Top Companies in Vitamin D Testing Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Vitamin D Testing Market is projected to reach USD 696.1 billion by 2028 at a CAGR of 4.7% over the forecast period.
The Global Vitamin D Testing Market is valued at USD 528.4 billion in 2021 and is projected to reach USD 696.1 billion by 2028 at a CAGR of 4.7% over the forecast period. During the forecast period, rising incidences of chronic illnesses, such as type 2 diabetes, kidney disease, and autoimmune disorders, and rising public and private sector investment in developing and commercializing various accurate, innovative, and simple-to-use tests, are expected to propel market revenue growth.
Low vitamin D intake, inadequate dietary absorption, use of phenytoin and phenobarbital, and alterations in lifestyle are all contributing to an increase in vitamin D insufficiency cases. The perspective of medical treatments has also altered due to the rising occurrence of cancer, asthma, asthmatic illnesses, and orthopedic ailments.The introduction of at-home testing kits and intravenous administration for speedy results and rising healthcare spending in several developing nations are anticipated to propel market revenue growth.
The increased geriatric population increased the incidence of chronic illnesses in both young and old individuals, and growing public awareness of nutritional deficiencies' effects have contributed to recent market revenue growth.
However, during the projection period, factors such as high production costs, restrictions, growing supply chain complexity, and increases in raw material prices could restrain market revenue growth.
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Amidst Exponential Growth in Vitamin D Testing Adoption, What Trends Should We Look Forward to?
- The prevalence of vitamin D insufficiency is commonly underestimated. This is mainly because the symptoms are not precise and can differ from person to person. Tests for vitamin D are increasingly used to diagnose and treat this problem. These are the main aspects that will fuel the market's expansion.
- The demand for diagnostic tests like vitamin D testing has increased due to the growing tendency toward preventative healthcare. The demand for these tests has increased due to people's growing awareness of the value of early detection and treatment for various health issues.
- There has been a recent trend toward replacing lab-based diagnostics with point-of-care testing kits. In a 2022 article, Ipsos said that the preference for point-of-care tests over lab-based tests was due to several distinguishing advantages, including quicker turnaround times, ease of use, and fewer needs for expert assistance.
- A significant type of vitamin D that is closely related to 1,25-dihydroxy vitamin D is 24,25-dihydroxy vitamin D. The clinical importance of calculating the vitamin D in a person's body is based on the ratio of 25-hydroxy vitamin D to 24,25-dihydroxy vitamin D. As a consequence, current, and recent R&D advancements are concentrating on figuring out the amount of 24,25-dihydroxy vitamin D.
The vitamin D testing market is dominated by globally established players such as bioMérieux SA (France), Abbott Laboratories (US), Beckman Coulter (US), Thermo Fisher Scientific (US), Mindray (China), Hoffmann-La Roche Ltd (Switzerland), Siemens Corporation (Germany), Quest Diagnostics Inc. (US), DiaSorin S.p.A. (Italy) and Maccura (China).These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth vitamin D testingmarket.
Let's Look at the Top 5 Companies That are Taking the Vitamin D Testing Market by Storm
The vitamin D testing market is expected to grow from USD 528.4billion in 2021 to USD 696.1 billion in 2028due to the capacity of vitamin D testing to detect adult bone fractures, bone softening, and abnormalities. Moreover, throughout the projection period, market growth is likely to be boosted by continuous R&D activities, approval & commercialization of novel tests, geographic expansion, and several government initiatives.
- bioMérieux SA:
BioMérieux is a family-owned business that has developed into a global leader in the field of in vitro diagnostics and vitamin D testing. It creates and produces diagnostic tools that give medical practitioners the information they need to swiftly and accurately identify pathology or the source of contamination and deliver the best possible care to patients.
- Abbott Laboratories:
Abbott has been committed to assisting people in leading healthier lives since 1910. This commitment has resulted in various scientifically based nutritional products, diagnostic tools like vitamin D testing, branded generic pharmaceuticals, and diabetes and vascular devices.
- Beckman Coulter:
By offering solutions for vitamin D testing, Beckman Coulter Diagnostics has defied convention for more than 80 years, elevating the role of the diagnostic laboratory in enhancing patient health. Its goal is to "Relentlessly Reimagine Healthcare, One Diagnosis at a Time," and it accomplishes this by combining the power of teams' enthusiasm, creativity, and science with technology.
- Thermo Fisher Scientific:
With annual sales of almost $40 billion, Thermo Fisher Scientific Inc. is the market leader in providing services to the scientific community. Its goal is empowering users to contribute to a better, cleaner, healthier planet. Whether its clients are enhancing patient diagnostics and therapies by offering vitamin D testing solutions, accelerating life sciences research, resolving challenging analytical challenges, increasing lab productivity, or any other reason.
To keep up with the advancement of technology in vitamin D testing and the demands of the industry, Mindray, a significant player in the global healthcare sector, will uphold the idea of sustainability, expand and deepen our collaboration, and strengthen the integration of corporate strategy and social responsibility.
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