November 14, 2024
Chitosan Market

Chitosan Market is in Trends due to Growing Demand in Biomedical Applications

The chitosan market comprises products such as flakes, powders, and solutions with wide applications in water treatment, pharmaceutical, biomedical, and cosmetic industries. Chitosan is a natural biopolymer derived from chitin with properties like biodegradability, biocompatibility, and antimicrobial activities. In the biomedical industry, chitosan and its derivatives find usage in wound dressing materials, drug delivery carriers, tissue engineering, and regenerative medicines owing to its inherent properties.

The global chitosan market is estimated to account for US$ 5.51 Bn in terms of value by the end of 2022.

Key Takeaways

Key players operating in the chitosan are GTC Bio Corporation, KitoZyme S.A., Biothera, Golden-Shell Pharmaceuticals Co., Ltd., FMC Health and Nutrition, Panvo Organics Pvt. Ltd., Heppe Medical Chitosan GmbH, Primex ehf, PT Biotech Surindo, Xianju Tengwang Chitosan Factory. The leading players are focusing on capacity expansion activities to meet the rising demand.

The growing demand from biomedical industries is one of the major factors driving the market. Chitosan Market Demand and its derivatives are useful biomaterials in tissue engineering owing to properties like biocompatibility and biodegradability. They find wide application as wound dressings, drug delivery carriers, regenerative medicines, scaffolds for tissue engineering.

The market is witnessing increasing growth in the Asia Pacific region owing to presence of major producers in China and India. Moreover, government support for the biomedical industry and increasing healthcare expenditure is also fueling the market growth in the region. Other regions like North America and Europe are also expected to offer lucrative opportunities for chitosan manufacturers over the forecast period.

Market key trends

One of the key trends gaining traction in the chitosan market is its increasing application as an antimicrobial agent. Chitosan demonstrates broad-spectrum antimicrobial properties and can inhibit the growth of harmful microbes like bacteria and fungi. It finds usage as an active antimicrobial compound in several products like wound dressings, medical devices, preservatives, etc. The inherent antimicrobial property of chitosan is driving its demand especially from biomedical industries.

Porter’s Analysis

Threat of new entrants: The chitosan industry requires substantial capital investment for R&D and production facilities. This restricts entry of new players.

Bargaining power of buyers: Due to availability of substitutes and fragmented buyer base, buyers’ bargaining power is moderate.

Bargaining power of suppliers: Supply of raw materials like crustacean shells is concentrated to specific regions which gives suppliers moderate bargaining power.

Threat of new substitutes: New substitutes can emerge but chitosan has proven bioactive properties, substitutes require extensive clinical trials before adoption.

Competitive rivalry: The industry has few global players and numerous small regional producers resulting in high competition on pricing and innovation.

Geographical Regions

North America holds the largest share of chitosan market due to rising usage in wastewater treatment, pharmaceutical and biomedical applications. The US accounts for over 35% of North American market.

Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period driven by favorable policies and expansion of end use industries in India, China, Japan and Southeast Asian countries. Rising middle class and health awareness also supports market growth in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

About Author - Ravina Pandya
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

About Author - Ravina Pandya

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

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