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Key Trends and Analysis in the Vitamin B Test Market

RahulFMI

posted on 4 months ago — updated on 1 second ago

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Vitamin B Test Market

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 :