Vitamin Deficiency Treatment Market
Vitamin Deficiency Treatment Market (Product Type: Vitamin B Complex Supplements, Vitamin C, Vitamin A , Vitamin D, Vitamin E, and Vitamin K; Route of Administration: Oral and Parenteral; and Distribution Channel: Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2028
- 165 Pages
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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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
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.
- 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
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.
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.
Vitamin Deficiency Treatment Market - Scope of the Report
TMR’s report on the global vitamin deficiency treatment market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2028. The report provides the revenue of the global vitamin deficiency treatment market for the period 2018–2028, considering 2019 as the base year and 2028 as the forecast year. The report also provides the compound annual growth rate (CAGR) of the global vitamin deficiency treatment market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global vitamin deficiency treatment market.
Secondary research also included internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various phenomenon in the global vitamin deficiency treatment market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on changing competitive dynamics in the global vitamin deficiency treatment market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global vitamin deficiency treatment market.
The report delves into the competitive landscape of the global vitamin deficiency treatment market. Key players operating in the global vitamin deficiency treatment market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global vitamin deficiency treatment market that have been profiled in this report.
Key Questions Answered in Global Vitamin Deficiency Treatment Market Report
- What is the scope of growth of companies in the global vitamin deficiency treatment market?
- What will be the Y-o-Y growth of the global vitamin deficiency treatment market between 2020 and 2028?
- What is the influence of changing trends in technologies on the global vitamin deficiency treatment market?
- Will North America continue to be the most profitable market for vitamin deficiency treatment providers?
- Which factors will hamper the growth of the global vitamin deficiency treatment market during the forecast period?
- Which are the leading companies in the global vitamin deficiency treatment market?
A unique research methodology has been utilized by TMR to conduct a comprehensive research on the growth of the global vitamin deficiency treatment market and arrive at conclusions on the growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global vitamin deficiency treatment market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who have contributed to the production of TMR’s study on the vitamin deficiency treatment market as primary sources.
These primary and secondary sources have provided exclusive information during interviews, which serves as a validation from vitamin deficiency treatment market leaders. Access to extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global vitamin deficiency treatment market with accuracy. The study also uses the top-down approach to assess the revenue numbers for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global vitamin deficiency treatment market more reliably and accurately.
Vitamin Deficiency Treatment Market - Segmentation
Vitamin B Complex Supplements
Vitamin C (Ascorbic Acid)
Vitamin A (Retinoids)
Vitamin D (Calciferol, 1,25-dihydroxy Vitamin D)
Vitamin E (Tocopherol)
Route of Administration
Middle East & Africa