Vitamin D Testing Market is expected to reach USD 1.1 billion by 2025
LONDON, June 20, 2017 /PRNewswire/ --
Highlights
- The global vitamin D testing market is expected to reach USD 1.1 billion by 2025, according to a new report by Grand View Research, Inc.
- Global increase in geriatric population as well as cases of chronic illnesses is likely to drive the market during the forecast period.
- For instance, in January 2017, Future Diagnostics and DIA source received a grant of EUR 1.4 million from the European Commission to develop a unique CE-marked assay that can measure the level of free vitamin D (25OHD) in the body.
- In addition, this assay will assist in early recovery of patients suffering from vitamin D deficiency by providing optimized treatment, offering an opportunity to save treatment costs.
- The 5-hydroxy vitamin D tests or assay segment dominated in 2016 due to its greater ability to identify bone malformations, softness, weakness, and fractures in adults. Its domination is likely to continue in the forecast period as well
The global vitamin D testing market is expected to reach USD 1.1 billion by 2025, according to a new report by Grand View Research, Inc. Global increase in geriatric population as well as cases of chronic illnesses is likely to drive the market during the forecast period.
Furthermore, increase in investment for development and commercialization of various accurate, innovative, and easy-to-use tests by various market players and governments is likely to drive the market growth. For instance, in January 2017, Future Diagnostics and DIA source received a grant of EUR 1.4 million from the European Commission to develop a unique CE-marked assay that can measure the level of free vitamin D (25OHD) in the body. In addition, this assay will assist in early recovery of patients suffering from vitamin D deficiency by providing optimized treatment, offering an opportunity to save treatment costs.
Vitamin D assay measures the level of vitamin D in two forms. Hence, the market has been divided by two major types of tests, namely 25-Hydroxy Vitamin D test and 1, 25-Dihydroxy vitamin test.
The 5-hydroxy vitamin D tests or assay segment dominated in 2016 due to its greater ability to identify bone malformations, softness, weakness, and fractures in adults. Its domination is likely to continue in the forecast period as well.
Further Key Findings From the Report Suggest:
• Rising incidence of chronic illnesses and growing geriatric population are expected to propel the growth of the market with a CAGR of 9.4% from 2017 to 2025
• 5-hydroxy vitamin D test segment accounted for the largest share and is anticipated to witness strong growth during the forecast period. This can be attributed to the availability of several commercial products, ongoing research in the field, and the ability to accurately detect bone malformations.
• Geographically, North America held the largest share in 2016. It is expected to maintain its dominance during the forecast period due to higher awareness about screening, higher healthcare expenditure as compared to other developing countries, and local presence of market players.
• The industry in Asia Pacific is projected to witness substantial growth over the next decade owing to growing investments by several market players in the region, growing healthcare expenditure, and recent commercialization of tests in major markets, such as Japan and China
• Some of the key players are Abbott Laboratories; F. Hoffmann-La Roche Ltd.; Hologic, Inc.; Siemens Corporation; Danaher Corporation; Quest Diagnostics, Inc.; bioMérieux SA; and DiaSorin S.p.A.
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