L-Carnitine Market: Overview
Research analysts expect that the global L-carnitine market will undergo significant changes to experience healthy growth in the coming years of the forecast period of 2019 to 2027. L-carnitine is well known for improving the recovery among older people post-exercise. It also helps in reducing the risk of skeletal deterioration that is commonly found across geriatric population. Moreover, L-carnitine helps in enhancing the mental functioning among these people. With such proven benefits, it is one of the key products used in the manufacturing of preventive healthcare therapeutics. Naturally, the growth of the market is expected to be considerable in coming few years.
L-Carnitine Market: Notable Developments
Some of the key developments in the global L-carnitine market are given below:
- In July 2019, Lonza Group Ltd., a leading player in the global L-carnitine market, announced that the company has successfully acquired sterile fill and finish facility from Novartis AG. This facility, based in Stein (CH), will help Lonza Pharma and Biotech’s present parenteral drug product offering based out in Basel (CH).
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L-Carnitine Market: Drivers and Restraints
Among the several driving factors of the global L-carnitine market, one key factor that stands out is the growing health concerns among the geriatric population across the globe. With these older generation more susceptible to kidney, heart, and other body disorders, there has been an increasing demand for L-carnitine that is used as a key ingredient in therapeutics. In addition to this, more and more people across the globe are becoming health conscious and are opting for preventive healthcare. This too has been acting a strong driving factor for the growth of the global L-carnitine market.
L-carnitine is also being increasingly used as a supplement in animal feed. With the growing concerns about the overall safety and quality of meat have encouraged producers to use such supplements in these products. This has thus worked in favor of the global L-carnitine market. L-carnitine is used in the production of feed for various types of animals such as racing horses, pigs, pigeons, and cows with an objective to improve their daily performance, average rate of gain, and overall growth. Such uses have also helped in boosting the overall development of the market in recent years.
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L-Carnitine Market: Geographical Outlook
The global L-carnitine market features a geographical landscape with five major regional segments. These segments are Latin America, Middle East and Africa, North America, Europe, and Asia Pacific. Currently, the global market is dominated by the North America region. The growth of the market is primarily down to the booming pharmaceutical sector in North America. The sector is the biggest continental pharma domain in the world. The US alone accounts for nearly half of the global pharmaceutical market in terms of volume as well as share. The presence of several big brands in the pharma industry in the region are thus helping to drive the growth of the global market for L-carnitine market.
There are several other factors that are influencing the growth of the L-carnitine market in North America. Of these, substantial rise in the activities of research and development coupled with growth in number of diseases in the region are some of the key driving factors for L-carnitine market growth. In addition to this, the growing spending power of the population in countries such as Mexico, Canada, and the US are further expected to boost the development of the market in the region.
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