The Worldwide Active B12 Test Market report summarizes information: by diagnosis (ELISA assay, enzyme immunoassay, others), by indication (folate deficiency anemia, pernicious anemia, macrocytic anemia, others), by end users (Hospitals, medical laboratories, clinical research organization, others) – Global Forecast to 2023.
The Global Active B12 Test Market is growing at a CAGR of 7.2% during the forecast period and is estimated to reach USD 220 million by 2023. Vitamin B12, also called cobalamin, is a water-soluble vitamin that plays a key role in the functioning of the brain and nervous system and the formation of red blood cells. It affects DNA synthesis, amino acid metabolism and fatty acid. B12 is the largest and structurally complicated vitamin and can be produced industrially through bacterial fermentation synthesis.
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Vitamin B12 deficiency can cause severe damage to the brain and nervous system. Symptoms of vitamin B12 include fatigue, lethargy, depression, poor memory, breathlessness, headaches and pale skin. Increasing prevalence of vitamin B12 deficiency disease such as pernicious anemia across the globe is the major contributor to the growth of this market. High cost of diagnostic devices for deficiency disease is a restrain for the growth of this market.
The global active B12 test market is segmented on the basis of diagnosis which includes ELISA assay, enzyme immunoassay, and others. On the basis of indication, the market is segmented into folate deficiency anemia, pernicious anemia, macrocytic anemia, and others. On the basis of end users, the market is segmented into hospitals, medical laboratories, clinical research organization and other users.
Major Key Players Analysis:
Some of the key players in this market are Axis-Shield Diagnostics Ltd. (U.S), Abbott (U.S), Siemens Healthcare Private Limited (U.S), DiaSorin S.p.A. (Italy), F. Hoffmann-La Roche Ltd (Switzerland), LifeSpan BioSciences, Inc. (U.S), Demeditec Diagnostics GmbH (Germany)
Regional Analysis of Global Active B12 Test Market:
The American region accounted for the largest share of the global market due to increasing prevalence of neurological diseases and deficiency diseases, concentration of major market players in diagnostics market, and technological advancement. According to the American Society for Nutrition, Vitamin B-12 deficiency is common in wealthier countries, particularly among the elderly. According United States Department of Agriculture Agricultural Research Service, the prevalence of vitamin deficiency is found to be high in America. According to Tufts University, at least 40 percent of the population is B12 deficient in this region.
Europe is the second largest market that holds a noticeable share of the global active B12 test market. Availability of funds for research and development in diagnostics, increasing awareness about vitamin B12 test, and strengthening healthcare system drives the market of active B12 test.
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In Asia Pacific, rising number of clinic laboratories, geriatric population with neurological disorders, and demand for cost-effective treatment & diagnostics services are the key factors for the market growth. Increasing prevalence of chronic diseases and neurological disorders, for instance, diabetes, psoriasis, rheumatoid arthritis, may acts as a major contributor to the growth of this market, since China and India which have large diabetic patient pool. Furthermore, vegetarian diet acts as a risk factor for vitamin B12 deficiency in this region.
The Middle East & Africa is expected to show steady growth in this market due to low technology penetration and unavailability of innovative healthcare technologies.
Major TOC of Active B12 Test Market:
1 Report Prologue
2 Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
3 Research Methodology
3.2 Primary Research
3.3 Secondary research
3.4 Market Size Estimation
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