Vitamin Deficiency Treatment Market: Growing Prevalence of Vitamin Deficiency Cases Worldwide to Propel Market Growth
Vitamin Deficiency Treatment Market: Introduction
According to the report, the global vitamin deficiency treatment market was valued at US$ 5.46 Bn in 2019 and is projected to expand at a CAGR of 6.5% from 2020 to 2028. Rise in prevalence of several acute and chronic disorders across the world and high demand for vitamin D and vitamin B complex due to numerous health benefits are the major factors anticipated to drive the global vitamin deficiency treatment market from 2020 to 2028.
Rise in Prevalence of Several Acute and Chronic Disorders to Drive Global Market
The number of patients affected with chronic diseases is rising consistently across the world. The root cause of a number of these diseases can be traced to a lack of healthy lifestyle and dietary habits that lead to deficiency of various essential vitamins and minerals. Rise in the number of these diseases propels the demand for vitamins and other nutritional supplements. Cardiovascular and respiratory diseases have affected a large number of individuals, globally, and are leading causes of death among the global population. Cardiovascular diseases cause majority of deaths across the world. According to the World Health Organization (WHO), cardiovascular disorders (CVD) account for an estimated 17.9 million deaths each year. The increase in incidence of chronic diseases of the liver, heart, kidneys, and pancreas; and blood disorders such as leukemia and aplastic anemia have increased demand for multivitamin and multimineral supplements. Therefore, increase in the incidence of chronic diseases and surge in the geriatric population across the globe fuel the growth of the global vitamin deficiency treatment market.
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Vitamin B Complex Supplements to Offer Lucrative Opportunities
The report offers detailed segmentation of the global vitamin deficiency treatment market based on product type, route of administration, distribution channel, and region. In terms of product type, the global vitamin deficiency treatment market has been categorized into vitamin B complex supplements, vitamin C (ascorbic acid), vitamin A (retinoids), vitamin D (calciferol, 1,25-dihydroxy vitamin D), vitamin E (tocopherol), and vitamin K. Based on route of administration, the global market has been classified into oral and parenteral. The oral segment dominated the global market, as most products under the supplement therapy segment available in the market are administered orally due to convenience and better patient compliance. In terms of distribution channel, the global vitamin deficiency treatment market has been divided into hospital pharmacies, retail pharmacies, and online pharmacies. Rise in adoption of e-Commerce is anticipated to propel the online pharmacies segment in the near future.
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Asia Pacific to Lead Vitamin Deficiency Treatment Market
North America is the second largest market for vitamin deficiency treatment. The region’s dominance of the global market is attributed to high rate of adoption of vitamin supplements as well as high prices of drugs. The market in Asia Pacific is likely to grow at a faster pace during the forecast period. Increase in awareness about various diseases, favorable medical reimbursement policies, and rapidly developing health care facilities in Asia Pacific are the major factors expected to fuel the growth of the market in the region during the forecast period.
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Leading Players in Global Market
The report provides profiles of leading players operating in the global vitamin deficiency treatment market. These include Koninklijke DSM N.V., Nature’s Bounty, Mallinckrodt Pharmaceuticals, and Pfizer, Inc. Mallinckrodt Pharmaceuticals is a Netherlands-based manufacturer of nutritional ingredients, specialty food ingredients, engineering plastics, coatings, biomedical materials, etc. The company employs more than 21,054 people in approximately 50 countries. Its nutrition division comprises DSM Nutritional Products and DSM Food Specialties. DSM Nutritional Products produces essential nutrients such as synthetic vitamins, carotenoids, nutritional lipids, and other ingredients for the feed, food, pharmaceutical, and personal care industries.
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