Global Chondroitin Sulfate Market: Snapshot
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.
Dietary Supplements Segment to Exhibit Dominance in Overall Market
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.
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North America and Europe Emerge as Lucrative Regional Markets
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.
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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