Adoption of Vitamin B12- Deficiency Treatment Market to Increase During the COVID-19 Period on back of Increased Consumer Demand

Vitamin B12, is an important water-soluble vitamin. It mainly helps in nerve tissue health, brain function and red blood cells production. Also, vitamin helps in bone formation, mineralization, and growth. In large surveys in the United States and the United Kingdom, approx. 6% of those aged more than 60 years are Vitamin B12 deficient. The rate is much high in underdeveloped and developing countries such as Africa, Vienna and some parts of South-East Asia. Vitamin B12 deficiency treatment results majorly due to decreased dietary intake and impaired absorption. Vitamin B12 deficiency causes balance problems, memory loss, difficulty in thinking, reasoning, anemia etc. The main dietary sources can be meat, egg, salmon, and other dairy products. Apart from that, injectable vitamin B12 formulations are also available in the market like hydroxocobalamin and cyanocobalamin. But treatment with vitamin pills is mostly used as it can be easily incorporated in the regime.

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Increasing prevalence of malnutrition among children across the globe is expected to drive the growth of vitamin B12 deficiency treatment market. An estimated 6% of people in the US and UK suffer from vitamin B12 deficiency so there is a vast scope for vitamin B12 deficiency treatment  market to grow. Anemia is one of the major problem in underdeveloped countries which majorly occur due to Vitamin B12 deficiency also, it can help to cure atropic gastritis which occur due to Vitamin B12 deficiency which in turn drive the growth of Vitamin B12 deficiency treatment market. Studies have shown that various food industries can also act as a major puller for vitamin B12 deficiency treatment market. Many doctors in US and UK are recommending the use of Vitamin B12 oral drugs which also can lead the growth of vitamin B12 deficiency treatment market. Early detection of this deficiency using advanced techniques like ELISA can help the vitamin B12 deficiency treatment market to grow more. The underdeveloped countries lack knowledge and availability for the treatment which can restrict the growth of vitamin B12 deficiency treatment market

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Global vitamin B12 deficiency treatment market is segmented based on drug type, dosage form, route of administration, distribution channels and region.

Based on drug type vitamin B12 deficiency treatment market is divided into following:

  • Hydroxocobalamin
  • Cyanocobalamin

Based on dosage form vitamin B12 deficiency treatment market is divided into following:

  • Powder for reconstitution
  • Solution/ Injection
  • Tablets
  • Nasal sprays
  • Syrups

Based on Route of administration vitamin B12 deficiency treatment market is divided into following

  • Intravenous
  • Subcutaneous
  • Oral
  • Nasal

Based on distribution channel vitamin B12 deficiency treatment market is divided in following:

  • Hospital Pharmacy
  • Online sales
  • Retail Pharmacy
  • Drug Stores

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The market for injectable/solution therapies for vitamin B12 deficiency treatment is highly valued making most frequent and easy mode of therapy to treat vitamin B12 deficiency. Low government regulations, affordability of raw materials, rising health awareness are the factors responsible to increase the growth of global vitamin B12 deficiency treatment market over the coming years. Based on distribution channel the global vitamin B12 deficiency treatment market will be dominated by retail pharmacies over the forecast period. The adoption of Cyanocobalamin is superior because of its availability in various forms like pill, nasal sprays, and injections making it more preferable leading to the growth of Vitamin B12 deficiency treatment market.

Globally the Vitamin B12 deficiency market includes in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. North America holds the maximum share in vitamin B12 deficiency treatment market globally. APAC and MEA vitamin B12 deficiency treatment market will experience rapid growth during the forecast period due to emergence of new small players ultimately increasing the growth of vitamin B12 treatment market.

 

Some of the profiled key players of vitamin B12 deficiency treatment market that prevalent globally include, Watson Company, Merck and Co.Ltd., Daiichi Sankyo Company, Limited., Dr. Reddy’s Laboratories Ltd., Mylan N.V, Pfizer Inc., Teligent Canada. Other players of vitamin B12 deficiency treatment market include Himalaya Herbal Healthcare, Dabur International Limited.

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