NEW YORK, June 21, 2021 /PRNewswire/ — Technavio identifies the growing prevalence of osteoarthritis (OA) as one of the major factors driving the growth of the chondroitin sulfate market. OA is one of the most common forms of arthritis that affects a majority of the population worldwide. For instance, over 20% of adults over 18 years of age are diagnosed with OA every year in the US alone. The prevalence of the condition is much higher in adults aged over 60 years.
Chondroitin sulfate is widely used in medical applications in the form of a dietary supplement or as a prescription drug to treat OA. Therefore, the rising prevalence of OA is expected to increase the demand for chondroitin sulfate during the forecast period.
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In 2020, APAC accounted for about 41% of the global market share, and the region is expected to continue its dominance during the forecast period. The prevalence of medical conditions such as cataracts is increasing in countries such as China, Malaysia, India, and Singapore. In addition, the rising aging population in these countries is creating a high demand for protein-based supplements and medicines that contain chondroitin sulfate. These factors are driving the growth of the chondroitin sulfate market in APAC.
Similarly, based on the application, the market generated maximum revenue from the nutraceuticals segment in 2020. The growth of the segment can be attributed to the rising adoption of healthy diets in food and increasing health consciousness among consumers. In addition, the increasing demand for functional food products and dietary supplements will support the growth of the nutraceuticals segment during the forecast period.
Although the chondroitin sulfate market is expected to record a healthy growth during the forecast period, the high threat of substitutes and the side effects of chondroitin sulfate might reduce the growth opportunities for market participants. This report on the chondroitin sulfate market will help businesses become better equipped, make informed decisions, and develop effective strategies to improve their market positions.
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