Sustained Release Coatings Market worth $660 million by 2024 | Key players Colorcon, BASF, Evonikindustries, Coating Place

According to recent market research "Sustained Release Coatings Market by Application (In Vitro, In Vivo), Substrate Type (Tablets, Capsules, Pills), Polymer Material Type (Ethyl & Methyl Cellulose, Polyvinyl & Cellulose Acetate, Methacrylic Acid, PEG), and Region - Global Forecast to 2024", The sustained release coating market size is projected to grow from USD 478 million in 2019 to USD 660 million by 2024, at a CAGR of 6.6% during the forecast period.

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The In Vitro segment is the largest application of sustained release coating market and is expected to continue till 2024. The market in the In Vitro application is driven by the continuous expenditure of the pharmaceutical companies in their R&D. The In Vitro 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.

North America is estimated to account for the largest 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 a large number 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.

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The sustained release coating market size is projected to grow from USD 478 million in 2019 to USD 660 million by 2024, at a CAGR of 6.6%, during the forecast period. The demand for sustained release coating has improved in recent years due to its increased consumption in North America. Additionally, the increasing usage of sustained release coating in varied applications, such as In Vitro and In Vivo, has further contributed to the growth of this market.

The demand for microencapsulated biomolecules is increasing in the pharmaceutical industry due to the need for targeted action. Thus, the development of drugs based on these biomolecules is expected to boost the demand for sustained release coating for effective and targeted delivery of the active ingredients. Sustained release coating technologies are extensively used by pharmaceutical companies to mask the bitter taste or smell of drugs and to facilitate targeted and controlled delivery. Technological advances in the pharmaceutical industry are also driving the growth of the sustained release coating market.

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New product launches is one of the major strategies adopted by the key players in the global sustained release coating market. The adoption of this strategy ensured the development of new services and helped the companies strengthen their service portfolios. Companies are also focused on entering new markets by launching technologically advanced and innovative sustained release coating products for varied applications. The key players in this market include Colorcon (US), BASF (Germany), EvonikIndustries (Germany), and Coating Place (US). In March 2016, EvonikIndustries developed EUDRATEC ADD, a formulation technology to develop alcohol-resistant oral drug products with delayed or sustained release. Through this, the company expanded its range of sustained release coating products.

North America is considered to be the most active region in terms of strategic initiatives. In April 2019, Colorcon expanded its coating portfolio by adding a range of modified release products of DuPonts Aquacoat technology. The product line includes Aquacoat ECD, a colloidal dispersion of ethylcellulose polymer for sustained release. The coatings will be used in both, pharmaceutical and nutritional solid dose applications.

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