Increased Government Funding For Arthritis Research To Boost The Growth Of Chondroitin Sulfate Market

Chondroitin Sulfate Market


Chondroitin sulfate is a sulfated glycosaminoglycan polymer that extracted from animal sources such as shark or bovine. It forms an integral part of cartilage matrix as a major component along with hyaluronic acid and collagen. It has excellent water holding capacity and lubricating property which helps in joint mobility and reduces friction that may cause osteoarthritis. It reduces inflammation, joint pain and damage in osteoarthritic patients. Due to natural origin and less side effects, its demand is growing in dietary supplements and nutraceuticals industry for joint health.

The global Chondroitin Sulfate Market is estimated to be valued at US$ 1288.13 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing cases of osteoarthritis and other joint disorders due to sedentary lifestyle and obesity is the primary factor fueling the growth of chondroitin sulfate market. In addition, rising geriatric population more prone to joint issues and the easy availability of chondroitin sulfate supplements over the counter are driving its demand. Moreover, growing awareness about preventive healthcare and alternative treatment options is propelling the consumers towards nutraceutical products containing chondroitin sulfate. The manufacturers are launching novel delivery forms such as tablets and capsules for enhanced bioavailability and patient compliance. However, stringent regulations pertaining to quality, processing and labeling standards of chondroitin sulfate products may hinder the market growth.


Porter’s Analysis

Threat of new entrants: Low, as the established players control majority of the market and new entrants will find it difficult to compete with them in terms gaining trust of consumers and establishing supply chain.

Bargaining power of buyers: Moderate, as buyers have multiple options but alternative treatment methods creates switching costs.

Bargaining power of suppliers: High, as raw material suppliers play a vital role and a few suppliers control majority of chondroitin sulfate supply in the market.

Threat of new substitutes: Low, as chondroitin sulfate unique properties find applications in treatment of many diseases with limited substitutes.

Competitive rivalry: High, as the market is fragmented with global and local players competing on basis of product quality, innovation, and pricing.

Key Takeaways

The Global Chondroitin Sulfate Market Size is expected to witness high growth, exhibiting CAGR of 3.1% over the forecast period, due to increasing usage of dietary supplements.

Regionally, Asia Pacific dominates the market and is expected to grow at fastest pace due to increasing health awareness, large patient pool and rising disposable income. China accounts for over half of the global production.

Key players operating in the Chondroitin Sulfate market are TSI Group Ltd., Qingdao Wan Toulmin Biological Products Co., Ltd, HeBei SanXin Industrial Group, Bioiberica S.A.U., Sigma-Aldrich, Inc., Sino Siam Biotechnique Company Limited, Bio-gen Extracts Private Limited, SEIKAGAKU CORPORATION, BRF, and ZPD.

Get more insights on this topic:

https://www.marketwebjournal.com/compounding-pharmacies-market-size-market-share-analysis/

 

 


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