The vitamin D therapy market is expected to reach USD 3.3 billion by 2024 from USD 1.9 billion in 2019, at a CAGR of 11.6%. Growth in this market is largely driven by the growing awareness about vitamin D deficiency and the presence of a large target patient population. On the other hand, the fortification of foods is likely to challenge the growth of this market.
The vitamin D therapy market is highly fragmented in nature, with a large number of players offering a variety of products. The major players operating in this market are Abbott (US), Sanofi (France), GlaxoSmithKline plc (UK), Pfizer Inc. (US), Merck & Co., Inc. (US), Torrent Pharmaceuticals Ltd. (India), Novartis International AG (Switzerland), Alkem Laboratories (India), Sun Pharmaceutical Industries Ltd. (India), and Cadila Healthcare Ltd (India). The key growth strategies followed by most companies in the vitamin D therapy market are agreements & collaborations. These two strategies accounted for the largest share of the overall growth strategies mapped from 2015 to 2018.
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Abbott (US) is the largest player in the vitamin D therapy market. It has a strong foothold in the vitamin D therapy market. Abbott has a global distribution network and a good brand reputation among end users. The company’s strong presence and wide distribution channels across the globe have helped it to maintain its leading position in the vitamin D therapy market. In order to strengthen its position in the market, the company significantly invests in R&D activities. In 2018, the company invested USD 2.30 billion in R&D activities as compared to USD 2.26 billion in 2017.
GlaxoSmithKline Plc (UK) is a major player in the vitamin D therapy market. The company offers a wide range of vitamin D supplements. Moreover, GSK’s strong geographical presence with its distribution channels located all across the globe helps the company in maintaining its leading position in the vitamin D therapy market. The company adopts inorganic growth strategies such as agreements, collaborations, and acquisitions to further strengthen its market position. Recently, GSK collaborated with Pfizer to open a consumer healthcare joint venture, in which GSK will have 68% of the share; this joint venture will boost GSK’s market presence in the vitamin D therapy market. In 2018, GlaxoSmithKline plc completed the buyout of Novartis’ 36.5% stake in its consumer healthcare joint venture for USD 13 billion. Also, in 2018, GlaxoSmithKline plc and Pfizer Inc. collaborated to form a new world-leading consumer healthcare joint venture. The joint venture will be a category leader in pain relief, respiratory, vitamin and mineral supplements, digestive health, skin health, and therapeutic oral health.
Vitamin D Therapy Market by Route of administration (Oral, Parenteral), Age Group (Children, Adult, Senior Adult), Purchase Pattern (OTC, Prescription), Application (Osteoporosis, Rickets, Autoimmune Disorder, Skin Diseases) - Global Forecast to 2024
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