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API (Chondroitin Sulfate, Hyaluronic Acid and Pancreatin) Market Prospects and Growth Assessment
API (Chondroitin Sulfate, Hyaluronic Acid and Pancreatin) Market: IntroductionAccording to the report, the global API (Chondroitin Sulfate, Hyaluronic Acid and Pancreatin) market was valued at US$ 2.3 Bn in 2019 and is projected to expand at a CAGR of 6.5% from 2020 to 2030. The active pharmaceutical ingredient (API) production is a critical component of drug development and any substance or combination of substances used in a finished pharmaceutical product (FPP) is called active pharmaceutical ingredient (API). The market report includes Chondroitin Sulfate, Hyaluronic Acid and Pancreatin APIs. Finished dose of any drug is a combination of active pharmaceutical ingredients and excipients. Excipient is an inactive substance in a drug dose. Chondroitin sulfate is a vital part of cartilage, while hyaluronic acid is a major API used in therapeutic products used in osteoarthritis, skin problems, and cosmetic use. Chondroitin sulfate is also used as aqua feed product.
North America dominated the global API (Chondroitin Sulfate, Hyaluronic Acid and Pancreatin) market in terms of revenue in 2019 and the trend is expected to continue during the forecast period.
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Rise in Prevalence of Chronic Diseases to Drive Global Market
• Increase in prevalence of chronic diseases such as osteoarthritis and gastric diseases across the world is the major factor boosting the growth of the global chondroitin sulfate, hyaluronic acid, and pancreatin market
• Rise in clinical studies on different grade products used for treatment of different diseases also fuels the growth of global chondroitin sulfate, hyaluronic acid, and pancreatin market
• In June 2017, IBSA Institut Biochimique SA carried out a new clinical trial called Chondroitin vs. Celecoxib vs. Placebo Trial (CONCEPT), which exhibited that pharmaceutical grade chondroitin sulfate is as effective as an anti-inflammatory drug (celecoxib) and superior to placebo for pain reduction and improvement of functional disability in patients with knee osteoarthritis
• Moreover, surge in drug master file (DMF) filings by India and China-based companies and availability for multiple applications are other factors accelerating the growth of the global API (Chondroitin Sulfate, Hyaluronic Acid and Pancreatin) market
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Hyaluronic Acid to be Dominant Product
• In terms of product, the global API (Chondroitin Sulfate, Hyaluronic Acid and Pancreatin) market has been divided into chondroitin sulfate, hyaluronic acid, and pancreatin
• The hyaluronic acid segment accounted for a major market share in terms of revenue in 2019 due to increase in geriatric population, which demands higher hyaluronic acid products for anti-aging solutions, launch of advanced products containing hyaluronic acid visco-supplements, and rise in prevalence of arthritis across the globe
• Chondroitin sulfate dominated the market in terms of volume, owing to rise in prevalence of osteoarthritis & osteoporosis, increase in adoption of chondroitin sulfate as nutraceutical supplements, and surge in clinical trials for chondroitin sulfate for bone & joint health supplements and alternate sources for obtaining chondroitin sulfate
Powder to be Promising Type
• In terms of type, the global API (Chondroitin Sulfate, Hyaluronic Acid and Pancreatin) market has been classified into pellets, powder, and others
• The powder segment accounted for a major market share in 2019 and the trend is expected to continue during the forecast period
• The powder segment is likely to expand at a higher CAGR from 2020 to 2030, owing to higher demand for powder form, excellent free-flow properties for final formulation, easy transportation, cost effectiveness, and large number of bulk suppliers
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Pharmaceutical Companies to Hold Major Market Share
• Based on end user, the global API (Chondroitin Sulfate, Hyaluronic Acid and Pancreatin) market has been categorized into pharmaceutical companies, biotechnology companies, and others
• Pharmaceutical companies dominated the global API (Chondroitin Sulfate, Hyaluronic Acid and Pancreatin) market in 2019, due to ongoing clinical trials by pharmaceutical companies and growing regulatory compliance
North America to Dominate Global Market
• In terms of region, the global API (Chondroitin Sulfate, Hyaluronic Acid and Pancreatin) market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• North America accounted for a major share of the global API (Chondroitin Sulfate, Hyaluronic Acid and Pancreatin) market in 2019, owing to rise in prevalence of osteoarthritis, larger cattle inventory source for APIs, presence of major companies for supplements, and ongoing clinical trials
• According to the Osteoarthritis Action Alliance, an estimated 54.4 million adults in the U.S. are affected by some form of arthritis. Of these, osteoarthritis affects nearly 30.8 million adults.
• The market in Asia Pacific is expected to expand at a higher CAGR from 2020 to 2030 due to increase in the geriatric population, higher production capacity of APIs with largest exporters in the world, low cost manufacturing, higher patient pool, and rise in awareness about different diseases & their treatments
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Competition Landscape
• The global API (Chondroitin Sulfate, Hyaluronic Acid and Pancreatin) market is fragmented in terms of number of players, with entry of several new players in the past few years. Key players in the global market include Summit Nutritionals International, Inc., Sioux Pharm, Inc., TSI Group Ltd., Shandong Runxin Biotechnology Co., Ltd., ZPD A/S, Pacific Rainbow International, Inc., SEIKAGAKU CORPORATION, Synutra, Inc., Bioiberica S.A.U., Newgen Biotech USA Inc., Nordmark Arrzneimittel GmbH & Co. KG, and Qingdao WanTuMing Biological Products Co., Ltd.
• New products, technological development, strategic collaborations, and regulatory approval for different grade products are the major strategies adopted by major companies in the global API (Chondroitin Sulfate, Hyaluronic Acid and Pancreatin) market
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