New York, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global Dextran Market is expected to witness significant growth at a remarkable CAGR of 5.1% during the forecast period of 2023-2030. The factors such as the demand for dextran for the treatment of various medical conditions is benefiting the market growth. Rising demand for dextran in the manufacturing of various pharmaceutical drugs and medicines is accelerating the demand for dextran, which, in turn, is benefiting the market growth. In addition, the expansion of the food additive market and increasing demand for natural and health food additives will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the dextran market is poised for strong expansion and is expected to reach USD 322.34 Million by 2030. The market, which was valued at USD 216.87 million in 2022, is predicted to grow at a compound annual growth rate of 5.1% during the period 2023-2030. The report highlights the increasing demand for dextran for the treatment of various medical conditions, which is proliferating market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the dextran market.
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Dextran is a medication used for the management and treatment of various medical conditions such as surgical procedures, shock, hemorrhage, radiological imaging, ophthalmic relief of xerophthalmia, and antithrombotic administration. Dextran is used in the treatment of postpartum hemorrhage, which is the situation of heavy bleeding during childbirth. Dextran is a complex branched glucan (polysaccharide made of many glucose molecules). It is produced by certain lactic-acid bacteria, the best known are Leuconostoc bacteroides and Streptococcus mutans. Dextran is used in a variety of medical applications.
Global Dextran Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 322.34 Million |
| CAGR (2023-2030) | 5.1% |
| By Type | Dextran 20, Dextran 40, Dextran 60, Dextran 70, and Others |
| By Application | Solutions for Injection and Infusion, Dextran Derivatives, Additives, and Others |
| By End-use Industry | Pharmaceutical, Food & Beverages, Agriculture, Cosmetics, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Players | Pharmacosmos A/S, PK Chemicals, Meito Sangyo, Polydex Pharmaceuticals Limited, Jinyang Pharmaceuticals, Tianxiangyuan, Pfizer, Megazyme Ltd., Merck KGaA, and Fencheng Group Co., Ltd. |
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Global Dextran Market Segmentation Details:
Based on Type, the dextran 70 segment contributed the largest shares to the market growth in 2022. Dextran 70 is utilized in the pharmaceutical industry for the manufacturing of eye drops for the treatment of dry eyes. Extreme exposure to sunlight, heat, computer lights, and other medical conditions can lead to dryness of the eyes, which can lead to inflammation in the eyes, corneal ulcers, vision loss, and abrasion of the corneal surface. growing incidence of eye problems due to corneal damage is driving the demand for eye drops or eye lubricants. For instance, according to the National Center for Biotechnology Information in August 2021, dry eyes and corneal abrasion accounted for 25.8% of eye complications across the globe. Thus, due to the above factors, the deployment of Dextran 70 to cure eye complications is increasing, which, in turn, is benefiting the market growth.
Based on Application, the dextran derivatives segment contributed the largest shares to the market growth in 2022. The derivatives of dextran include liposome, nanoparticle, pancreatic lipase, macrogol, microparticle, chitosan, dextran, polysaccharide, and others. These derivatives have a wide range of applications in the pharmaceutical, food & beverages, and cosmetics industries. Various dextran derivatives such as liposome and chitosan are used for cancer treatment. Increasing investment in the development of cancer care medicines is influencing segment growth across the globe over the forecast period. for instance, in March 2023, Pfizer, a global biopharmaceutical company announced an investment of USD 43 billion for the development of cancer care medicines. Thus, due to the above beneficial properties, the deployment of dextran derivatives is increasing for various pharmaceutical applications, which, in turn, is benefiting the market growth.
Based on End-use Industry, the pharmaceutical industry accounted for the largest market share in the year 2022. Significant growth in the pharmaceutical industry across various developing economies globally is driving segment growth. The increasing investments in the biopharmaceutical industry across the region are the major factor driving the growth of the dextran market in the region. For instance, according to the report by the Department of Pharmaceuticals of the Government of India, in March 2023, the annual turnover of the pharmaceutical industry in India accounted for USD 41.47 billion in 2022 which was USD 39.62 billion in 2020, increasing to annual growth rate of 4.89%. Thus, due to the significant growth in the pharmaceutical industry and increasing production of drugs and medicines, the demand for dextran is increasing from the pharmaceutical industry, which, in turn, is benefiting the market growth.
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Based on Region, in the year 2022, North America accounted for the largest share contribution to the market growth. This is due to the growth of the various end-use industries, including pharmaceuticals, food & beverages, and others. For instance, according to the data published by International Trade Administration, the total foreign direct investment in the U.S. for biopharmaceuticals accounted for USD 511.3 billion in 2021, with total spending on research and development accounting for USD 97 billion in 2017 which was more than any other industry in the country. Thus, the significant growth in the pharmaceutical industry is increasing the demand for dextran for drugs and medicines manufacturing in the North American region.
Competitive Landscape
Pharmacosmos A/S, PK Chemicals, Meito Sangyo, and Polydex Pharmaceuticals Limited are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of dextran. Further, the dextran market is expected to grow steadily due to rising demand from the building and construction industry, especially in the regions such as Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the significant growth in the pharmaceutical industry in the upcoming years, thereby anticipated to increase the competition in the market.
Recent Developments
- In August 2023, Polydex Pharmaceuticals Limited announced the acquisition of BioSpectra, Inc. and BioSpectra Canada, Ltd. As per the acquisition, Polydex will acquire all the shares and business of BioSpectra, Inc. and BioSpectra Canada, Ltd and expands their business portfolio in North America.
- In September 2019, Pharmacosmos A/S announced the successful registration of its Dextran 40 and Dextran 70 products in China. This will help the company to market its dextran products in China.
Key Market Takeaways
- North America accounted for the highest market share of 38.55% and was valued at USD 83.60 million in 2022 and is expected to reach USD 124.58 million in 2030. Moreover, in North America, the U.S. accounted for the highest market share of 66.30% during the base year of 2022.
- Based on type, the dextran 70 segment accounted for the highest share contribution to the Dextran market statistics in 2022.
- Based on application, the dextran derivatives segment accounted for the highest share contribution to the dextran market statistics in 2022.
- In the context of the end-use industry, the pharmaceutical segment is expected to contribute significant shares to the growth of dextran market statistics during the forecast period.
- Asia Pacific is expected to grow with the highest CAGR in the dextran due to the increasing investments in new building and construction projects in countries such as China, India, and others.
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List of Major Global Dextran Market:
- Pharmacosmos A/S
- PK Chemicals
- Meito Sangyo
- Polydex Pharmaceuticals Limited
- Jinyang Pharmaceuticals
- Tianxiangyuan
- Pfizer
- Megazyme Ltd.
- Merck KGaA
- Fencheng Group Co., Ltd.
Global Dextran Market Segmentation:
- By Type
- Dextran 20
- Dextran 40
- Dextran 60
- Dextran 70
- Others
- By Application
- Solutions for Injection and Infusion
- Dextran Derivatives
- Additive
- Others
- By End-use Industry
- Pharmaceutical
- Food & Beverages
- Agriculture
- Cosmetics
- Others
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Frequently Asked Questions in the Dextran Market Report
- What was the market size of the dextran industry in 2022?
- In 2022, the market size of dextran was USD 216.87 million
- What will be the potential market valuation for the dextran industry by 2030?
- In 2030, the market size of dextran will be expected to reach USD 322.34 million.
- What are the key factors driving the growth of the dextran market?
- Increasing demand for dextran for the treatment of various medical conditions is benefiting the market growth.
- What is the dominating segment in the dextran market by end-use industry?
- In 2022, the pharmaceutical segment accounted for the highest market share of 45.25% in the overall dextran market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the dextran market?
- North America accounted for the highest market share in the overall dextran market.
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