A high prevalence of osteoarthritis is the major driving factor for the growth of the Chondroitin Sulfate market. The National Institute of Health (NIH) stated in its report that over 30 million adults in the United States were diagnosed with osteoarthritis (OA) in the year 2017. The aging of the population and increasing obesity seen in all age groups are the prime causes of osteoarthritis in the country.
Furthermore, increasing applications of chondroitin sulfate in various treatments is boosting the overall market growth for Chondroitin Sulfate globally. Not only in the treatment of osteoarthritis, but Chondroitin sulfate is also used in eye drops to treat dry eyes. Furthermore, it is also used in the solution to preserve cornea while transplantation during the cataract surgery.
In April 2015, Santen Pharmaceutical Co., Ltd. launched New Sante de U ?, an OTC eye drop with Chondroitin sulfate sodium as an active ingredient for relieving eye fatigue and preventing eye disease.
Key Market Trends Pharmaceuticals Segment is Expected to Hold a Significant Market Share
Chondroitin sulfate is majorly used for the treatment of osteoarthritis. It is often used in combination with other ingredients such as glucosamine sulfate, manganese ascorbate, N-acetyl glucosamine or glucosamine hydrochloride. Chondroitin sulfate is also taken orally for heart attack, HIV/AIDS, heart disease, osteoporosis, joint pains because of the drugs used in the treatment of breast cancer, high cholesterol, muscle soreness after exercise, acid reflux, interstitial cystitis, Kashin-Beck disease, and psoriasis.
Chondroitin sulfate is approved by the FDA as an eye drops to treat dry eyes and also used as a solution to preserve cornea during cataract surgery. In 2017, Imprimis Pharmaceuticals Inc., an ophthalmology-focused pharmaceutical company, announced that it has entered into a licensing agreement for the exclusive worldwide rights to Klarity, ophthalmic topical solution, and gel technology for patients with a dry eye disease (DED)
Chondroitin sulfate ointments in combination with glucosamine sulfate, shark cartilage, and camphor can be used for pain of osteoarthritis. Some patients will inject chondroitin sulfate into muscles for osteoarthritis and some will insert chondroitin sulfate into the bladder for urinary tract infections, bladder conditions, or loss of bladder control. Thus there is a wide range of medicinal applications of chondroitin sulfate, the respective segment is expected to grow significantly.
North America Holds the Major Share in Global Chondroitin Sulfate Market
The well-established pharmaceutical industry in the North America region and increasing USFDA approvals for chondroitin sulfate can be credited to the growth of the Chondroitin Sulfate Market in the region.
The high prevalence of osteoarthritis and increased use of cholesterol in cataract surgery and formulations for a drop in the eye are also a few factors that are enhancing the growth in North America. In November 2017, Gnosis launched the first dietary supplements with Mythocondro, the unique 100% vegan chondroitin sulfate similar to human synovial fluid into the USA market.
The Asia Pacific is estimated to be the fastest-growing region during the forecast period owing to the high incidence of osteoarthritis and growing awareness about the chondroitin sulfate applications in personal care and nutritional supplements.
Competitive Landscape The market is moderately competitive due to the presence of many manufacturers. Competition in the market is moderate due to the increasing investments in R&D for product innovation and the increasing efficiency of the product by launching new products into the market. With the rising prevalence of osteoarthritis and other indications where Chondroitin Sulfate is used, it is believed that few small to mid-sized companies will penetrate the market in the future.
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