World News: 14:58 GMT Monday 7th October 2019. [Transparency Market Research via Globe Newswire via SPi World News]
ALBANY, New York, Oct. 07, 2019 (GLOBE NEWSWIRE) -- A slew of clinical trials, systematic reviews, and meta-analyses over the past 10 years have been focused on evaluating the therapeutic effects of chondroitin sulfate. The results show the vast potential of the macromolecule in the treatment of osteoarthritis (OA), especially for pain relief. Several pharmaceutical and biopharmaceuticals motivated by results have been putting increasing stakes in the chondroitin sulfate market. The has seen numerous clinical avenues in the light of this. Companies are expending efforts and money to derive chondroitin from various sources that are safer to be consumed by humans in various commercial formulations.
A few players in the chondroitin sulfate market have also gained regulatory approval for the use of chondroitin in food and beverages, which has enabled it to extend its hold over developed markets. A case in point is the FDA approval of Gnosis S.p.A.’s non-animal chondroitin sulfate for use in foods and beverages as the agency has accorded it as Generally Recognized as Safe status. However, bovine source is likely to be the most lucrative segment during the assessment period.
Numerous other pharmaceuticals hope to utilize the antioxidant, antiartherosclerosic, and anticoagulant properties in the management of nerve disorders. Growing numbers of clinical efforts in these directions have offered an impetus to the expansion of the global chondroitin sulfate market, whose contours have been relatively lackluster until now, observes Transparency Market Research (TMR).
Some of the well-entrenched players in the chondroitin sulfate market are TSI Group Ltd., Shandong Runxin Biotechnology Co., Ltd., Qingdao WanTuMing Biological Products Co., Ltd., and Sioux Pharm, Inc.
Rising utilization of chondroitin sulfate in dietary supplements and nutrients, particularly for osteoarthritis, is opening lucrative prospects in the chondroitin sulfate market. In the coming years as well, the application segments is expected to contribute the majority of revenues to the market. The global market stood at US$343.9 million in 2016 and is projected to clock a tepid CAGR of 3.3% during 2017 – 2025.
Knee osteoarthritis has marked prevalence in worldwide populations especially those above the age of 40. Multimodal therapeutic intervention has shown vast potential in osteoarthritis, opening a large lucrative avenue in the chondroitin sulfate market. Growing morbidity of OA over the next decade has propelled research in the chondroitin sulfate. The anti-inflammatory effects of chondroitin sulfate underscore its clinical benefits in symptomatic treatment of OA of the knee, finger, low back, hip joints, and facial joints.
Growing awareness of OA management in the U.S, the U.K, and Germany is spurring the demands for chondroitin sulfate therapeutic formulations. Of the various regions, North America and Europe have shown maximum revenue potential. In the coming years, expanding array of new application areas of chondroitin sulfate formulations will be unlocked through efforts by academia and industry. Developed markets may see the advent of formulations that will be used as active targeting for cancer therapy. The global chondroitin sulfate market will see pharmaceuticals exploring novel applications. In this regard, efforts are paving way to the use of the compound as a versatile oral drug delivery system
Emerging and developed economies in other continents are showing large appetite for growth in the chondroitin sulfate market. For instance, in recent years, healthcare markets such as Australia, India, and Japan have benefitted increasingly from the use of the compound in biomedical research, including for its potential in managing OA.
Over the past few years, the contours of the chondroitin sulfate market have been shaped by industrial efforts in the production of tissue engineering scaffolds. The macromolecule is frequently combined with other biopolymers to this end. Further, advances made in cancer research will expand the potential of the chondroitin sulfate market.
The information shared in this review is based on a Transparency Market Research (TMR) report, titled
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.
Mr. Rohit Bhisey
Transparency Market Research
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Globe Newswire: 14:58 GMT Monday 7th October 2019
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