Microencapsulation Market worth to exceed USD 14bn by 2024
Growth of pharmaceutical sector with a steady increase in global aging population and awareness towards health will fuel the microencapsulation market demand in coming years. This is driven by the rising demand for microencapsulated drugs. Expansion in pharma sector coupled with extensive research & developments in the healthcare field are driving the microencapsulated drugs industry which is projected to witness an upward trend during the forecast period, hence propelling the overall microencapsulation market. Microencapsulation enhances drug delivery and is used in a variety of novel drug administration techniques. A primary reason for microencapsulating drug molecules is to ensure controlled drug delivery. This enables sustained and prolonged delivery of a drug in the body.
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For an instance, its benefits can be seen in the case of aspirin, as direct consumption of product can cause peptic ulcers and bleeding, the microencapsulated drugs release a calculated amount of the active ingredient in the human body without causing any side effects.
Extensive research is required for choosing the appropriate core material and production technology of the microcapsules or microspheres. Pilot scale testing, field trials, and development of materials are cost intensive processes involved in microencapsulation market applications. As a result, there is increase in product processing cost, which have a significant impact on the product price. This will be a key restraining factor for microencapsulation market growth over the forecast period.
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Microencapsulation market has been segmented on the basis of core materials, coating materials, technology and application. Liquid core material held the major portion of the market due to its easily dispersion and dissolving characteristics. The material is widely used in cosmetics, pharmaceutical and food industry. Based on coating material, gelatin is the one of the most widely used products in the global microencapsulation market, especially in food additive and pharma sectors. This is due to its easily dissolving property in water. Rest of coating materials include polyvinyl alcohol, ethyl cellulose, cellulose acetate phthalate and others.
Mechanical technologies are widely used in the microencapsulation market due to its cost effectiveness and fast production rate. This technique held the majority of the shares in the overall microencapsulation market in 2016 and will grow at a substantial rate by 2024.
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The applications include food additives, agrochemicals, pharmaceuticals and house hold products. The other applications include fragrance, phase change materials, etc. Among these, pharmaceuticals segment and household products, collectively held over 75% of the share in overall microencapsulation market and will expand at a significant rate. Based on geography, North America accounted for over 40% of the total market in 2016 and will grow at a significant rate in the upcoming years. This is due to the high growth in pharma and food industry in this region, which promotes the microencapsulated product usage in the market.
The major companies in the microencapsulation market include Dow corporation, 3M, Syngenta., BASF, Encapsys, Bayer which hold a significant share of the overall competitive share.
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