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The Global Vitamin D Market size is forecast to increase by USD 665.32 million, at a CAGR of 7.86% between 2023 and 2028.
There has been an increasing awareness about the importance of vitamin D across the globe. The growing consumer awareness of the availability and importance of preventative medicine and healthcare across the globe is one of the major growth factors for the global market. In addition, this growing awareness is achieved through internet penetration as well as various awareness programs run by the government and non-government organizations. Hence, such factors are positively impacting the market.
Technavio has segmented the market into Type, Product Type, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2018 - 2022 , besides analyzing the current market scenario.
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The vitamin D3 segment is estimated to witness significant growth during the forecast period. Vitamin D3 is expected to witness significant growth in the global market fuelled by its importance in bone health, immunological function, and general wellbeing. In addition, the growing awareness of vitamin D deficits, particularly in regions with minimal sunlight exposure, fuels the demand for vitamin D3 supplements.
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The vitamin D3 segment was the largest segment and was valued at USD 700.93 million in 2018. Moreover, pharmaceutical firms such as Pfizer provide vitamin D3 pills and nutraceutical brands that emphasize D3 formulations for improved absorption. In addition, the demand is also being fuelled by increased customer preferences for natural and fortified products, with food and beverage makers adding vitamin D3 into fortified dairy, cereals, and supplements. Furthermore, as health-conscious consumers prioritize preventative healthcare, the vitamin D3 segment is likely to expand steadily, bolstered by continuous research showing its numerous health benefits. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
OTC products can be easily purchased across several drug stores and usually come in the dosages of 400 International Units (IU), 1,000 IU, 2,000 IU, or 5,000 IU capsules. In addition, OTC vitamin D products are comparatively inexpensive than the Rx products. Moreover, these consumer convenience factors add tremendously to this segment's market share and are expected to continue their influence over the forecast period. In addition, vitamin D is one of the essential vitamins for strong bones and a better quality of life. Furthermore, with the growing awareness of these disorders and their prevention, the consumption of vitamin D products has been on the rise, which is expected to be a continuous growth driver for the market. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The market growth of the Rx segment will increase fuelled by its quality and safety as the regulatory agencies approve these parameters after the development and approval processes. However, the Rx vitamin D product is expensive compared with the OTC product, and it should be taken through the physician's prescription only. In addition, this cost factor would hamper the market share in the global market. Moreover, the Rx vitamin D is mainly used for the treatment of vitamin D deficiency diseases such as rickets and osteoporosis. Furthermore, doctors prefer Rx vitamin D products instead of OTC products for these types of diseases in children and adults due to their tested efficacy. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. Factors such as the strong presence of key vendors, the growing demand for health supplements, new product launches, and rising disposable incomes are fuelling the market growth in North America. In addition, the US and Canada are the major countries in the market in North America. Furthermore, the presence of key vendors, such as Pfizer Inc., Abbott Laboratories, and Church and Dwight Co. Inc., along with many local vendors, is likely to boost the growth of the market in the US. Hence, such factors are driving the market growth in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 23 market companies, including:
BASF SE:The company offers vitamin D such as vitamin D3 with outstanding temperature stability and excellent quality.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the market growth is the increase in the number of vitamin D deficiency disorders. Vitamin D plays a crucial role in calcium absorption and bone health. In addition, vitamin D deficiency is associated with major health disorders such as osteoporosis, rickets, and osteomalacia. Furthermore, vitamin D deficiency in adults leads to a mineralization problem in the skeleton, causing osteomalacia, and results in secondary hyperparathyroidism with consequent bone loss and osteoporosis.
Moreover, as life expectancy has grown significantly over the last decade, vitamin-D-related disorders have also seen strength in their prevalence. In addition, such a strong presence of vitamin D deficiency-related disorders in regions with well-developed healthcare infrastructure is providing a strong opportunity for vitamin D manufacturers, thereby driving the growth of the global market during the forecast period.
A key factor shaping the market growth is the increasing healthcare expenditure. The increasing disposable income, specifically in developing economies including India and China, has attracted investors from around the world. In addition, these developing economies have been registering strong growth in their per capita GDP, which leads to increased disposable income with the population.
Moreover, this would lead to a demand for better quality of life and hence, to avoid specifically bone-related disorders, people would choose to spend more on vitamin D products, thereby driving the market growth. In addition, countries such as India, China, and Brazil are emerging as some of the most preferred countries for pharmaceutical companies globally. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Poor patient adherence to therapeutic regimens is one of the key challenges hindering market growth. Several factors, such as the physician, patient, disease state, and medications selected, can influence adherence to therapeutic regimens. In addition, sometimes, physicians do not provide individuals with adequate information about the therapeutics' chronic nature and anticipated side effects.
Moreover, in general, these treatment regimens are often complicated and impractical for individuals with vitamin D deficiency, leading to poor compliance and poor prognosis. In addition, in certain cases, individuals with vitamin D deficiency may use generic drugs instead of branded drugs prescribed by physicians due to the former's cost-effective nature. Furthermore, the products prescribed by physicians may not be covered under insurance. Hence, such poor taint adherence hurts the sales of vitamin D products, thereby hindering the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The market report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest market trends and analysis and growth opportunities from 2018 to 2028.
Vitamin D Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.86% |
Market growth 2024-2028 |
USD 665.32 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.24 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 42% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Archer Daniels Midland Co., BASF SE, BioTech Pharmacal, Cadila Pharmaceuticals Ltd., Church and Dwight Co. Inc., Dishman Carbogen Amcis Ltd., Fermenta Biotech Ltd., Glanbia plc, GlaxoSmithKline Plc, INLIFE Pharma Pvt. Ltd., Kingdomway Nutrition Inc., Koninklijke DSM NV, Nestle SA, Pfizer Inc., Reckitt Benckiser Group Plc, Sun Pharmaceutical Industries Ltd., TAI ZHOU HISOU ND PHARMACEUTICAL CO.,LTD, Xiamen Jindawei Group Co. Ltd., Zhejiang Garden Biochemical Hightech Co. Ltd., Zhejiang NHU Company Ltd., Divis Nutraceuticals, and Torrent Pharmaceuticals Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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