Market Size Estimation:

The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by polymer type, functionality, type, end user, and region).

Data Triangulation:

After arriving at the market size, the total tablet coatings market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation, and market breakdown procedures were employed, wherever applicable.

Expected Revenue Growth:

The tablet coatings market is projected to reach USD 969 million by 2025 from USD 739 million in 2020, at a CAGR of 5.6% during the forecast period.

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COVID-19 Impact on Global Tablet Coatings Market:

COVID-19 has given momentum to the pharmaceutical and nutraceutical market. Currently, there is a high demand for pharmaceutical products to treat COVID-19. This is expected to boost the demand for products such as tablet coating excipients. The clinical trial pipeline for COVID-19 includes a list of 155 molecules in various stages of development.

As the maximum number of molecules are repurposed drugs that are already approved for other infections and inflammatory diseases, higher stages of development (namely phase 2 trials) hold the largest share of the drug development pipeline. Moreover, compassionate use allows for the use of an unlicensed drug (licenses can take years or decades) when no other options are available for treating high-risk patients.

On April 6, 2020, RedHill Biopharma announced that it had received authorization from the Italian National Institute for Infectious Diseases and the Central Italian Ethics Committee (EC) for an expanded access program (EAP), allowing the immediate and compassionate use of its investigational drug, opaganib (Yeliva), in Italy for patients with confirmed COVID-19 infections with life-threatening clinical manifestations. Considering such developments, it is expected that the production and use of unlicensed drugs are expected to increase in the coming years. This is expected to drive the demand for tablet coatings.

The pharmaceutical industry end-user segment is expected to account for the largest share of the tablet coatings market

The tablet coatings market, by end-user, is segmented into pharmaceutical and nutraceutical industry. The pharmaceutical industry segment accounted for the largest market share in 2019. The demand for tablet coatings in the pharmaceutical industry is largely driven by the increasing number of drugs launched as tablet formulations and growing prevalence of diseases for which tablet-based formulations form the primary treatment. The rising demand for innovative drug delivery formulations is also supporting the growth of the tablet coatings market for the pharmaceutical industry.

Asia Pacific is expected to account for the highest CAGR for players operating in the tablet coatings market

The Asia Pacific tablet coatings market is expected to grow at the highest CAGR from 2020 to 2025. Increase in outsourcing of drug manufacturing to specialized contract manufacturing organizations (CMOs), rising number of companies setting up manufacturing units in these countries, favorable government regulations, low labor and manufacturing costs, and the large base for the generation of generics & biologics are factors expected to drive the growth of the market during the forecast period.

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