Global Vitamin test Industry Share Research Report, by Type (Vitamin B12, Carotene, Folic Acid Test), Technology (high-performance liquid chromatography), End-User (Hospitals and Clinics, Ambulatory Surgical Centre, Diagnostic Centre) – Global Forecast Till 2023
The Global Vitamin Testing Market has been growing continuously over the past few years. Various reasons that are leading to increasing the size of the market include flourishing vitamin market driven by the demand for health supplements that have emerged as a tool to stay healthy. Nowadays, consumers and public health agencies are increasingly focusing on the consumption of dietary and nutrition supplements, aiming to control the prevalence of chronic diseases.
Moreover, the emergence of direct-to-consumer genetic testing, self-monitoring devices, web, and mobile apps are transforming the way vitamin testing process used to be practiced earlier. As a result, the vitamin test market is growing rapidly. According to Market Research Future (MRFR), the Global Vitamin Test Market Size is expected to perceive exponential growth by 2023. In its recently published report, MRFR also asserts that the Vitamin Test Industry Share would register over 9.2% CAGR over the assessment period (2017 - 2023).
The increasing prevalence of vitamin deficiency caused by sedentary lifestyle and addictions of smoking & alcoholism are some of the key factors propelling the growth of the market. Besides, factors, such as growing awareness of vitamin tests, technological advancements in laboratories, and increasing prevalence of chronic diseases like cancer or kidney diseases are hugely contributing to the growth of the market.
On the other hand, the high costs of vitamin tests and limitations of these tests are major factors acting as headwind restricting the growth of the market. Also, the lack of awareness towards the importance of vitamin testing is impeding market growth, especially in developing countries. Nevertheless, regulatory frames that are becoming stricter and prompting vitamin companies to fine-tune with the compliances would support the market growth over the review period. It would also create a huge demand in the vitamin test market.
Global Vitamin Test Market – Competitive Analysis
Highly competitive, the vitamin test market appears to be fragmented with low entry barriers but rising competition. Along with numerous international players, regional players, as well as new entrants, are also operating in the market. Though many leading players continue to expand through merger & acquisition and collaborations, the rapid proliferation of various testing technologies is challenging them further.
Players leading the global vitamin test market include R-Biopharm AG, VitaMe Technologies Inc., Abbott Laboratories, ImmunoDiagnostics Inc., Siemens AG, F. Hoffman-La Roche, Diazyme Laboratories, ORGENTEC Diagnostika GmbH, and DiaSorin S.p.A, among others.
Global Vitamin Test Market – Segments
The report is segmented into four key market dynamics to widen the scope of understanding,
By Type : Folic Acid (Folate) Test, Vitamin B12 & Folic Acid Test, Carotene (Beta Carotene) Test, Vitamin E Test, Vitamin K1 Test, Vitamin D 25-Dihydroxy (Calcitriol) Test, and Vitamin D 25-Hydroxy (Calcidiol) Blood Test, among several others.
By Technology : High-Performance Liquid Chromatography (HPLC), Radioimmunoassay, ELISA Tests, Chemiluminescent immunoassay (CLIA), and Liquid Chromatography-Tandem Mass Spectrometry, among others.
By End-users : Hospitals & Clinics, Ambulatory Surgical Centers, Diagnostic Centers, and Research centers, among others.
By Regions : Asia Pacific,North America, Europe, and the Rest-of-the-World.
Global Vitamin Test Market – Regional Analysis
The North America region, heading with the increasing demand for nutritional products, dominates the global vitamin test market. The region witnesses increasing nutrient deficiency among the populaces. Vitamin D deficiency is common in North America, which is driving the vitamin test market, propelling the vitamin supplement market in the region. Moreover, increasing prevalence of low immunity disorders and chronic diseases has been driving the regional market growth, leading to an increased focus on preventive health care.
The vitamin test market in the European region accounts for the second-largest market, globally. The presence of excellent healthcare infrastructure, alongside, the availability of technologically advanced tests, and high healthcare expenditure are predominantly driving market growth in the region. Also, the growing awareness of the importance of vitamin testing influences the market growth in this region.
Additionally, the increase in demand among consumers for protein intake is driving the growth of the regional market. The rising demand for various nutritional products, such as supplements, functional food, and others is boosting the increase in the regional market.
The Asia Pacific vitamin test market is emerging as a profitable market globally. Heading with the growing healthcare sector and rapid adoption of advanced technologically, the market offers enormous growth opportunities to market players. Markets in New Zealand and China are substantially larger in the region, which, in turn, increases their market share in the regional market. The region will witness higher growth due to the growing demand from health supplements market, especially in the rapidly developing countries like India and China.