The microspheres are generally stable, hygroscopic, and unstable. They are also prone to recrystallization, and the initial ratio of acetalated dextran to methylprednisolone should be selected carefully. Droplet microfluidics is a method used to prepare drug-loaded polymer microspheres. The resulting microspheres are characterized by uniform particle sizes and the presence of drug nanoparticles on the cross-sections. The drug loading degree of the prepared microspheres was 21.8-63.1 wt%, which is approximately 40 to 450 times higher than that of conventional methods. Furthermore, in-droplet precipitation significantly enhanced the drug loading efficiency. However, the encapsulation efficiency decreased with increasing drug loading degree. The spherical shape of microspheres offers multiple benefits for their research use. The small size of these particles makes them ideal for use in precision optical instruments, syringes, and medical devices.
The global microspheres market was valued at US$ 6,150.92 Mn in 2021 and is forecast to reach a value of US$ 12,201.00 Mn by 2030 at a CAGR of 9.12% between 2022 and 2030.
North America held dominant position in the global microspheres market in 2021, accounting for 42% share in terms of volume, followed by Europe and Asia Pacific, respectively.
Figure 1. Global Microspheres Market Value Share (%), By Region, 2021
Increasing use of microspheres in medical industry is a prime factor fostering growth of the microspheres market. Microspheres are majorly used for drug encapsulation to protect the drug from deterioration due to its chemical resistance, heat resistance, enhanced processing, and thermal stability properties. It is also used in the production of wide range of medical devices.
Rise in aging population is another major factor creating healthcare needs such as drugs and medical device. This is again fostering market growth. According to the estimates by United Nations, currently around 728 million people are above 65 years of age, and, the world’s geriatric population is expected to double and reach around 1.5 billion by 2050. The population aged 65 years or above is expected to increase from 9.3% in 2021 to around 16.0% in 2050.
|Base Year:||2021||Market Size in 2021:||US$ 6,150.92 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||9.12%||2030 Value Projection:||US$ 12,201.00 Mn|
3M, Nouryon, Bangs Laboratories Inc., Chase Corporation, Cospheric LLC, Luminex Corporation, Matsumoto Yushi-Seiyaku Co. Ltd, Merit Medical System, Mo-Sci Corporation, Momentive, Sirtex Medical, Trelleborg Applied Technologies, Potters Industries LLC, and Kureha Corporation
|Restraints & Challenges:||
Figure 2. Global Microspheres Market Value Share (%), By Raw Material, 2021
Impact of Covid-19 is expected to hinder the market growth. Due to the pandemic, various countries worldwide imposed lockdowns in the first nine months of 2021. Due to this, various manufacturing plants and production facilities have been shut down or halted their production. This has negatively affected the demand from various applications.
Higher costs are involved in the production processes as well as the research and development of microspheres is also expected to restrict the market growth. The manufacturing of microspheres involves extensive techniques for creating consistent characteristics and sizes.
The launch of bio-platforms is the natural step toward expanding the applications of thermoplastic expandable microspheres, which in turn, is expected to address the future needs of the market. For instance, in April 2021, Terumo Europe NV announced that its BioPearl microspheres (the first biodegradable drug eluting microspheres) received the CE mark, indicating that it is an option for loco-regional embolization of target artery blood supply for liver cancer.
Growing adoption of business strategies such as merger and acquisition by key players to expand their presence globally is expected to provide lucrative growth opportunities. For instance, in April 2021, Luminex Acquisition by DiaSorin was signed to create significant opportunities for both Luminex and DiaSorin customers to gain access to broader assay portfolios, enhanced research tools, and expanded support services and that the combination will strengthen the combined companies’ existing offerings and drive new partnerships in the biopharmaceutical, academic, and clinical spaces.
Market Trends/Key Takeaways:
Growing research &development activities by key players in field of cancer medicine development is expected to bring profitable growth opportunities. According to the International Agency for Research on Cancer, the number of people diagnosed with cancer is estimated to increase from 19.29 million in 2021 to 28.89 million by 2040. The African countries are projected to register an 89.1% increase, followed by Latin America and Caribbean by 65.6%, and Asia by 59.2%.
Growing application in construction industry where it is used in the construction composites is also projected to offer potential growth opportunities for the market players. It is majorly used in the glass, ceramic, metals, and other material used in the building construction.
Microspheres are round and spherical, a feature that provides multiple advantages in a variety of applications. A sphere's spherical shape allows it to have a consistent footprint for precision optical instruments. It also allows the sphere to flow freely. In contrast, a microscope's resolution is limited to about 2 microns. This is why microspheres may have a wide range of applications, including diagnostics and therapeutics.
Growing demand from medical industry where it is used in drug encapsulation and production of medical device is predominantly fueling growth of the microspores market. Increasing healthcare spending is also expected to augment market growth. According to the Coherent Market Insights, the growing healthcare industry is thus expected to drive the market for advanced ceramics in the upcoming years. As a result, global healthcare spending is expected to increase at an annual rate of around 5.4% during 2018-2022. The per-person healthcare expenditure is the highest in the United States, currently at around USD 11,674 million.
Moreover, growing demand from cosmetic industry is further anticipated to uplift market growth. Microspheres offer a ball-bearing effect in creams and lotions due to their uniform particle size and sphericity, and they result in delivering luxury finish and texture. Microspheres also have excellent color matching ability to match any skin tone.
On the other hand, high cost involved in production process and increasing price of raw materials are key factors hindering growth of the market.
Key features of the study: