Market Overview The market for polymer microspheres is anticipated to register a CAGR of 9.12% during the forecast period (2019-2024). One of the major factors driving the growth of the market is the increasing demand from the pharmaceutical industry, as a drug delivery system for active pharmaceutical ingredients. Injectable or dry powder inhalable drug delivery represents the fastest growing application segment of the polymeric microspheres market, and is responsible for the current robust growth of the market.
- Polymer microspheres have been witnessing high demand from the electronics industry, owing to their usage in the electronic equipment’s display. They have a wide range of other applications in the electronic sector, including usage in LCD screens and monitors, and mobile phone screens, thereby augmenting the growth of the market. - Although polymer microspheres are highly preferred in facial fillers to soften the results of ageing process and tissue augmentation, there are many adverse reactions. Some of the reactions include swelling, itching, ecchymosis, hypersensitivity, hematomas, erythema, hypertrophic scarring, palpable nodules, tissue necrosis, blindness, and foreign body granuloma. Such harmful reactions have been resulting in a decline in the preference of PMMA cosmetic surgeries. This is, consequently, likely to impact the market negatively to a certain extent, during the forecast period. - With a rise in concern for looks and beauty, there has been a significant increase in the number of cosmetic surgeries, worldwide. This increase is, consequently, contributing to the demand for polymer microspheres, due to their requirements in cosmetic surgeries, including face and head procedures, breast procedures, and body and extremities, which is, in turn, benefitting the market to a great extent during the forecast period.
Key Market Trends Increasing Demand from the Life Science and Pharmaceutical Industry
- Polymer microspheres used in the pharmaceutical industry are polymeric particles, which have sizes ranging from 5 microns to 150 microns, carrying the APIs (active pharmaceutical ingredients) in the patient’s body for continuous release over time. Additionally, every day new applications are being developed using microsphere drug delivery technologies, such as in vaccine, cancer, or diabetes treatments. - Synthetic polymeric microspheres are widely used in clinical applications as bulking agents, fillers, embolic particles, and drug delivery vehicles. They have proved to be safe and biocompatible. The life sciences and medical industry is contributing the highest share in the PMMA microsphere market, due to the increased usage of these microspheres as a filler in bone cement and bulking agent for tissues. - Biodegradable polymer microspheres are used in chemotherapy, due to the benefits of reduced toxicity, along with the localized sustained release. Drug-loaded polymer microspheres can be directly injected into the tumor tissue, which causes minimal harm to healthy tissues. - The drug delivery technology market is projected to grow. Particularly, the active pharmaceutical ingredients market (prime application of polymer microspheres) is expected to witness significant growth, due to the technological advancements and innovations in the area of polymer microspheres that occurred during the past few years. - All the aforementioned factors are expected to drive the market, during the forecast period.
North American Region to Dominate the Market
The United States is the world’s largest economy in the world. It has the most advanced technology, coupled with a powerful economy, with a per capita income of USD 55,900. It registered a growth rate of 2.9% in 2018. The industry is growing at a rapid rate. The country has witnessed a constant rise in the consumption of polymer microspheres, during the recent years. This is due to the significant growth of medical technology, which is the major end-user of polymer microspheres. Canada is a high-tech industrial country. It is a developed country in the North American region, with a GDP growth rate of 2.3% in 2019 and GDP per capita income of USD 17,300 in 2017. The cost of construction works rose by around 15.5% in 2017, the highest increase since 2000. Therefore, the scope for the market studied in the Mexican construction sector is low. The Jamaican construction and installation sector is associated with other sectors in the domestic economy, including tourism, housing, financial and business services, manufacturing, transport, storage and communication, and distribution, as well as the social sectors that generally fall under government services. The government has initiated ‘Vision 2030’, in a move to boost the above-mentioned sectors by 2030.
Competitive Landscape The polymer microspheres market is partially consolidated. In terms of market share, few of the major players currently dominate the market. Key players in the polymer microspheres market include Akzo Nobel NV, Kish Company, Luminex Corporation, Polysciences, Merck KGaA, Matsumoto Yushi Seiyaku Co. Ltd, Microspheres-Nanospheres, and Sekisui Plastics, among others.
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