Multitude of Applications of Product to Bolster Chondroitin Sulfate Market
Added: (Thu Dec 27 2018)
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Chondroitin sulfate is a sulfated glycosaminoglycan (GAG) composed of a chain of alternating sugars like N-acetylgalactosamine and glucuronic acid. Chondroitin sulfate is a natural chemical component of human connective tissues that is generally found in cartilage around bone joints in the human body. Chondroitin sulfate is generally manufactured from animal source, such as bovine, porcine, shark and other marine sources. Chondroitin sulfate is an alternative medicine for slowing the progression of osteoarthritis, Moreover, it also helps to reduce inflammation and pain. This leads to improvement in joint functions. Chondroitin sulfate is mostly used in combination with glucosamine. Chondroitin sulfate is also used as an eye drop for sore eyes moreover, chondroitin sulfate had the veterinary uses also.
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The global market for chondroitin sulfate was worth US$ 343.8 million in 2016, with dietary supplements application segment dominating the overall global market. The global chondroitin sulfate market is witnessing a significant growth and is expected to expand at prominent CAGR during the forecast period of 2017–2025. Prevalence of osteoarthritis in many regions, rising awareness towards joint health, introduction of novel chondroitin sulfate combination products etc. has a positive impact on the growth of global chondroitin sulfate market. Religious & cultural impediments on the usage of chondroitin sulfate (Middle Eastern countries) are few of the factors restricting the growth of the global chondroitin sulfate market.
The global chondroitin sulfate market is segmented on the basis of application, and source. Based on application, the global market has been segmented into dietary supplement, pharmaceutical, cosmetics and veterinary use. Dietary supplements segment accounted for more than 50% share in terms of value of the global chondroitin sulfate market, in 2016. The segment is anticipated to dominate the global chondroitin sulfate market throughout the forecast period due its application in osteoarthritis treatment. On the basis of source, the global chondroitin sulfate market is segmented into bovine, porcine and others. Bovine source is expected to be the fastest growing segment and is expected to expand at 3%-4% CAGR over the forecast period of 2017–2025 due to shift of preference towards bovine source, also the religious factors limit the usage of porcine source in some countries. Other sources includes chicken, shark and other marine sources.
Geographically, North America and Europe are the major regions where revenue is generated from the global market. The U.S, U.K and Germany show high adoption rates for chondroitin sulfate as compared to rest of the world due to rise in awareness amongst people toward osteoarthritis diagnosis, targeted efforts of government and non-governmental organizations towards osteoarthritis management, developed healthcare infrastructure, high prevalence of the disease in the region etc. Developed countries such as Australia and Japan are favorable for the growth of the market. Developing countries like India, Brazil, and Italy shows the potential growth during forecast period 2017-2025. There is less awareness toward osteoarthritis in the under developed countries and the disease is often misdiagnosed which can restrain the growth of the market during the forecast period.
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Some of the key players in the global chondroitin sulfate market include Sioux Pharm, Inc., Qingdao WanTuMing Biological Products Co., Ltd., TSI Group Ltd., Shandong Runxin Biotechnology Co., Ltd., Pacific Rainbow International, Inc., ZPD A/S. Synutra International, Inc., Summit Nutritionals International, Inc., Yantai Ruikangda Biochemical Products Co., Ltd., Bioiberica, S.A.U. Seikagaku Corporation, and Jiaxing Hengjie Biopharmaceutical Co., Ltd. etc.
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