The major factors attributing to the growth of the market are the presence of a huge patient pool due to lack of time with sedentary lifestyles along with the rapid growth of the aging population. Also, an increased prevalence of malnutrition cases such as osteoporosis and rickets among all the age groups in recent years has escalated the awareness programs and healthcare expenditure by the government authorities across the globe.
For instance, according to the (CDC) Centers for Disease Control and Prevention report, in 2018, about USD 3.65 trillions of national health care expenditure was incurred by the United States which is expected to increase throughout the forecast period providing better opportunities to the research activities and manufacturers driving the global vitamin D therapy market.
Key Market Trends
Oral Route Of Administration is Expected to Hold the Major Market Share in the Vitamin D Therapy Market
The oral route of administration is expected to account for the largest share and highest CAGR over the forecast period. This dominance is owing to the ease of administration, safety, efficiency, reduced chances of toxicity coupled with patient compliance, and preference for the oral route due to availability in various forms like chewing gums and tablets, driving the global market.
Based on purchasing patterns, the prescription drugs segment accounts for the largest share as the preference for the diagnosis by the registered medical practitioners and prescribed therapies with appropriate medications. Also, the higher cost of Prescribed medicines compared to OTC drugs is expected for the highest market revenue propelling the global vitamin D market.
On the basis of application, the osteoporosis segment is expected to register the highest growth during the forecast period due to the growth of aging population, rise in the incidence of falls and fractures coupled with elevated levels of parathyroid hormones and the poor absorption of calcium from their diets which necessitates the Vitamin D therapy to enhance the calcium absorption.
North America Dominates the Vitamin D Therapy Market and is Expected to do Same in the Forecast Period
North America is expected to dominate the overall vitamin D therapy market throughout the forecast period. This dominance is mainly owing to the presence of leading players based in the United States, focus on research activities to develop more patient compliant products with enhanced efficiency coupled by the government support and increasing healthcare expenditure contributing to its outstanding market revenue share in the global vitamin D therapy market growth.
The Asia Pacific market is also anticipated to witness the highest CAGR in the overall vitamin D therapy market during the forecast period. The significant growth in the region can be attributed to sedentary lifestyles, huge target patient pool due to heavy population in developing nations like India, China, and along with higher air pollution. Also, a rise in awareness programs about vitamin D deficiency by the government and manufacturers of emerging economies in the region is expected to boost the growth of the market propelling the global market revenue.
The global Vitamin D therapy market is moderately competitive and consists of several major players. Some prominent players that are currently dominating the market In terms of market share are acquiring the products, entering into partnerships with the other companies to consolidate their market positions across the globe and while others are distributing products. Some of the companies which are currently dominating the market are Pfizer Inc, Abbott Laboratories, GlaxoSmithKline PLC, Biotics Research Corporation, and Ortho Molecular Products Inc.
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