ALBANY, New York, December 4, 2017 /PRNewswire/ --
Qingdao WanTuMing Biological Products Co., Ltd., Sioux Pharm, Inc., TSI Group Ltd., Pacific Rainbow International, Inc., Yantai Ruikangda Biochemical Products Co., Ltd., Shandong Runxin Biotechnology Co., Ltd., and Summit Nutritionals International, Inc., are some of the most prominent players operating in the global chondroitin sulphate market, finds Transparency Market Research (TMR) in a new study. While a majority of the market players seek clinical trials of novel products as means to achieve competitive advantage, stringent regulations for approval often create hindrances. For instance, over-sulfated chondroitin sulfate was identified as a contaminant in heparin originating from China by the US Food and Drug Administration (FDA) in 2008.
According to TMR, the global chondroitin sulfate market is likely to exhibit a CAGR of 3.3% between 2017 and 2025. At this pace, the global chondroitin market will reach US$457.7 mn by the end of 2025, from US$343.9 mn in 2016. In terms of application, the dietary supplements segment is expected to hold the highest share in the global chondroitin sulfate market. Regionally, North America held the largest share in 2016. During the course of the forecast period, the North America market is expected to grow at a steady pace.
This however did not deter companies from carrying out innovations. In April 2017, Gnosis got no objection GRAS from FDA for non-animal chondroitin, which is a good case in point for companies' relentless efforts to obtain approvals for their innovation. Such conscious steps taken toward innovation will play a key role in catapulting players to fore and also in turn help the market impetus in the coming years.
Emerging Nations to Exhibit Rising Demand for Chondroitin Sulfate
Various factors are likely to support the market's growth. For instance, the rising disposable income of consumers and expanding economies are the chief drivers helping the market grow. Given the scenario, the market is expected to witness lucrative prospects in Asia Pacific. On account of the rising demand from Japan, China, Australia, and India, the Asia Pacific market for chondroitin sulfate will scale at a higher pace during the course of the report's forecast period.
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Typically obtained from animal sources such as cow cartilage and shark, chondroitin sulfate is usually found in cartilages around joints in a body. It is primarily used as an alternative medicine that can slow the progression of osteoarthritis or weak bones. In addition, chondroitin sulfate can reduce pain and inflammation, further improving joint functions. More often it is used with glucosamine. Furthermore, it finds considerable application in veterinary medicine. Chondroitin sulfate is also prescribed during heart diseases, HIV/AIDS, and scaly skin or psoriasis. Besides these, the rising use of chondroitin in eye drops for treating sore eyes, as a solution to preserve corneas used in transplants, and during cataract surgery have provided the market significant impetus in the last couple of years.
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Cultural and Religious Inhibitions in Certain Nations may Pose Threat
Factors such as the increasing incidence of osteoarthritis worldwide, the rising awareness regarding joint health, and the launch of new chondroitin sulfate combinations will have positive impact on the overall market. On the downside, cultural and religious inhibitions across certain under-developed nations could pose threat to the global chondroitin sulfate market.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research