The development of microcapsules or microspheres made by using the process of microencapsulation is leading to incredible inventions in several fields, especially in the pharmaceutical sector. The innovation of controlled release in several medicines has reinvented conventional therapies, thereby improving healthcare. For instance, the usage of microencapsulation for diabetic drugs has helped in improving drug delivery and its absorption. Citing the same reasons, Researchers at Curtin University's Biotechnology and Drug Development Research Laboratory in Perth, Australia, are working towards developing a microcapsule to improve the common drug therapy for diabetics.
Pharmaceuticals Lead Global Microencapsulation Market
According to statistics, pharmaceuticals held a market share of 65% in the global microencapsulation market in 2013. The expected growth of the global pharmaceuticals industry in the coming years is expected to contribute to the growth of the global microencapsulation market. Microencapsulation is majorly used for achieving aimed drug delivery, sustaining release of drugs for a longer period, and masking chemical odors.
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Microencapsulation of ingredients such as optical brighteners, antimicrobial agents, detergents, several cleaning agents, and fragrances improves the quality of the products. The surge in the demand for these products is leading to an obvious rise of the microencapsulation market in the functional foods and household products segments. Furthermore, microencapsulated food enzymes, dietary supplements, nutrients, preservatives, and probiotics improve the shelf life of food products and increase their nutritional value. These positive attributes are generously contributing to the growth of the global microencapsulation market. Yet another noteworthy key market driver for the global microencapsulation market is the increasing power of the population to buy more expensive household items and food products.
Capital-intensive Nature of Microencapsulation Research to Slow Down Market
The biggest hurdle for the global microencapsulation market is the capital-intensive research needed to determine and develop the exact shell materials and will impact the market’s growth negatively. However, the global economy does present a lucrative opportunity for the growth of the global microencapsulation market in segments such as paints and coatings, which require better functionality.
In 2013, Europe and North America collectively held 70% of the global microencapsulation market. This lion’s share can be attributed to the advancing healthcare industry, which heavily relies on the usage of microencapsulation in the pharmaceuticals segment. However, in the coming few years, the microencapsulation market is expected to grow by leaps and bounds in the Rest of the World and Asia Pacific region. Growing healthcare awareness, rising disposable incomes, increasing consumer awareness about the benefits of microencapsulation technology, and growth of the manufacturing sector will lead to the strong emergence of this market in the aforementioned regions.
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Some of the key players in the global microencapsulation solutions market are Evonik Industries AG, Capsulae, Dow Corning Corporation, 3M, Encapsys, Reed Pacific, Aveka, Inc., Microtek Laboratories, Inc., Lipo Technologies, Ronald T. Dodge Company, BASF S.E., Taste Tech Ltd., Bayer AG, Balchem Corporation, and GAT Microencapsulation GmbH.