Growth in this market is largely driven by the growing awareness about vitamin D deficiency and the presence of a large target patient population. On the other hand, the fortification of foods is likely to challenge the growth of this market.
The global vitamin D therapy market is projected to reach $3.3 billion by 2024 from $1.9 billion in 2019, at a CAGR of 11.6%.
Oral route of administration expected to fuel the growth of the vitamin D therapy market over the forecast period
By route of administration, the market is segmented into oral and parenteral routes of administration. The oral route of administration is expected to register the largest share and highest CAGR during the forecast period. This can be attributed to the ease of administration, better pharmacokinetic and pharmacodynamic activity, reduced chance of toxicity, increased patient compliance, and higher preference for the oral route.
Increasing use of vitamin D in osteoporosis to drive market growth during the forecast period
Based on application, the market is segmented into osteoporosis, rickets, skin diseases, muscle weakness, autoimmune disorders, and other applications. The osteoporosis segment is expected to register the highest growth during the forecast period. This growth can be attributed to the increasing incidence of falls and fractures in senior adults due to the elevated levels of parathyroid hormones and the poor absorption of calcium from their diets.
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The Asia Pacific to grow at the highest rate during the forecast period (2018–2023)
Geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The Asia Pacific dominated the market in 2018 and is expected to register the highest CAGR during the forecast period. Growth in the APAC is largely driven by the increasing awareness about vitamin D deficiency and supportive government policies and programs for the implementation of vitamin D deficiency treatment plans, heavy air pollution, sedentary lifestyles, increasing incidence of vitamin D deficiency, atypical diets, decreasing sun exposure, and rising malnutrition levels.
Recent Developments:
- In 2018, GlaxoSmithKline plc completed the buyout of Novartis’ 36.5% stake in its Consumer Healthcare Joint Venture for USD 13 billion.
- In 2018, GlaxoSmithKline plc and Pfizer Inc. collaborated to form a new world-leading consumer healthcare joint venture. The joint venture will be a category leader in pain relief, respiratory, vitamin and mineral supplements, digestive health, skin health, and therapeutic oral health.
