The global ”vitamin test market” size is set to expand at a promising rate owing to the increasing prevalence of vitamin deficiency in patients, states Fortune Business Insights™ in an upcoming report, titled, “Vitamin Test Market Size, Share & Industry Analysis, By Type (Vitamin D, Vitamin B12, Vitamin A, Folic Acid, Others), By Technology (HPLC, Liquid Chromatography, ELSIA, Others), By End User (Hospitals & Clinics, Laboratories & Diagnostic Centers, Others) and Regional Forecast, 2020-2027.” The report further explains that the growing awareness among population regarding the benefits of vitamin tests is expected to strengthen their demand.
While the COVID-19 contagion has had a negative impact on numerous sectors, its impact on the healthcare space cannot be assessed with certainty. It has clearly disrupted the industry, with key players racing for developing the vaccine, while major manufacturers are focusing on producing the equipment required on high priority, such as medical ventilators and PPE kits.
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Booming Pharmaceutical Industry in U.S. to Help North America Dominate
North America is expected to dominate the global vitamin test market owing to the growing number of R&D facilities in the region. As per the study of Statista, a German company specializing in market and consumer data, the pharmaceutical sales revenue in the U.S. accounted for nearly half of the global total in recent years.
Asia Pacific is expected to showcase significant growth owing to the increasing demand for effective vitamin test kits in the region. Also, the rising number of mergers and acquisitions among key players, coupled with the increasing awareness among people regarding the necessity of vitamin tests would drive growth.
Extensive Research on Impact of COVID-19 to Help Key Players Diagnose Patients Effectively
Key players operating in the global vitamin test market are focusing on upgrading their vitamin test kits as per the current conditions. They are investing extensively in the research and development activities for understanding the effects of the novel coronavirus on the body in order to find the key areas of deficiency. This will help them to develop new methods of diagnosing and treating patients of deficiencies occurred due to the virus.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Highlights of the Report:
- Segmentation on the basis of product, type, consumption, distribution channel, and region
- Detailed analysis of the companies based on their financial positions, product portfolios, and growth strategies
- Study of core competencies of key players and their market share to anticipate the degree of competition
- Employment of the bottom-up procedure to arrive at the overall size of the market by estimating revenues of key market players
The global vitamin test market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America followed by Europe dominated the global vitamin test market in 2019, owing to the rise in R&D of the pharmaceutical & biotechnology industries. However, increasing patient pool suffering from associated disease and demand for effective vitamin test kits in Asia Pacific is likely to accelerate the growth of the market in this regions. This along with growing mergers and acquisitions between industry players and awareness among population for the need to conduct test is likely to promote the sales of the vitamin test in countries like China, India, and other countries. Latin America and Middle East & Africa are projected to register a comparatively lower CAGR by the end of the forecast period.
Drivers & Restraints-
Prevalence of Vitamin Deficiency in Patients to Drive Growth
The rapidly increasing consumption of junk food or fast food among a large number of populations is expected to result in the lack of nutrition. According to the key findings from data presented by the National Health and Nutrition Examination Survey, during 2013–2016, 36.6% of adults consumed fast food on a daily basis. Increasing cases of vitamin deficiency in patients is expected to further enhance the demand for vitamin tests, thereby driving the growth of the global vitamin test market. However, the high cost associated with vitamin tests is expected to hinder growth.
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- In November 2019, Orig3n announced the launch of vitamin genetic test, as well as a partnership with VitaminLab. The test will provide personalized vitamins for users based on their genes.
- In June 2019, DiaSys launched a Vitamin D assay. The assay is the first and the only 2 reagent latex assay, which does not require special instrumentation.
A list of all the prominent manufacturers operating in the global vitamin test market:
- Thermo Fisher Scientific
- Abbott Laboratories Inc.
- Bio-Rad Laboratories
- Hoffman-La Roche
- R-Biopharm AG
- ImmunoDiagnostics Inc.
- Siemens AG
- Diasorin S.p.A.
- VitaMe Technologies Inc.
What are the key segments in the market?
- Vitamin D
- Vitamin B12
- Vitamin A
- Folic Acid
- Liquid Chromatography
By End User
- Hospitals & Clinics
- Laboratories & Diagnostic Centers
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and the Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of the Latin America)
- Middle East & Africa (South Africa, GCC and the Rest of Middle East & Africa)
With tables and figures helping analyse worldwide Global vitamin test Market Forecast provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
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