Market Overview:
Microspheres are extensively used in the healthcare sector owing to their qualities such as chemical resistance, enhanced processing, heat resistance, thermal stability, and others. Market Research Future (MRFR) has published a report stating that the global microspheres market size is projected to reach USD 10.99 Billion at a CAGR of 12.20% during the forecast period of 2023-2032.
Key Players:
The major players profiled by MRFR that are operating in the global microspheres market are 3M (Unites States), Potters Industries LLC (United States), AkzoNobel N.V. (Netherlands), Momentive Performance Materials Inc. (United States), Chase Corporation (United States), Matsumoto Yushi Seiyaku Company (Japan), Mo-Sci Corporation (United States), Trelleborg AB (Sweden), Luminex Corporation (United States) and others.
Market Drivers and Restraints:
Increased research for the development of advanced medical devices that ensure effective drug delivery is fueling the growth of the global microspheres market as these microparticles are extensively utilized in such devices. Rapid technological advancement is also aiding the development of medical devices and treatment techniques that require microspheres, which in turn is propelling the growth of the global microspheres market. However, low penetration of technologically advanced solutions in the underdeveloped countries is restraining the growth of the global microspheres market during the review period.
Market Segmentation:
The global microspheres market has been segmented on the basis of material, types, and application. Based on material, the global microspheres market has been segmented into synthetic polymers and natural polymers. Based on type, the global microspheres market has been segmented into bioadhesive microspheres, magnetic microspheres, floating microspheres, radioactive microspheres, and polymeric microspheres. Based on application, the global microspheres market has been segmented into drug carrier, pulmonary drug delivery, tissue regeneration, and others.
Regional Analysis:
Geographically, the global microspheres market has been segmented into four major regions such as North America, Europe, Asia Pacific, and the Middle East and Africa. The North America region is projecting dominance over the global microspheres market owing to the rapid technological advancement &easy adoption of technologically advanced solutions in the well-developed healthcare sector in this region. This region is forcasted to expand at a significant CAGR of 11.3% during the forecast period of 2016-2022. Whereas, the Europe region is projected to be the second largest market in the global microspheres market, expanding at a noteworthy CAGR of 11.5% during the assessment period. The market in this region is majorly driven by the increased research and development activities that are being carried out in the pharmaceutical industry, presence of large number of prominent players and increased healthcare expenditure by the population of the Europe region. The Asia Pacific region is forecasted to project the fastest growth in the global microspheres market owing to the increased government funding for the development of healthcare sector and rapid expansion of the pharmaceutical industry in this region. Poor economic conditions, low penetration of advanced technology and absence of primary healthcare services in the underdeveloped countries are leading to the slow growth of the microspheres market in the Middle East and Africa region.
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