Activated Polyethylene Glycol (PEG) Market Size, Share, Growth, And Industry Analysis, By Type (Linear PEGs, Branched PEGs, Multi-Arm PEGs), By Application (Pharmaceutical Industry, Medical Equipment), Regional Forecast to 2028

Updated On: 13 November 2023

Report Overview

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The global activated polyethylene glycol (PEG) market size was USD 230 million in 2022. As per our research, the market is expected to reach USD 937.1 million in 2028, exhibiting a CAGR of 26.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Activated Polyethylene Glycol (PEG) refers to a synthetic, hydrophilic, and biocompatible polymer that is commonly used in biomedical and other applications. PEGs are usually synthesized through a ring-opening polymerization process of ethylene oxide, which produces a broad range of molecular weights and molecular weight distributions. It can be synthesized in various geometries, including linear, branched, Y-shaped, or multi-arm. They can also be activated by replacing the terminal hydroxyl end group with various reactive functional end groups, enabling crosslinking and conjugation chemistries. Activated PEGs have been shown to improve water solubility and biocompatibility in drugs and other applications.

Activated Polyethylene Glycol (PEG) is a versatile compound that has many applications in various industries, including the healthcare industry. In the healthcare industry, it is used for various purposes such as drug delivery, wound healing, and tissue engineering. It is used in drug delivery as a carrier for drugs, and it can improve the bioavailability and stability of drugs. PEG can enhance the solubility of drugs, improve the drug's ability to cross cell membranes, and reduce the clearance rate of the drug from the body. These properties of PEG make it an ideal material for drug delivery systems, especially for drugs with poor solubility or low bioavailability. The increasing demand for effective and efficient drug delivery systems is driving the Activated Polyethylene Glycol (PEG) market growth. The pharmaceutical industry is continually looking for new and innovative drug delivery systems that can improve the effectiveness of drugs while reducing their side effects. PEG-based drug delivery systems are becoming increasingly popular due to their ability to improve the drug's efficacy and reduce toxicity.

COVID-19 Impact: Pandemic Disrupted Supply Chains and Slowed Demand, Affecting Market Growth

The pandemic has caused disruptions in the supply chain and manufacturing processes, leading to a shortage of raw materials and delays in production. Additionally, the lockdowns and restrictions on movement and trade have resulted in a decline in demand for PEG in some regions and industries. The healthcare industry, which is a major consumer of PEG, has witnessed a surge in demand for drugs and medical equipment, leading to increased demand for drug delivery systems and other medical applications. However, the closure of hospitals and clinics in some regions has reduced the demand for medical products. It has also led to a shift in consumer behavior, with a greater emphasis on hygiene and sanitation. This has led to an increased demand for cleaning products and disinfectants that contain activated polyethylene glycol (PEG) as a key ingredient. The pandemic has also led to a shift in focus toward the development of vaccines and therapies for COVID-19, leading to a decreased focus on other research and development activities. The impact of COVID-19 on the Activated Polyethylene Glycol market has been mixed, with both positive and negative effects on different aspects of the market.

Latest Trends

"Non-toxic and biocompatible properties caused increased use in medical applications"

Activated polyethylene glycol (PEG) is a synthetic polymer that is derived from ethylene oxide. It has a low toxicity profile and is considered biocompatible, meaning it is not harmful to living tissue. It is non-immunogenic, which means that it does not provoke an immune response when introduced into the body. This is important because the immune system can sometimes attack foreign substances, leading to adverse reactions such as inflammation or allergic reactions. It is also non-carcinogenic, which means that it does not cause cancer. It is highly soluble in water, which makes it easy to incorporate into aqueous solutions. This property makes it an ideal choice for drug delivery systems, where it can be used to improve the solubility and bioavailability of poorly soluble drugs. It can also be easily modified to create a range of functional derivatives, such as PEGylation, which involves attaching PEG molecules to proteins or other biomolecules to improve their stability and efficacy. The non-toxic and biocompatible nature of PEG is a key factor driving its use in medical applications and is contributing to the growth of the Activated Polyethylene Glycol market.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into linear PEGs, branched PEGs, and multi-Arm PEGs.

• By Application Analysis

Based on application, the market can be divided into the pharmaceutical industry, medical equipment.

Driving Factors

"PEG stabilizes biomolecules, Increasing The Shelf Life of Pharmaceuticals and Reducing the Risk of Spoilage"

Proteins, enzymes, and other biomolecules are highly sensitive to their surrounding environment, such as changes in temperature, pH, or ionic strength. Exposure to these factors can cause them to lose their shape and function, leading to degradation and decreased efficacy. It has been found to stabilize these biomolecules by creating a protective layer around them. This layer shields the biomolecule from the environment, preventing denaturation and reducing the risk of degradation. The stabilization effect of PEG is particularly important for pharmaceutical products, where the efficacy and safety of the drug depend on the integrity of the active ingredients. By incorporating it into drug formulations, the shelf life of these products can be increased, reducing the need for frequent replacements and lowering costs. This is especially important for drugs that are expensive or difficult to manufacture, as extending their shelf life can help make them more accessible to patients. The ability of activated polyethylene glycol (PEG) to stabilize proteins, enzymes, and other biomolecules is a significant benefit driving the use of activated polyethylene glycol (PEG) in the pharmaceutical industry. This property can increase the shelf life of pharmaceutical products, reduce the risk of spoilage, and lower costs associated with drug manufacturing and distribution.

"Versatility drives innovation in diverse applications and industries"

PEG's versatility lies in its ability to be modified chemically to create a wide range of functional derivatives. It can be conjugated with various biomolecules, including proteins, peptides, and oligonucleotides, to improve their stability, solubility, and bioactivity. This process is called PEGylation and involves the covalent attachment to the biomolecule of interest. PEGylation can enhance the pharmacokinetic and pharmacodynamics properties of drugs, increase their half-life in the body, and reduce their immunogenicity. It can also be modified with other functional groups, such as carboxylic acids, amines, or alcohols, to create materials with specific properties. It can be used to create hydrogels, which are cross-linked polymer networks that can absorb and retain large amounts of water. Hydrogels are used in a variety of biomedical applications, such as tissue engineering, drug delivery, and wound healing. The hydrogels can be tailored to have specific mechanical and biological properties, making them an attractive option for tissue engineering and regenerative medicine. It is also used in other industries, such as personal care and food. It is used as a thickener, emulsifier, and stabilizer in many personal care products, including shampoos, lotions, and cosmetics. In the food industry, it is used as a solvent and carrier for flavors and fragrances.

Restraining Factors

"Production cost affects the accessibility and limits applications"

Activated polyethylene glycol (PEG) is a highly effective and versatile polymer that offers a range of benefits in various industries, including healthcare, cosmetics, and food. However, one of the significant restraining factors that limit its widespread adoption is its high cost. The cost of producing it depends on several factors, such as the production method, the purity required, and the scale of production. The high cost of it can limit its use in some applications, particularly those with price-sensitive markets, such as the food industry. In industries such as healthcare, where the benefits of it justify the cost, its use is more prevalent. Researchers and manufacturers are continually seeking ways to reduce the cost of producing it, such as through the development of more efficient production methods or the use of renewable resources as starting materials. While the high cost of PEG is a restraining factor, its unique properties and versatility continue to drive its use and demand in various industries.

Regional Insights

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"North America dominates the market due to high demand in the healthcare and pharmaceutical industries"

North America is currently the leading region in the industry in terms of Activated Polyethylene Glycol (PEG) market share. The region has a well-established healthcare industry, with a high demand for PEG-based products in drug delivery and other medical applications. The United States, in particular, has a large pharmaceutical industry, with many leading drug manufacturers using PEG in their formulations. North America also has a strong presence in the biotechnology industry, which uses PEG in the production of various products, including biologics and medical devices. The region is home to many leading biotech companies, including Amgen, Biogen, and Gilead Sciences, all of which have a significant demand for PEG. North America has a well-established research and development infrastructure, with many universities and research institutions working on developing new applications for PEG. This research is expected to further drive the growth of the market in the region.

Key Industry Players

"Key players focus on innovation and expansion for market growth"

Key players in the Activated Polyethylene Glycol market are focusing on developing innovative products to meet the increasing demand in various industries. They are investing heavily in research and development activities to create new formulations and improve the properties. The companies are also expanding their production capacity to meet the growing demand from end-users. Key players are also collaborating with other companies and research institutions to further advance their technology and explore new applications of PEG. They are also focusing on strategic acquisitions and partnerships to expand their market presence and gain a competitive edge in the industry.

List of Market Players Profiled

• NOF (Asia)
• JenKem Technology (North America)
• Nektar Therapeutics (North America)
• Dr. Reddy's Laboratories (Asia)
• Merck (North America)
• Chemgen Pharma (Asia)
• SINOPEG (Asia)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.