Microspheres are spherical micro-particles and their size ranges from 0.1 to 100 micrometer. This microsphere has pores on its external surface and some of these pores are located in its internal side as well. These pores help to carry out drugs in chemotherapy process, cell generation and cell delivery. Hence, this device has extensive application in healthcare sector and thus, this market is expected to expand consistently during the forecast period.
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With the rise in population and disposable income, healthcare sector has been an attractive investment destination. Governments of different economies stress on the need to increase their spending on medical and healthcare. In developed economies such as the U.S., U.K. and Germany, significant portion of their budget is allocated to the healthcare sector. Rising health awareness further increases the demand for healthcare equipment.
Increasing domestic as well as foreign investment in this sector, coupled with technological innovation has led to the increase in application of healthcare machineries in recent years, and this sector is anticipated to fuel the demand for medical equipment in the near future. Hence, rising health awareness, coupled with increasing healthcare investment, is driving the expansion of the market for microsphere during the forecast period.
However, there are certain restraints to this market as well. Rising production cost is a restraining factor to this market. Increased cost of production for microsphere due to rising cost of materials is a key factor that acts as a restraint on the global microsphere market.
Rising investment in research and development is enhancing the market prospect. Moreover, market penetration to large number of fields such as automotive, aerospace, energy, and gas is expanding the reach of this product in the market.
In terms of product type, the global microsphere market can be segmented into hollow and solid. The hollow microsphere segment held significant share of the market in recent years, and this segment is estimated to dominate the market during the forecast period. Hollow microsphere offers low crush strength and it has larger capacity to absorb any material, these features are likely to increase the demand for hollow microsphere in the near future.
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In terms of raw materials, the global microsphere market can be segmented into six types such as glass, ceramic, fly ash, polymer, metallic, and others. Glass microsphere held prominent share in the market, as this type of microsphere offers low thermal conductibility, smooth mobility, and low heat transfer. Moreover, this type of microsphere can operate in considerable depth, which increases the demand for this microsphere in the medical sector.
In terms of application, the microsphere market can be divided into construction composite, medical technology, paints and coatings, life science and biotechnology, oil & gas, cosmetics and personal care, automotive, aerospace, and others. Medical technology held significant share in this market. Demand for microsphere is anticipated to increase in the medical technology segment due to rising incidents of cancer. This device is utilized for delivering drugs. This device are employed for providing chemotherapy. Hence, vast application of this device in medical technology, demand for microsphere is expected to witness rising share during the forecast period. In case of the automotive and paints industries, this device is likely to witness rising market share.
In terms of geography, the microsphere market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America held significant share of the market due to extensive application in the healthcare sector. Europe followed North America, in terms of market share, as this region witnessed significant investment in the healthcare sector. Moreover, there is increase in application of microsphere in the personal care and cosmetics industry as well.
Key market players in this industry include 3M, Evonik Industries AG, Luminex, and Henkel AG & Co. KGaA.