Sustained Release Coatings Market Size – USD 476.85 million in 2019, Sustained Release Coatings Market Growth – CAGR of 6.06%
NEW YORK CITY, NEW YORK, UNITED STATES, March 25, 2020 /EINPresswire.com/ — According to the current analysis of Reports and Data, the global sustained release coatings Market was valued at USD 476.85 million in 2019 and is expected to reach USD 761.93 Million by the year 2027, at a CAGR of 6.06 %. With the increasing demand in microencapsulated products, significant activities are being carried out by various companies in the market, thus aiding the growth of the sustained release coating market. New technologies, such as sustained release coating, are required to tap niche markets in cancer and brain tumor-specific drug delivery. Sustained release coating on the basis of application type can be classified into: In Vitro and In Vivo. The substrate segment can be classified into tablets, capsules, and pills.
The In Vitro segment is the largest application of sustained release coating and is expected to continue till 2027. The market in the In Vitro application is driven by the continuous expenditure of the pharmaceutical companies in their R&D. In this application areas are pharmaceutical companies’ R&D domain, government laboratories, contract research organizations, and many private research organizations. Ethyl & methyl cellulose and PEG are the major polymer type materials, which are used mostly for In Vitro applications.
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North America region is expected to attain the most significant share of the sustained release coating market during the forecast period. The demand for sustained release coating is increasing due to the presence of pharmaceutical manufacturers in the region. The region’s annual growth in R&D spending indicates a period of stability, security, and healthy competition. With the presence of global pharmaceutical giants such as Pfizer (US), Abbott Laboratories (US), and Johnson & Johnson (US) in North America and huge investments for the development of novel drugs and drug delivery systems, the sustained released coating market is expected to grow at a stable rate over the forecast period.
Key market players are today focusing on various strategic activities involving research and development activities to explore the applications of Sustained release coatings and also, mergers and acquisitions, facility expansions, and related investments.
Further key findings from the report suggest
• Sustained release coatings have a rising demand due to the presence of pharmaceutical manufacturers in the region. The region’s annual growth in R&D spending indicates a period of stability, security, and healthy competition.
• In the application type: In Vitro application blends of an aqueous dispersion of a hydrophobic and hydrophilic polymer, namely Surelease hydroxypropyl methylcellulose, was used as coating materials to control the drug release from coated pellets of the highly water-soluble drug metoprolol succinate.
• Due to its variant applications and availability in the market, the in vitro application holds the majority of the market share.
• Currently, Asia-Pacific holds the highest market share of Sustained release coatings due to its growing requirement in the petrochemical and automobile industry. According to Asia Chemistry Council, the higher demand is resulting from larger amounts of new capacity being sold into the export markets as well as pharmaceutical sales that have grown at strong rates.
• Key participants include Colorcon, BASF, Evonik., Coating Place, Allergan plc., Bausch Health Companies Inc., Coating Place Inc., Mylan N.V., Pfizer Inc., Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd.
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For the purpose of this study, Reports and Data have segmented the Sustained release coatings market on the basis of substrate type, polymer material, application, and region:
Substrate Type (Revenue, USD Million; Volume in Tons, 2017–2027)
Polymer material Type (Revenue, USD Million; Volume in Tons, 2017–2027)
• Ethyl and Methyl cellulose
• Polyvinyl and Cellulose Acetate
• Polyethylene glycol (PEG)
• Methacrylic acid
Application Type (Revenue, USD Million; Volume in Tons, 2017–2027)
• In Vitro
• In Vivo
Regional Outlook (Revenue in USD Million; Volume in Tons, 2017–2027)
• North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia-Pacific
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of MEA
• Latin America
o Rest of LATAM
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Source: EIN Presswire