Growing Prevalence of Vitamin Deficiency Cases Worldwide to Propel Market Growth
The healthcare sector is continually finding new ways to address the burdening problems associated with vitamin deficiencies. As the number of individuals suffering from vitamin deficiencies continues to grow at an exponential rate worldwide, vitamin deficiency treatments have gained a great amount of attention over the past couple of decades. Some of the major factors that are expected to influence the expansion of the vitamin deficiency treatment market during the forecast period include rising prevalence of acute and chronic disorders, surge in the number of research & development activities, and growing demand for vitamin D and vitamin B complex, owing to the health benefits.
At present, a great number of research activities are focusing on addressing health issues and risks involved with nutritional deficiencies. Vitamin D testing and treatment has witnessed considerable growth in the past few years. Guidelines pertaining to the treatment of various vitamin deficiencies continue to evolve due to research. As vitamin D deficiency continues to emerge as a global burden, apart from vitamin deficiency treatment, tackling vitamin D deficiency would require robust public health actions, including vitamin D food fortification. At the back of these factors, the global vitamin deficiency treatment market is expected to reach a value of ~US$ 9.5 Bn by the end of 2027.
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Notable Progress to Address Vitamin B12 and Vitamin D Deficiencies
Vitamin deficiencies continue to pose a major threat to the overall wellbeing of the society worldwide. Vitamin deficiencies can lead to irritability, nausea, constipation, depression, mental confusion, and muscle weakness, among others. Vitamin B12 deficiencies have increasingly been detected among athletes, individuals with high alcohol consumption, and women who consistently use birth control pills. In the current scenario, the demand for vitamin deficiency treatment is on the rise to address and predominantly incorporate a blend of vitamin B6 with synergistic B vitamins. For several decades, within clinical practices worldwide, vitamin B12 deficiencies often received a blind eye or were misdiagnosed. However, at present, trends suggest that detection, diagnosis, and vitamin deficiency treatment continue to progress at an impressive pace. Diagnosis based on low serum B12 levels and elevated biomarkers including methylmalonic acid and homocysteine continue to make headlines within the vitamin deficiency treatment market. In the current scenario, researchers are also investigating the potential benefits of deploying oral supplementation to combat the symptoms of vitamin B12 deficiency as an alternative to parental treatment.
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Over the past decade and during the forecast period, researchers are increasingly exploring the potential solutions to address muscle weakness among the elderly population caused by vitamin D deficiency. The prevalence of vitamin D deficiency has witnessed unprecedented growth over the past few years, due to which the demand for supplementation of 800 IU of vitamin D is required. In most cases, vitamin D is predominantly administered in the form of cholecalciferol. The demand for cholecalciferol is expected to grow in the coming years, as it is considered to be safe for elderly people. The demand for vitamin B complex supplements is projected to remain the highest among all other types of products followed by vitamin C and vitamin D supplements.
Companies Likely to Focus on Research & Development Activities to Gain Advantage
Participants operating in the current vitamin deficiency treatment market are expected to focus on research and development activities to discover new and improved vitamin deficiency treatments. Several companies are also anticipated to eye opportunities in foreign markets, while simultaneously improving their market share in the domestic market. Product launches and expanding the product portfolio are also projected to remain some of the key strategies deployed by market players. For instance, in 2016, Abbott Laboratories expanded its product portfolio by launching two infant nutrition products, including Similac Pro-Advance and Pro-Sensitive. Several companies are also leaning toward inorganic growth strategies such as mergers & acquisitions to improve their market share and brand presence. For instance, Pfizer, Inc. acquired Emergen C in 2012, at the back of which, the sales of Pfizer saw remarkable growth.
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Analysts’ Viewpoint
The global vitamin deficiency treatment market is expected to grow at a CAGR of 6.5% during the forecast period. The market growth can be primarily attributed to a range of factors, including rising prevalence of vitamin D deficiencies among the elderly population, significant development on the research front, growing emphasis on drug development, and rising awareness pertaining to vitamin deficiencies. Companies operating in the vitamin deficiency treatment market landscape should focus on mergers & acquisitions to improve their market share and overall position. Product launches, research, and expansion of the existing product portfolio are some of the other strategies that should be considered to gain ground in the current vitamin deficiency treatment market during the assessment period.
