Microspheres Market is forecast to reach $8.66 billion by 2025, after growing at a CAGR of 8.2% during 2020-2025. The Microspheres is expected to grow at a significant rate due to its utilization in medical science and technology and growing usage in the medical industry. The controlled and sustained release of microspheres makes it applicable to be used in drug delivery system which is likely to upsurge the market growth over the forecast period. Major Types of Microspheres include Bio adhesive microspheres, Magnetic microspheres, Floating microspheres, Radioactive microspheres, Polymeric microspheres (Biodegradable polymeric microspheres and Synthetic polymeric microspheres).
The report: “Microspheres Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Microspheres Market.
- Europe dominates the Microspheres market owing to rise in construction sector. Increasing construction spending towards new building development may favor regional industry growth.
- The fluctuating prices of raw materials and huge investments in R&D are expected to significantly hinder the growth of the market.
- Microspheres industry is also characterized by continuous research and development activities in the polymer industry are expected to drive the market.
Type - Segment Analysis
Hollow type held the largest share in the Microspheres market in 2019. Hollow microspheres help to save material costs relative to other resins, resulting in increased penetration of the industry over the past couple of years. Hollow spheres are used as sensitizers for explosives and emulsions for water gel construction, quarrying and mining applications. This is expected to be a critical factor in helping drive the overall industry's growth.
Raw Material – Segment Analysis
Ceramic microsphere are likely to gain high market demand owing to its wide application in industrial paints and coatings. The ceramic microsphere superior crush strength and high hardness are responsible for improving the durability of paint and coatings. Furthermore, it help manufacturers reduce costs and improve processability. Glass segment has witnessed excellent growth owing to its tight tolerances, demand from new high-value and growth industries such as automotive, microscopy, biomedical, high-tech equipment and specialty, and life sciences application. Polymeric microspheres find application in a wide range of medical applications. The medical application for synthetic biomaterials continues to expand which is experiencing various developments. One key development was the use of injectable polymeric biomaterials. The clinical use of polymeric microspheres as injectable biomaterials has increased steadily over the past few decades. The popularity of polymeric microspheres has increased because synthetic microspheres can be easily manufactured with well-defined physical parameters and within each desired size range.
End Use - Segment Analysis
Medical accounts for the highest market share in the global market and is expected to grow with CAGR of 9.78% over the forecast period from 2020-2025. The thriving pharmaceutical and medical industries, along with the growing need for innovative drug delivery systems, the booming pharmaceutical and medical industries are the main driving market growth. In addition to the development of biopharmaceuticals, microspheres are gaining traction for bone tissue engineering and radioembolization to treat liver cancer. Apart from medical sector, construction industry is expected to be the fastest growing sector owing to the ability of microspheres to impart superior capabilities in construction composites. Building industry expansion in emerging economies like India and China is expected to be a key driver of growth.
Geography - Segment Analysis
Europe dominated the Microspheres market with a share of more than 45%, followed by North America and Asia Pacific. Europe is one of the crucial market for the product and is expected to witness significant gains owing to rising demand from the construction sector. The construction output of residential and non-residential buildings amount to around 78 % of total construction in the EU-28, and only 22 % for civil engineering works like railways, roads, bridges, airport runways, or dams. The initiative for greener buildings will also increase revenues for the European construction sector. The public sector is a major buyer of buildings and can significantly drive the demand for green buildings. The investments in construction sector are expected to boost the sector further.
Drivers – Microspheres Market
· Advancements in Medical Science and Technology will fuel the Microspheres market.
Microspheres are the new system of drug delivery. A well-controlled drug delivery system can solve some of the predictable therapy problems and improve a given drug's therapeutic efficacy. Microspheres are usually free flowing powders composed of naturally biodegradable synthetic polymers. It also received much consideration for targeting of anticancer drugs to the tumor.
Challenges – Microspheres Market
· Drug manufacturing challenges can restrict the market growth
The manufacturing microspheres is challenging mainly due to the characteristics of polymer properties of the Active Pharmaceutical Ingredient (API). Currently, many drug manufacturers developing complex microsphere drug formulation are historically faci9ng various production challenges including microsphere filtration and drying efficiency, batch consistency and reproducibility, product yield optimisation, integration of PAT initiative production scale-up.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Microspheres market. In 2019, the market of Microspheres has been consolidated by the top five players accounting for xx% of the share. Major players in the Microspheres Market are 3M, AkzoNobel, Nouryon, Matsumoto Yushi-Seiyaku Company, and Chase Corporation, among others.
- In April 2018, Guerbet acquired microsphere technology from Occlugel, a French company specialised in the research and development of microspheres used in embolization for EUR 3 million. The technology will be used in several ranges of microspheres for vascular embolization of benign tumours.
- In August 2019, Varian Medical Systems acquired Boston Scientific's drug-loadable microspheres and bland embolic bead products for $90 million. Microspheres and bland embolic bead products are used for treating arteriovenous malformations and hypervascular tumors.