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January 2024
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Chondroitin sulfate is a sulfated glycosaminoglycan composed of a chain of alternating sugars (N-acetylgalactosamine and glucuronic acid). It is usually found attached to proteins as part of a proteoglycan. Chondroitin sulfate is an important structural component of cartilage and provides much of its resistance to compression. It is commonly used as a dietary supplement and pharmaceutical ingredient. It is believed to have benefits in reducing joint pain associated with osteoarthritis and restoring joint structure.
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 Dynamics: Two major drivers contributing to the growth of chondroitin sulfate market are rising geriatric population and increasing awareness of health benefits of nutraceuticals. The aging population is more prone to joint disorders like osteoarthritis and arthritis due to wear and tear of cartilage cushion between joints. According to the WHO, the proportion of the world's population over 60 years will nearly double from 12% to 22% between 2015 and 2050. This growing geriatric population will drive the demand for joint supplements containing chondroitin sulfate. Additionally, consumers are increasingly becoming aware of benefits of nutraceuticals in maintaining joint health. Extensive research studies have proven efficacy of chondroitin sulfate in reducing joint pain and improving mobility. Increasing consumer awareness about such health benefits through effective marketing campaigns by supplement companies will promote greater product adoption and foster market growth over the forecast period. Segment Analysis The global Chondroitin Sulfate market is segmented by source into bovine, porcine, and others. The porcine segment dominates the market and accounts for around 60% market share due to favorable properties such as high molecular weight, long chains, low ash content, etc. The porcine Chondroitin Sulfate provides better effectiveness and absorption in human body as compared to other sources. PEST Analysis Political: The regulations regarding the safety, quality, and labeling of supplements containing Chondroitin Sulfate vary across countries which impacts the trade of these products. Economic: The rising disposable income and growing health concerns are driving the demand for dietary supplements, positively impacting the Chondroitin Sulfate market. Social: Increase in sales of joint health supplements due to growing geriatric population worldwide who suffer more from arthritis and joint disorders. Technological: Use of new extraction techniques help manufacturers produce high-purity Chondroitin Sulfate, meet strict quality standards set by regulatory bodies, and ensure product consistency. 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 use of supplements for joint and bone health issues arising due to sedentary lifestyle and obesity. Asia Pacific holds the largest share in the global chondroitin sulfate market due to rising consumer health awareness, growing nutraceutical industry, and high disposable incomes in emerging economies like India and China. 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.dailyprbulletin.com/compounding-pharmacies-market-market-size-share-analysis-growth/
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