Free-flowing particles called microspheres are made of proteins or synthetic polymers. There are many different microspheres, including bioadhesive, floating, magnetic, synthetic polymeric, radioactive, floating microspheres, biodegradable polymeric, and polymeric microspheres. Solvent evaporation, spray drying, double emulsion technique, spray drying and congealing, phase separation concertation technique, single emulsion technique, quasi emulsion solvent diffusion, and solvent extraction are techniques used to create microspheres.
The market worth of microspheres in 2021 was USD 6.73 billion, and by 2030 it will be worth USD 7.37 billion, growing at a 9.2% CAGR.
The booming pharmaceutical and medical sectors and the rising demand for cutting-edge drug delivery systems are major drivers of the market’s expansion. Factors including expanding consumer buying power, greater R&D in biotechnology and the life sciences, and the rising incidence of lifestyle disorders all contribute to market expansion.
Market Dynamics
Drivers
One of the main factors driving the growth of the microsphere market is the expanding use of microspheres in the medical sector. Due to their chemical resistance, heat resistance, improved processing, and thermal stability qualities, microspheres are mostly utilized for medication encapsulation to protect the substance from deterioration. It is also employed in the manufacture of numerous medical gadgets.
Another significant element driving the need for medications and medical equipment in the healthcare sector is the aging of the population.
Restraints
The impact of Covid-19 is anticipated to impede market expansion. In the first nine months of 2021, lockdowns were implemented in a number of nations due to the pandemic. As a result, a number of manufacturing plants and production facilities have closed down or stopped operations. This has had a negative impact on demand across different applications.
Growth of the market is restricted by higher costs associated with production procedures and microsphere research & development. In order to produce microspheres with uniform properties and diameters, complex manufacturing processes are used.
Opportunities
Significant players will increasingly use commercial methods like mergers and acquisitions to increase their global influence. For instance, the Luminex Acquisition by DiaSorin agreement, signed in April 2021, stated that the combination will strengthen the combined companies’ current offerings and foster new collaborations in the biopharmaceutical, academic, and clinical spaces.
Market Segmentation
By product type, the hollow segment ruled the entire market and generated the highest revenue of USD 9.54 billion with a 10.95% CAGR due to their density, low crush strength, and absorption. Its need is expanding in various applications, like aerospace compounds, automotive coatings, insulating coatings, conventional fillers, dielectric materials, and biomedical uses.
By raw materials, in 2020, the glass segment contributed for largest market share and generated USD 6.80 billion at a 10.95% CAGR. Due to strict tolerances, the rise in demand from high-value industries like automotive, microscopy, biomedical, high-tech equipment, specialty, and life sciences drives the segment’s overall growth. Injection molding of thermoplastic is used to create expandable microspheres.
By application, the medical segment led the market with the largest revenue share of USD 5.69 billion at a 10.84% CAGR. It is due to its use of microspheres as a drug delivery technology, versatility in drug encapsulation, excellent bioavailability, and biocompatibility. The microspheres can supply active ingredients, including chemical resistance, improved processing, heat resistance, size, and thermal stability. They are also employed in the development and testing of medical gadgets.
Regional Insights
North America ruled the regional market with a share of USD 5.24 billion and a CAGR of 7.40% in 2020. The strong percentage of the North American region is due to the expansion of domestic competitors and local manufacturing. The increasing need for innovation and modernization in the industries of automation, medicine, cosmetics, and aerospace is anticipated to support the segment’s expansion. Additionally, the United States will contribute approximately USD 17.55 billion in revenue in 2020. This is due to the availability of accessible healthcare resources and the expanding building industry.
Key Players
- Cospheric L.L.C.
- Nouryon
- 3M
- Chase Corporation
- Mo-Sci Corporation
- Matsumoto Yushi-Seiyaku Co. Ltd
- Luminex Corporation
- Bangs Laboratories
- Momentive
- Sirtex Medical
- Kureha Corporation
- Merit Medical System
- Trelleborg Applied Technologies
- Potters Industries L.L.C.
- Akzo Nobel N.V
- Sigmund Lindner GmbH
- SINOSTEEL MAANSHAN NEW MATERIAL TECHNOLOGY
- PolyMicrospheres
- Eko Export
- Thermo Fisher Scientific Inc.
- The Cary Company
- The Kish Company
- Givaudan, and Merit Medical Systems
The market worth of microspheres in 2021 was USD 6.73 billion, and by 2030 it will be worth USD 7.37 billion, growing at a 9.2% CAGR. Market expansion is driven by rising construction investment due to urbanization, population expansion, and government infrastructure plans. Additionally, the market expansion is driven by the rapid development of the transportation, water, energy, social, healthcare, educational, and government infrastructure, as well as the natural resources and defense sectors.
