The global microencapsulation market is estimated to be valued at USD 6.3 billion in 2018 and is projected to reach USD 11.8 billion by 2023, at a CAGR of 11.4% from 2018 to 2023. The increasing applications of microencapsulated products across various industries, the growing demand for pharmaceutical and agrochemical products, and the increasing demand for functional food products are some of the factors driving the growth of the market.
How does microencapsulation market provide opportunities for the development of advanced technologies to tap niche market?
With the increasing demand for microencapsulated products, significant R&D activities are being carried out by various companies in the market; this has been aiding the growth of the microencapsulation market sufficiently. New technologies are required in microencapsulation to tap niche markets such as the use of PCMs in energy application and cancer & brain tumor-specific drug delivery.
The market players in PCMs are working on new product developments, microencapsulation technologies, improvement in latent heat storage capacity, as well as evaluation of different phase change temperature options, to enhance the performance of their products. However, no technologies are available for the use of microencapsulated PCMs above 500°C (932°F), which is required in the energy sector. Therefore, addressing this need is expected to provide opportunities for the market.
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According to the WHO, global tumor and cancer incidences in the world could increase to 15 million by 2020. The World Cancer Report also states that cancer and tumors are spreading at an alarming rate, worldwide, and this issue needs to be addressed by the efficient drug delivery system. Currently, there is a lack of targeted drug delivery technologies that deliver therapeutics to the site of a brain tumor. The challenge for targeted drug delivery is crossing the blood-brain and brain-tumor barrier to achieve high drug concentration at the tumor site. Current therapies in this area are based on local controlled delivery of anticancer agents through biodegradable polymers. Hence, the need for more advanced targeted delivery therapies, especially for the treatment of brain tumors, provides an excellent opportunity for the growth of the microencapsulation market.
The microencapsulation market provides opportunities to develop technologies for products used for animal care, which is expected to have significant scope in the future. In the pharmaceutical industry, there is a limited presence of organ-specific drugs. The development of these drugs would provide an opportunity for the microencapsulation market. Furthermore, the microencapsulation market provides opportunities in terms of reducing capsule size, increasing bioavailability, and providing multi-component delivery systems.
North America is projected to account for the largest market share during the forecast period
North America constitutes a 36.5% market share of the microencapsulation market. The market for microencapsulation in the North American region is driven by the growing demand and awareness about value-added products for various areas such as nutrition, food, healthcare, and personal care. Due to this awareness and increased demand, companies are focusing on manufacturing functional products with novel technologies such as microencapsulation.
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