Middle East & Africa Microsphere Market - Segmented by Type, Raw Material, Application and Geography - Growth, Trends and Forecast (2018 - 2023)
The Middle East & African microsphere market is expected to register a moderate-paced growth rate during the forecasted period of 2018-2023. The major factor driving the market’s growth is the increasing demand from medical technologies, in addition to the recovering construction sector in the GCC.
Medical Segment Poised to Witness Robust Growth
The market studied has been segmented by textile, type of raw material, and end-user industry. By end-user industry, owing to the increasing demand for cancer treatment drugs and drug delivery systems, in addition to the growing government support for the development of medical sector in countries, such as Saudi Arabia, UAE, etc., the medical technology segment is expected to dominate the market.
Booming Medical Sector Driving the Saudi Arabian Market
The Saudi Arabian microsphere market is mainly driven by the growing medical sector. This can be attributed to the increasing incidence of diseases like cardiovascular disease and cancer, which drive government initiatives. Saudi Arabia, in its ‘Vision 2030’ plan, has emphasized more on privatization as an immediate strategy, to improve healthcare services. The total private investments are expected to reach about USD 100 billion by 2020. In addition, a total of USD 2.1 billion is expected to be invested in infrastructure projects for health equipment, over the next six years, with increasing annual expenditure on such equipment and devices, to USD 250 million by 2020.
Export Dependence Limits the Market’s Growth
The microsphere market is restrained by the dependence on exports in some African countries, like South Africa. Local manufacturers face funding issues, poor infrastructure, and staff shortages (particularly in the public sector). Therefore, opportunities exist for exporters, which is anticipated to hamper the studied market.
Major Players: 3M, AkzoNobel Expancel, Cospheric LLC, Sigmund Linder GmbH, Potters Industries LLC, Momentive Performance Materials Holdings LLC, Dennert Poraver GmbH, and Henkel AG & Co. KGaA, amongst others.
Reason to Purchase this Report
To understand the impact of end-user industries on the market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
The product type and application that are expected to dominate the market.
The countries that are expected to witness the fastest growth during the forecast period.
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