The latest industry report by Future Market Insights (FMI) estimates that the global vitamin B test market size is expected to be valued at approximately US$ 486.3 million in 2023. Over the course of the projection period, the market is expected to grow at a compound annual growth rate of 6.0%, with a valuation of US$ 872.9 million in 2034. In 2024, the market value is expected to rise from US$ 512.0 million.
Due to the increased prevalence of chronic diseases, there is a growing need for individualized nutrition solutions that consider each person’s unique dietary needs and goals. The growing prevalence of chronic illnesses presents a significant opportunity for the vitamin test market to provide cutting-edge solutions to the healthcare sector and consumers.
Get a Sample Copy of the Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-18713
An aging population is driving the vitamin B test sector. As people age, their bodies become less effective at absorbing and using vitamins and minerals, leading to imbalances and deficiencies.
Several health problems, including osteoporosis, cognitive decline, and immunological dysfunction, can result from this. Consequently, there is a rising need for products and services that help senior citizens monitor their nutritional status and make wise dietary & lifestyle choices.
Key players are focusing on novel product development with enhanced efficacy in accuracy, cost-effectiveness, and technological advancement. For instance, in December 2021, Omega Quant launched a new vitamin B12 test that includes a sample collection kit for testing at home.
Key Takeaways:
- Based on application, the ELISA segment held a market share of 42.3% in 2023.
- By end-user, diagnostic centers are expected to increase at a CAGR of 6.2% by 2034.
- North America is considered a leading region, with a market share of 28.1% in 2023.
- The vitamin B test market is projected to rise at a CAGR of 6.0% by 2034.
- The global market is expected to reach a valuation of US$ 872.9 million in 2034.
“The rising prevalence of vitamin deficiency, technological advancements, and government initiatives to reduce the vitamin deficiency rate is set to propel growth in the vitamin B test market across the globe,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Competitive Landscape of Vitamin B Test Market:
Market players focus on developing and offering innovative vitamin B testing solutions. This includes the development of advanced testing methods, such as point-of-care testing devices and home testing kits, that provide accurate and convenient results. Continuous research and development efforts by leading players aim to improve vitamin B tests’ accuracy, speed, and usability, attracting customers and gaining a competitive edge.
For instance,
- In September 2021, A Sudbury, Canada-based medical technology provider claimed that by the spring of 2022, a reasonably priced home blood test system will be for sale.
- In June 2022, ADx NeuroSciences NV, Fujirebio Holdings, Inc., and H.U. Group Holdings Inc. announced that ADx NeuroSciences has been acquired by Fujirebio for 40 million euros.
What Does the Report Cover?
Future Market Insights (FMI) offers a unique perspective and actionable insights on the vitamin B test market in its latest study, presenting a historical demand assessment of 2019 to 2023 and projections for 2024 to 2034. The global vitamin B test market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The research study is based on product type (vitamin B12, folic acid (vitamin B9) test, and others), application (high-performance liquid chromatography, lateral flow assay), end-user (hospitals, clinics, home care settings, and diagnostic centers), and regions.
Key Companies :
- ALPCO
- Biohit Oyj,
- Boditech Med Inc.
- EUROIMMUN Medizinische Labordiagnostika AG
- Fujirebio
- Optibio Co., Ltd.
- Getein Biotech, Inc.
- EagleBio
- Everlywell, Inc.
- LifeSpan BioSciences, Inc.
- Biorbyt
- Aviva Systems Biology Corporation
- Abbexa Ltd.
- Calbiotech
- Cusabio Technology LLC
- Cortez Diagnostics
- Immundiagnostik ag
- Bluecrest Wellness
- Creative Diagnostics
Unlock Tailored Insights: Customize Your Report for Maximum Impact:https://www.futuremarketinsights.com/customization-available/rep-gb-18713
Vitamin B Test Industry Segmentation by Category
By Product Type:
- Vitamin B12
- Folic Acid (Vitamin B9) Test
- Others
By Application:
- ELISA
- High-performance Liquid Chromatography
- Lateral Flow Assay
By End-user:
- Hospitals
- Clinics
- Homecare Settings
- Diagnostic Centers
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
