Vitamin B12 play an important role to keep our body stay healthy. Our body are not capable to produce vitamin B12, thus, we have to get it from animal-based foods or from supplements. As our body does not store vitamin B12, so we need to intake these animal-based foods or supplements on regular basis. Vitamin B12, also known as 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. Rising prevalence of vitamin deficiency disease and neurological disorders increase the market of active B12 test globally. According United States Department of Agriculture Agricultural Research Service, the prevalence of vitamin deficiency is found to be high in America. Additionally, according to report published by Alzheimer's Disease International (ADI), in 2015, prevalence of occurring dementia is more in middle income countries in comparison to developed nation.
Global Active B12 Test Market – Overview
The global Active B12 Test market is showing the moderate growth; mainly due to increase in the population suffering with B12 deficiency. Rising the patient suffering with dementia, huntington’s disease, and epilepsy are the leading causes of upward movement of active B12 test. According to report published by World Health Organization (WHO) in 2017, around 50 million people are suffering with dementia and around 10 million new cases of dementia are diagnosis each year.
Companies are showing much interest toward the market of active B12 Test, as they feel there are huge opportunities and gaps between the market demand and supply of active B12 Test market. Thus, companies are showing more interest in research and development activities for introducing the best procedure that meets the requirement of market. The development has been made by Axis-Shield Diagnostics Ltd. In Sep 2014, will develop the Active-B12 test for Siemens Healthcare allowing more laboratories worldwide to perform the test.
The companies are introducing better technology for getting the global leadership in the Active B12 Test market. Increasing in the prevalence of vitamin deficiency disease and neurological disorders around the globe is creating the huge scope for the market players to make a profit.
Active B12 Test Market Key Companies
Axis-Shield Diagnostics Ltd. (U.S.), Abbott (U.S.), Siemens Healthcare Private Limited (U.S.), DiaSorin S.p.A. (Italy), LifeSpan BioSciences, Inc. (U.S.), Demeditec Diagnostics GmbH (Germany) are some of the leading players at the cutting edge of the competition in the market of Active B12 Test, globally.
Global Active B12 Test Market - Regional Analysis
According to report published by Alzheimer's Disease International (ADI), in 2015, around 46.8 million people globally have dementia and it is projected to be around 74.7 million in 2030 and 131.5 million in 2050. Also, according to report published by WHO in 2017, around 50 million people are suffering with epilepsy globally.
The market of active B12 test is much higher in the Americas region. There are several factors for tremendous growth of the active B12 test market in this region such as wider acceptance of the technology, Major players belong from this region. According to report published by Alzheimer's Disease International (ADI), in 2015, around 4.8 million are suffering with dementia in North Americas.
Europe is also consider huge market for active B12 test players, owing to present of huge patient population. Moreover countries in this region have well established health care structure. The population within the reason are more aware about the healthcare in comparison to other region like Asia Pacific and The Middle East and Africa.
Asia Pacific and the Middle East and Africa region are considering the big opportunity for the market players owing to the presence of huge patient population. Whereas country like India and china of Asia Pacific region are considering fastest growing region. These countries are open to adopt new technology, and best treatment option from developed countries in order to improve the quality of life for their public. In 2014, Japanese Pharmaceutical R&D expenditure was around ¥ 14.95 Billion. Japan is well developed country and have well established healthcare system and technology, whereas developing countries are still focusing on new drugs and technology which lead to increase in the demand for various active B12 test in the drug development and delivery process for the treatment.
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