(MENAFN- GlobeNewsWire - Nasdaq) The increasing diagnosis and treatment due to growing awareness & rising prevalence of health issues backed by vitamin B deficiency can increase the demand for the vitamin B test market

NEWARK, Del, Dec. 20, 2023 (GLOBE NEWSWIRE) -- As per Future Market Insights (FMI)' latest industry analysis, the valuation for the global vitamin B test market was around US$ 486.3 million in 2023. The market is projected to exhibit a CAGR of 6.0% over the forecast period, with an estimated valuation of US$ 872.9 million in 2034. The market value is set to increase from US$ 512.0 million in 2024.

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.

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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 from the Vitamin B Test Market Study

• 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.

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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.

Top 19 Key Companies Profiled in the Vitamin B Test Market:

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

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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
  

About the Healthcare Division at Future Market Insights (FMI)

Future Market Insights (FMI) facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you to devise innovation-driven trajectories for your business.

Author

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.

Have a Look at the Related Report of Vitamin B Test Market:

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Healthcare Interoperability Solutions Market is forecasted to expand at 14.5% CAGR to reach a market valuation of US$ 16.2 billion by the end of 2033, up from US$ 3.7 billion that was recorded for 2022.

Vitamin Tonics Market is expected to be worth more than US$ 8.86 billion in 2022 and is anticipated to reach more than US$ 11.98 billion by 2032 with a CAGR of more than 6.6%.

Portable Medical Devices Market is projected to expand at a CAGR of 10.7% during the forecast period. The market is estimated to generate market revenue of US$ 163.84 billion by 2033, increasing from US$ 59.28 billion in 2023.

Vitamin Biomarkers Market size is projected to be worth US$ 3.2 billion in 2023. The market is likely to surpass US$ 9.8 billion by 2033 at a CAGR of 11.9% during the forecast period.

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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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