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Global Microspheres Market Predominantly Propelled By the Healthcare Sector; States MRFR Unleashing the Forecast for 2016-2022
Microspheres are normally free flowing powders consisting of proteins or synthetic polymers having a particle size ranging from 1-1000 μm. Manufactured from different natural and synthetic materials, Microspheres are commercially available as Glass microspheres, ceramic microspheres, and polymer microspheres.
The density of solid and hollow microspheres varies widely; therefore, they are used in a range of applications. Hollow microspheres are characteristically used as additives to lower the density of a material. Whereas, solid microspheres are used numerous applications depending on the material they are made of and their size.
Considering the rapid market expansion, the microspheres market witnesses currently, Market Research Future (MRFR) in its recently published study analysis asserts that the Global Microspheres Market Growth is forecasted to grow exponentially by 2022, registering a staggering CAGR of 11.9% throughout the review period (2016-2022).
Microspheres play a causal role in the making of lighter and cost-effective consumer goods. Due to their small size and efficient carrier capacity, microspheres are majorly used in the manufacturing of innovative drug delivery system. Microspheres make an excellent match for control aspect of a drug administration system which further enhances the efficacy of therapeutics.
Other factors primarily contributing to the growth of the market include increasing population that is continually creating a massive demand in the consumer goods market as well as promoting the growing need for quality healthcare. The spreading awareness about the benefits of medical Bio-resorbable polymers is another key driving force pushing up the market.
Besides, factors such as increasing application areas of microspheres use, and advancements of microspheres in controlled drug delivery system, increasing advancement in drug development techniques and growing uses of microspheres for clinical research among others. Also, patient’s preference towards adopting controlled drug delivery matrix instead of surgeries boosts the market growth of microspheres, globally.
Key players leading the global microspheres market include Potters Industries LLC (United States), 3M (Unites States), AkzoNobel N.V. (Netherlands), Chase Corporation (United States), Momentive Performance Materials Inc. (United States), Matsumoto Yushi Seiyaku Company (Japan), Trelleborg AB (Sweden), Mo-Sci Corporation (United States), and Luminex Corporation (United States) among others.
Global Microspheres Market - Segments
For ease of understanding, the analysis has been segmented into four key dynamics: -
By Material: Synthetic Polymers and Natural Polymers.
By Type : Bioadhesive Microspheres, Magnetic Microspheres, Floating Microspheres, Radioactive Microspheres, and Polymeric Microspheres.
By Application: Drug Carriers, Pulmonary Drug Delivery, and Tissue Regeneration among others.
By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Microspheres Market -Regional Analysis
The North America region, heading with the novel researches in the development and improvement of the product, leads the global microspheres market. Additional factors supporting the growth of the regional market include the availability of funding programmes from the public as well as private organizations and well-penetrated sectors of healthcare, medical technology, and medical devices which are key markets for microspheres.
The US, accounting for one of the five largest markets for microspheres, stands as the primary growth driver for the regional market. Owing to the vast technological development and the uptake of advanced technologies, the North American microspheres market will register a staggering CAGR of 11.3% throughout the forecast period.
The microspheres market in the European region accounts for the second largest market, globally. The well-established healthcare industry and futuristic radiation therapy equipment are two of the key driving forces increasing the size of the regional market.
Growing markets in countries such as Germany and the Netherlands, backed by the increasing investments in the field of drug delivery and orthopedics devices predominantly drive the growth in the regional market. Witnessing a steady increase, the European microspheres market is expected to grow at a CAGR of 11.5% during the period 2016-2022.
The Asia Pacific microspheres market is emerging as the most promising market, globally. Some of the rapidly growing end-use industries of microspheres such as healthcare, chemicals, medical technology, and medical devices are driving the regional market. Moreover, the ever-increasing population and the rapidly developing economy in countries such as India and China are commutatively driving the regional market, giving the Asia Pacific a competitive advantage in the global microspheres market.