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 share is projected to reach USD 10.99 Billion at
a CAGR of 12.20% during the forecast period of 2023-2032.
Key Players:
Global microspheres market
report players profiled by MRFR that 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 research
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 trends 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
overview 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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