The rising usage of chitosan in healthcare and pharmaceuticals is propelling the future of the chitosan market

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 market 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. These players are focusing on capacity expansion and new product launches to strengthen their market position.

The growing Chitosan Market Demand for chitosan from various end-use industries like pharmaceuticals, biomedical, cosmetics and water treatment is a major factor driving the market growth. Especially, the increasing use of chitosan in dietary supplements and wound healing products is propelling the demand.

Geographically, the Asia Pacific region currently dominates the chitosan market due to the presence of abundant raw material sources and growth of end-use industries in countries like India and China. However, other regions like North America and Europe are also witnessing significant market growth owing to rising health conscious population and improving healthcare infrastructure.

Market drivers

The increasing applications of chitosan in the healthcare and pharmaceutical industry is a key driver for the market growth. Chitosan finds numerous uses in drug delivery, tissue engineering, wound healing and surgical aids due to its excellent biocompatibility and antimicrobial properties. It is widely used to manufacture various medicinal products like capsules, creams, hydrogels, scaffolds for tissue regeneration. The booming pharmaceutical industry globally is hence augmenting the demand for chitosan.

The global Chitosan market is facing challenges due to ongoing geopolitical tensions and conflicts around the world. As economies get impacted by high inflation, rising interest rates and supply chain disruptions, companies producing and exporting Chitosan are seeing reduced demand from certain regions. Political instability and economic sanctions imposed by some countries on others are also affecting trade flows of this market.