Rising usage of microspheres in medical industry is boosting Microspheres Materials market growth

 

Microspheres Materials Market

Microspheres Materials Market is Raw Material (Glass, Polymer, Ceramic, Fly Ash, Metallic, and Other Raw Materials), Type (Hollow and Solid), Application (Automotive, Aerospace, Cosmetics, Oil and Gas, Paints and Coatings, Medical Technology, Composites, and Other Applications), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) Size, Share, Outlook, and Opportunity Analysis, 2023-2030

The global Microspheres Materials Market is estimated to be valued at reach US$ 6,150.92 Million in 2021 and is expected to exhibit a CAGR of 9.12 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Microsphere materials are solid and hollow glass, solid and hollow polymer microspheres, and ceramic microspheres. Microspheres can further be prepared from cellulose, polymer, glass, silica, metal, and other raw materials. While observed from the naked eye, microspheres seem to be a fine powder or dust. Microspheres are polymeric substances ranging from 1 to 1000 μm.

Competitive Landscape:

Key players involved in the growth of global Microspheres Materials Market are Trelleborg AB, 3M, Nouryon, Momentive and Bangs Laboratories Inc.

Market Key Drivers:

Rising usage of microspheres in medical industry as injectable biomaterial in reconstructive surgery, cosmetic surgery, and urology is expected to boost the growth of the global Microspheres Materials Market. For instance, as per National Institute of Health and Medicine around 405 million people across the globe suffer from urinary tract infection.

Increasing launches and approvals from the regulatory for the expansion of the product is projected to propel the growth of global Microspheres Materials Market. For instance, In September 2022, SIR-Spheres Y-90 resin microspheres was approved by Brazilian National Agency of Supplementary Health ANS to cure intermediate and advanced phase hepatocellular carcinoma (HCC) in Brazil.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Microspheres Materials Market due to the surge in pandemic cases. The halt in production of manufacturing drugs and inconvenience in transportation along with disruption in supply chain has impeded the market growth. The restriction on transportation from one place to other has also hindered the market growth.

Key Takeaways:

The global Microspheres Materials Market is anticipated to exhibit a CAGR of 9.12 % during the forecast period due to rising investment in healthcare. For instance, as per the OECD, the healthcare investment is responsible for 17.8% of US’ gross domestic product in 2021

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Microspheres Materials Market due to rising chronic disorders, increasing R&D, rising approvals and launches, increasing expenditure and the rise in automotive production. For instance, as per OICA, manufacture in automotive sector responsible for 9,167,214 units in 2021 in China.