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 vitamin D therapy market is projected to reach USD 3.3 billion by 2024 from USD 1.9 billion in 2019, at a CAGR of 11.6%.
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.
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 vitamin D therapy market is 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.
Key Market Players
Some of the prominent players in the market are Abbott (US), Sanofi (France), GlaxoSmithKline plc (UK), Pfizer Inc. (US), Merck & Co., Inc. (US), Torrent Pharmaceuticals Ltd. (India), Novartis International AG (Switzerland), Alkem Laboratories (India), Sun Pharmaceutical Industries Ltd. (India), and Cadila Healthcare Ltd (India).
Abbott (US) is the largest player in the vitamin D therapy market. It has a strong foothold in the market. Abbott has a global distribution network and a good brand reputation among end users. The company’s strong presence and wide distribution channels across the globe have helped it to maintain its leading position in the market. In order to strengthen its position in the market, the company significantly invests in R&D activities. In 2018, the company invested USD 2.30 billion in R&D activities as compared to USD 2.26 billion in 2017.
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