Vitamin D Therapy Market Share, Size, Trends, Industry Analysis Report, By Route of Administration (Oral, Parenteral); By Age Group; By Purchase Pattern; By Application; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jun-2023
- Pages: 117
- Format: PDF
- Report ID: PM3350
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global vitamin D therapy market was valued at USD 2.68 billion in 2022 and is expected to grow at a CAGR of 11.7% during the forecast period. As people age, they become more vulnerable to vitamin D insufficiency and deficiency. This is because the body's ability to synthesize vitamin D from sunlight decreases with age. As the global population continues to age, the demand for vitamin D therapies is expected to increase. According to the World Health Organization (WHO), The number of people 60 and older in the world is expected to double by 2050. (2.1 billion). The number of people 80 or older is estimated to triple between 2020 and 2050, reaching 426 million. This will further propel the growth and demand for the market in upcoming years.
To Understand More About this Research: Request a Free Sample Report
Governments around the world are increasingly recognizing the importance of vitamin D and are implementing policies and initiatives to promote its use. For example, some countries have introduced food fortification programs to increase vitamin D intake, while others have established guidelines for vitamin D supplementation. These initiatives are expected to drive demand for vitamin D therapies. The mortality from cancer is reduced by 13% by vitamin D intake, according to meta-analyses of randomized controlled trials. Foods that have been fortified with vitamin D may raise vitamin D levels similarly to vitamin D supplements, which may result in similar decreases in cancer mortality.
According to a study conducted by Tobias Niedermaier, adding vitamin D to food can stop about 11,000 cancer deaths in the European Union and 27,000 cancer deaths across all of Europe. A further 129,000 cancer deaths (113,000 in the European Union) could be avoided if all of the countries under consideration implemented adequate vitamin D fortification of foods. This would save nearly 1.2 million years of life (1.0 million in the EU) and prevent about 9% of cancer deaths (or 10% in the EU). This incentivizes countries to implement fortification programs in turn will drive the growth of the vitamin D therapy market.
For Specific Research Requirements, Request for a Customized Report
Industry Dynamics
Growth Drivers
Vitamin D plays an important role in maintaining bone health, and it also has several other health benefits. As more people become aware of these benefits, the demand for Vitamin D supplements and therapies is increasing. Chronic diseases such as diabetes, cancer, and heart disease have become increasingly prevalent, and Vitamin D is believed to have a positive impact on these conditions. As a result, the demand for Vitamin D therapies is increasing.
Vitamin D deficiency is a common health issue, particularly in regions with limited exposure to sunlight. This deficiency can lead to several health problems, such as osteoporosis, diabetes, and hypertension. Therefore, there is a growing demand for Vitamin D therapies to address this issue. According to a systematic analysis of adolescent girls in India, the prevalence of vitamin D deficiency is reported to be 25.7%, while a narrative review contends that the prevalence of vitamin D deficiency in Indian youngsters ranges from 50 to 90%. According to research from Western India, vitamin D deficiency is more common in children and adolescents than previously thought, with a prevalence of between 30 to 98%. This will fuel the growth of the market in upcoming years.
Report Segmentation
The market is primarily segmented based on route of administration, age group, purchase pattern, application and region.
|
By Route of Administration |
By Age Group |
By Purchase Pattern |
By Application |
By Region |
|
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
Oral Route of Administration is expected to witness fastest growth over the forecast period
Oral segment is expected to witness significant growth in coming years. The oral route of administration is one of the most common and convenient ways to deliver vitamin D therapy to patients. Vitamin D supplements can be easily taken orally in the form of capsules, tablets, or liquid formulations, making it a preferred mode of administration for patients. The convenience of the oral route of administration has made it easier for patients to comply with their vitamin D therapy regimen, resulting in higher patient adherence and improved clinical outcomes. Additionally, the availability of over-the-counter vitamin D supplements in various doses and formulations has further contributed to the growth of the market.
Senior adults accounted for the largest market share in 2022
Senior adults are a key demographic driving the growth of the vitamin D therapy market. As people age, their bodies become less efficient at producing and absorbing vitamin D, and seniors are more likely to suffer from such deficiency. According to the National Institutes of Health, approximately 40% of older adults in the U.S have vitamin D deficiency. In addition, healthcare providers are increasingly recognizing the importance of vitamin D therapy for seniors and are incorporating vitamin D supplementation into their treatment plans. This trend is expected to continue, and the market is projected to see continued growth, particularly in the senior adult population.
Prescription drugs segment is expected to hold the significant revenue share
Prescription Drugs segment is driving the growth of the market due to the increasing number of prescriptions being written for vitamin D supplements by healthcare providers. Prescription vitamin D supplements are typically prescribed to patients with severe vitamin D deficiency or patients with specific medical conditions that require higher doses of vitamin D. In addition, the availability of different formulations and doses of prescription vitamin D supplements is further driving the growth of the prescription drugs segment of the vitamin D therapy market. For example, vitamin D supplements are available as tablets, capsules, and injectable formulations, providing healthcare providers with a range of options to choose from when prescribing vitamin D therapy.
Osteoporosis segment is expected to witness fastest growth
Osteoporosis segment is projected to have a higher growth as Vitamin D therapy is often prescribed to people with osteoporosis to improve bone density and reduce the risk of fractures. This has led to an increase in the demand for Vitamin D supplements and medications, which has, in turn, driven the growth of the Vitamin D therapy market. In addition to osteoporosis, Vitamin D therapy is also used to treat other medical conditions such as rickets, osteomalacia, and hypoparathyroidism, which further contribute to the growth of the market.
The demand in Asia Pacific is expected to witness significant growth
Asia Pacific region is a significant contributor to the growth of the market as there is a high prevalence of Vit-D deficiency, particularly in countries such as India and China. Governments in the region are also including vitamin D supplementation as part of their national health policies. For example, in China, vitamin D supplement is included as part of the national health policy to address such vitamin deficiency among individuals in the country. Such policies are likely to increase demand for vitamin D supplements and therapies.
North America is expected to have a larger revenue share throughout the forecast period. Aging population in North America is also a significant factor contributing to the growth of the market. As people age, they are more prone to conditions such as osteoporosis, which has led to an increase in the demand for therapy. In the United States, there are currently over 46 million older individuals aged 65 and over; by 2050, that number is projected to reach about 90 million. This will further propel the growth of the market.
Competitive Insight
Some of the major players operating in the global market include GlaxoSmithKline, Pfizer, Abbott, Sanofi, Merck, Torrent Pharmaceuticals, Novartis International, Alkem Laboratories, Sun Pharmaceutical and Cadila Healthcare.
Recent Developments
- In February 2023, Abbott and Cardiovascular Systems (CSI), a medical device business with a cutting-edge atherectomy system used to treat peripheral and coronary artery disease, announced a definitive agreement for Abbott to acquire CSI.
Vitamin D Therapy Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 2.98 billion |
|
Revenue forecast in 2032 |
USD 8.07 billion |
|
CAGR |
11.7% from 2023– 2032 |
|
Base year |
2022 |
|
Historical data |
2019- 2021 |
|
Forecast period |
2023-2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
|
Segments covered |
By Route of Administration, By Age Group, By Purchase Pattern, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key companies |
GlaxoSmithKline plc, Pfizer, Abbott, Sanofi, Merck & Co, Torrent Pharmaceuticals, Novartis International AG, Alkem Laboratories, Sun Pharmaceutical Industries, and Cadila Healthcare. |
FAQ's
The global vitamin D therapy market size is expected to reach USD 8.07 billion by 2032.
Key players in the vitamin D therapy market are GlaxoSmithKline, Pfizer, Abbott, Sanofi, Merck, Torrent Pharmaceuticals, Novartis International, Alkem Laboratories, Sun Pharmaceutical and Cadila Healthcare.
Asia Pacific contribute notably towards the global vitamin D therapy market.
The global vitamin D therapy market expected to grow at a CAGR of 11.7% during the forecast period.
The vitamin D therapy market report covering key segments are route of administration, age group, purchase pattern, application and region.
