Microspheres Market to Grow Swiftly Based on Increasing Demand for Advanced Drug Delivery Systems & Drug Transportation Till 2025 | Million Insights

FELTON, California, June 24, 2019 /PRNewswire/ -- The global Microspheres Market was estimated at USD 3.2 billion in 2015 and is anticipated to grow at a CAGR of 10.4% from 2017 to 2025. The growth of market can be attributed to the rising demand for advanced drug delivery systems and drug transportation. In addition, increasing demand from paints and coatings segment on account of advantageous properties such as rising solid content rate and flow maintenance.

Microspheres market is achieving great momentum owing to increasing demand from various application industries such as healthcare and construction. Superior properties and low price of microsphere are one of the key factors driving the market growth. This rise in the penetration of microspheres in healthcare application is credited to growing drug delivery system demand due to its superior properties such as reduced toxicity, improved efficacy, and improved patient compliance.

Economic growth, rise in the total spending, increasing healthcare awareness & needs, increasing population and healthcare sector improvements are the crucial drivers of the industry development. The market is also characterized by constant R&D activities in the polymer market. The constant efforts to make modifications in molecular properties of microspheres are encouraging industry players to invest in the R&D activities on micro and nano materials.

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Type Insights

In terms of revenue, the major share was acquired by hollow spheres in 2015 and is projected to grow at a rate of 10.4% over the years ahead. Hollow microspheres have been dominating the global market in recent past on account of its abilities to save material costs as compared to other resins.

Hollow microspheres are applied as sensitizers in building and construction, extracting and mining uses for water gel explosives and emulsions. This is anticipated to be a key driving factor in the growth of the market. Approximately 40% of the total revenue share was shared by solid type in 2015.

The superior features of solid microspheres such as decreasing water absorption, increasing abrasion and scratch resistance helped to increase its market share of coatings segment. The application and utility of solid type microspheres depends on their size and construction.

Material Insights

Fly ash, glass, metallic, polymer and ceramic are the key raw materials used for the manufacturing of microspheres. The coating applications which require attractive appearance utilizes ceramic microspheres. Their higher crush capability and high hardness are accountable for the improvement in durability in coatings.