Microspheres Market by Type, Raw Material, Application – Global Trends & Forecasts to 2021
NEW YORK, July 21, 2016 /PRNewswire/ — The market size of microspheres, in terms of value, is projected to reach USD 7.37 billion by 2021 and is projected to register a CAGR of 12.14% between 2016 and 2021. The growing demand from major applications such as medical technology, cosmetics & personal care, oil & gas, and life science & biotechnology is expected to drive the demand for microspheres. The growing healthcare services sector is significantly driving the demand for microspheres.
“Medical technology application expected to witness highest growth rate during forecast period”
The medical technology application is expected to witness the highest growth rate between 2016 and 2021. The demand for microspheres is increasing in medical technology application for controlled drug release delivery systems. The advantage of using microspheres in drug-delivery matrix is that they can encapsulate many types of drugs, including small molecules, proteins, and nucleic acids, and can be easily administered through a syringe needle. They are generally biocompatible, can provide high bioavailability, and are capable of sustained release for long periods of time.
