The use of biomaterials is transforming the medical landscape and changing perceived notions about therapeutic healthcare. These materials are commonly used to develop new medical devices, drug delivery protocol, and replacement therapies besides radical diagnostic techniques. Recently, there has been a 40% spike in the usage of biomaterials. A survey showed that 70% of the medical fraternity and allied staff now feel more confident about the use of biomaterials. The medical landscape has undergone a paradigm change due to the consumption of biomaterials that have been backed by solid research applications. There has been a 50% increase in research programs aimed towards the usage, applications, scope, and functionalities of biomaterials.
Global Biomaterial Market Competitive Market
While the global biomaterial market is dominated by North America, followed by the European Union and the Asia Pacific region, the dynamics are soon about to change. The forecast for the next 10 years shows the highest growth rate of the biomaterials segment is predicted to occur in the Asia Pacific region and the highest biomaterial consumer markets to be based in emerging economies like India and China. Many Asian start-ups like PENS co are changing biomaterials’ global landscape and bringing in radical new solutions.
The global biomaterial market is forecasted to register a combined growth rate of 13.69%. Many factors, including the popularity of implant devices, the plastic surgery market, biomaterial usage in wound care, etc., are driving the market’s growth. It has been observed that Korean start-ups have been performing admirably in the biomaterial segment.
PENS Co Ltd is a promising Korean start-up and a science-driven enterprise that aims to achieve a global presence in the health and wellness market. PENS Co has come up with a range of domestically sourced biomaterials that can facilitate the treatment of several conditions like stunted growth, osteoporosis, low immunity, cardiopulmonary functions, etc. More than 20 indicator materials have been analyzed and researched by PENS co for identifying suitable avenues.
It has been observed that the lack of height growth is a reigning concern amongst growing kids and their guardians. All existing medicines in the market that target this particular issue come with their own set of side effects. Similarly, osteoporosis is a major problem plaguing the geriatric population and older adults. It is observed that women over the age of 50 show a 60% more predisposition towards contracting fractures and concussions to the bone, indicating an underlying issue with bone health.
PENS Co has focused its research activities on primarily these two health issues and already has two domestic patents in its kitty even as it waits for its global patenting applications to be approved. For the products targeting stunted growth, a high percentage of the indigenous Korean herb Humulus japonicas has been found as a component. The Humulus Japonicus is an active substance that promotes cell division and tissue growth, and its use as a health supplement has been patented.
International Journals are already expected to publish two scientific journals penned by PENS Co research teams. The journals discuss Humulus japonicas’ effect on total bone growth volume in laboratory rats and Humulus japonicas’ reaction on the IGF 1 levels of rodents.
PENS Co Market Strategy
The company has employed a multi-sector aggressive market entrant strategy as it targets many sectors like pharmaceutical products, food, herbal supplements, etc. to capture the biomaterial market. The enterprise invests a lot in R7 D, and its separate research unit is named as PENSBIO research Institute. Their marketing strategies employ a healthy mix of physical retail stores and online presence. The company has rightly identified emerging markets like India and China as its primary consumers as these companies show a 67% more prevalence of height related complaints than European nations. PENS Co is in the process of collaborating with some big international brands to promote its biomaterial-based offerings.
KIM Hong Sik, the PENS founder, is a Ph. D. holder who has worked with prestigious concerns like the Korea Food Research Institute, National Institute of Health, etc. He has significant exposure in public health and has experience in developing a well-received Malaria diagnostic kit. PENS Co has many well-known researchers on board as advisors and core members. The start-up is poised to formally launch its prototype in 2020 before pushing in the China Market. PENS Co also targets south Asia, Europe, Japan, South America, and Australia.