Dextran Market Forecast 2023 - 2030

By Type :

The type segment is categorized into Dextran 20, Dextran 40, Dextran 60, Dextran 70, and Others. In 2022, the Dextran 70 segment accounted for the highest market share in the overall Dextran market. 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. The 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.

However, the Dextran 40 segment is expected to be the fastest-growing segment during the forecast period. This is due to the increasing adoption of Dextran 40 for the treatment of deep venous thrombosis in medical applications. Dextran 40 is also used in short-term fluid replacement in trauma and gel filtration technology.

By Application :

The application segment is categorized into solutions for injection and infusion, dextran derivatives, additives, and others. In 2022, the dextran derivatives segment accounted for the highest market share in the overall dextran market. 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.

However, the additive segment is expected to be the fastest-growing segment during the forecast period. This is due to the increasing adoption of additives in the food & beverages industry.

By End-use Industry :

The end-use industry segment is categorized into pharmaceutical, food & beverages, agriculture, cosmetics, and others. In 2022, the pharmaceutical segment accounted for the highest market share of 45.25% in the Dextran market. Dextran is employed in various applications in the pharmaceutical industry, including the production of various drugs and medicines. 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 in the pharmaceutical industry, which, in turn, is benefiting the market growth.

However, the food & beverage segment is expected to be the fastest-growing segment during the forecast period because of the increasing demand for natural additives, and growth in the food processing industry among others.

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, North America accounted for the highest market share at 38.55% and was valued at USD 83.60 million and is expected to reach USD 124.58 million in 2030. In North America, the U.S. accounted for the highest market share of 66.30% during the base year of 2022. 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.

Furthermore, Asia Pacific is expected to witness significant growth over the forecast period, growing at a CAGR of 5.9% during 2023-2030. This is due to the significant growth in the pharmaceutical industry, increasing government initiatives for the development of the pharmaceutical industry, and others.