Persistence Market Research (PMR) has published a report on the chondroitin sulfate market, which includes the global industry analysis of 2014–2018 and opportunity assessment of 2019–2029, and projects that the global chondroitin sulfate market is expected to reach ~ US$ 590Mn by the end of 2019 in terms of value.
According to the report, burgeoning health conscious population surging the demand for products, chondroitin sulfate is contributing to the growth of the chondroitin sulfate market through 2029. The demand for chondroitin sulfate is expected to increase in the near future at a higher rate from dietary supplement manufacturers, owing to increasing healthcare expenditure, population ages, and higher emphasis of individuals towards preventive care and self-management by means of dietary supplements in order to maintain health and wellness. Furthermore, the demand for chondroitin sulfate is increasing for joint health supplements.
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Clinical Studies on Chondroitin Sulfate Backing its Proven Capabilities
The presence of different pharmaceutical products for disease treatment has created a competitive market scenario for chondroitin sulfate. Several clinical studies are going on for the identification of the effectiveness of chondroitin sulfate over existing products, as well as for different indications. The prevalence of osteoarthritis is increasing, and it is the major cause of disability, especially among the ageing population.
Women are more likely to be affected than men, and the prevalence rate increases with age. This rising prevalence is expected to boost the demand for chondroitin sulfate among pharmaceutical and nutraceutical manufacturers. On the other hand, the demand for chondroitin sulfate is remaining bullish in various other application, reveals the PMR research study.
Manufacturers Focusing on New Product Launches
The demand for chondroitin sulfate continues to rise and the number of new entrants in this market is also increasing with growing production cluster from China. Hence, established players in the market are facing tough competition from the new players. The study indicates that more than 20% market share is held by the multinational players in the market.
The unceasingly increasing demand for chondroitin sulfate and the increasing number of new market players is hindering the market growth of the top business ventures of chondroitin sulfate. According to the study, the progressive prospect for the top players in the market is to launch new products across various end-uses. This will help companies to expand their business operations and market share as well as create a strong global footprint in the global chondroitin sulfate market.
For instance, in 2016, TSI Group launched new product GlucosaGreenDF — Glucosamine Ingredient Line. It is the world’s first non-shellfish glucosamine branded product line, produced by an innovative and patent-pending direct fermentation technology, with regulatory approval, which is expected to revolutionize the global chondroitin sulfate market.
In April 2018, Stanford Chemicals launched chondroitin sulfate, in order to help reduce the risk of chronic eye diseases caused due to sore eyes. This high purity chondroitin sulfate is now safe to be used in food, cosmetic, and healthcare applications, and is available for customers in America and Europe.
PMR’s business intelligence also underlines leading-edge insights into the competitive scenario of the global chondroitin sulfate market along with the highlights of the differential strategies implemented by manufacturers. Key players in the global chondroitin sulfate market continue to invest in growth strategies. According to the business insights of companies, manufacturers are also focusing on acquisition strategies, which will help in tapping the existing business potential and customer base to increase their regional presence across the globe.