Vitamin Deficiency Treatment Market: Companies Likely to Focus on Research & Development Activities to Gain Advantage
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.
Vitamin Deficiency Treatment Market: Overview
- According to Transparency Market Research’s latest market report on the global vitamin deficiency treatment market for the historical period 2018–2019 and forecast period 2020–2028, rise in global geriatric population and high demand for Vitamin D and Vitamin B complex due to numerous health benefits are projected to drive the global vitamin deficiency treatment market
- According to the report, the global vitamin deficiency treatment market was valued at US$ 5.46 Bn in 2019 and is anticipated to expand at a CAGR of 6.5% from 2020 to 2028
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High Demand for Vitamin D and Vitamin B Complex due to Numerous Health Benefits: Key Drivers
- Vitamin D plays a significant role in absorbing calcium into the bones, thereby aiding in building and maintaining strong bones. Vitamin D also helps maintain normal blood levels of calcium and phosphorus. Role of Vitamin D supplements is not just restricted to preventing or treating rickets, but it is also known to help maintain normal function of the immune system, normal inflammatory response, and normal muscle function.
- Vitamin D deficiency is quite common, especially in the young working population, as more and more people are leading a sedentary lifestyle and have a desk job. These people do not receive enough sunlight to activate vitamin D formation in the body, which is leading to increase in vitamin D deficiency.
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- These factors are expected to increase the demand for vitamin D supplements and subsequently, drive the global vitamin deficiency treatment market
- Vitamin B12, also known as methylcobalamin, is a water-soluble vitamin that plays significant role in the production of red blood cells and DNA, as well as proper functioning of the nervous system. B12 deficiency can cause numerous issues including pernicious anemia, megaloblastic anemia, and sub-acute combined degeneration of spinal cord. Vitamin B12 is derived from animal products such as meat, poultry fish, dairy, and is frequently found to be deficient in vegetarians and vegans.
- Vitamin B complex is a commonly prescribed vitamin supplement due to their high functionality in maintaining normal body metabolism, thus, driving the global vitamin deficiency treatment market
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Rise in Global Geriatric Population
- Rise in global geriatric population is estimated to fuel the demand for vitamins and other dietary supplements at a steep pace during the forecast period. Rise in geriatric population directly affects the demand for vitamins, primarily due to higher susceptibility to various diseases among this population.
- Most developed countries have high geriatric population. According to the WHO, the geriatric population is expected to rise at a rapid pace in developed countries such as the U.S., the U.K., and Japan
- Access to various diagnostic and treatment services has improved due to favorable healthcare policies and the advancement in health care facilities in countries such as the U.S., Japan, the U.K., and other countries in Western Europe, which, in turn, has increased life expectancy of the population. Increase in geriatric population is anticipated to propel the vitamin deficiency treatment market during the forecast period.
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Lack of Awareness in Developing Countries to Restrain Global Vitamin Deficiency Treatment Market
- Vitamin deficiency mostly occurs due to lack of proper dietary nutrition in underdeveloped countries
- However, a significant number of cases of vitamin deficiency is expected to remain undetected, especially in developing countries such as India and China, making vitamin deficiency a highly under-diagnosed disorder. Lack of awareness about such disorders in underdeveloped and developing countries is expected to restrain the global vitamin deficiency treatment market during the forecast period.
Vitamin Deficiency Treatment Market: Competition Landscape
- This report profiles major players in the global vitamin deficiency treatment market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The vitamin deficiency treatment market is highly fragmented, with the presence of a few large players in international markets and many small players in regional markets
- Prominent players operating in the global vitamin deficiency treatment market include
- Merck & Co., Inc.
- Nature’s Bounty
- Sandoz International (Novartis)
Vitamin Deficiency Treatment Market: Key Developments
- In December 2018, Pfizer Inc. and GlaxoSmithKline plc entered into an agreement to create a premier global consumer healthcare company with iconic brands. In 2017, the combined business was approximately US$ 12.7 Bn
- The report on the global vitamin deficiency treatment market discusses individual strategies, followed by company profiles of vitamin deficiency treatment providers. The competition landscape section has been included in the global vitamin deficiency treatment market report to provide readers with a dashboard view of key market players operating in the global vitamin deficiency treatment market.
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