10 mg and 20 mg, of Eli Lilly and Company.
- Increasing number of inorganic growth strategies by key market players is expected to drive the growth of the global sustained release coating market over the forecast period. For instance, in November 2019, Exactus, Inc., a manufacturer of hemp-derived phytocannabinoid products, announced that it entered into a supply and distribution agreement with Canntab Therapeutics Limited., a pharmaceutical company, to produce immediate and extended release tablets. Under the agreement, Exactus, Inc. will distribute hard pills of hemp-derived cannabinoid tablets, which includes instant release, extended release and oral disintegrating tablet solutions, to be distributed in the U.S.
- Major players operating in the global sustained release coating market include Evonik, BASF SE, Colorcon, Coating Place, Inc., Panchsheel Organics Ltd., Eastman Chemical Company, G.M. Chemie Pvt. Ltd., Ashland, Spraycel Coatings, JRS PHARMA, Merck KGaA, and Panacea Biotec
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