The growing health concern and changing lifestyle and dietary habits are driving the demand for the Cyanocobalamin market.
The global Cyanocobalamin market is forecast to reach USD 210.4 Billion by 2027, according to a new report by Reports and Data. Cyanocobalamin drugs are used to treat and prevent the lack of vitamin B12 that may be caused by due to pernicious anemia, certain infections, diseases, or medications that reduce the level of Vitamin B12 absorbed from food; or a vegan diet.
An increase in the health consciousness among the consumers has boosted the demand for veganism, which has boosted the demand for vegan food among the population. A significant increase in the vegan population has increased the deficiency of certain vitamins, such as Vitamin B12. The deficiency of vitamin B12 in pure vegan products is driving the demand for the product. Cyanocobalamin is the synthetic form of vitamin B12.
A deficiency in the key vitamin can cause severe symptoms, including nerve damage, fatigue, neurological problems, and digestive issues, like depression and memory loss. Therefore, many people turn to vitamin B12 supplements to help meet their needs and prevent a deficiency.
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The rapid adoption of AI, ML, and IoT and robust data management processes has made the hospitals and clinical settings smarter. New technologies and solutions have improved the normal medical processes such as clinical diagnosis, treatment, diseases management, and monitoring patient recovery after discharge. Rapid digitalization and increasing adoption of virtual care and telemedicine is further expected to positively impact the revenue growth of the market going ahead.
Emergence of new healthcare and telemedicine startups, increasing number of collaborations among healthcare facilities and research institutions, and rising focus on patient engagement solutions has further fueled revenue growth of the market. Key companies are forming strategic alliances and collaborative ventures such as mergers and acquisitions, joint ventures, partnerships, manufacturing and licensing agreements, and product launches among others.
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Leading Players Analyzed in the Report:
Apotheca Inc., Merck KGaA, Charkit Chemical Company LLC, Johnlee Pharmaceuticals Pvt. Ltd., American Regent, Inc., Koninklijke DSM N.V., Chemkart, Bristol-Myers Squibb, Sanofi-Aventis, and Pfizer, among others.
Furthermore, to offer a better understanding of the competitive landscape, an extensive SWOT analysis and Porter’s Five Forces analysis are included in the report. Along with this, feasibility analysis and investment return analysis are also covered in the report.
The report further discusses in detail the regional spread of the global Cyanocobalamin market along with analysis of production and consumption patterns, import/export analysis, supply and demand ratio, market share and size based on volume and value, trends and demands, revenue share, and presence of the key players of the market.
Key Regions Studied in the Report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Segmentation based on Types:
Grade Outlook (Revenue, USD Million; 2016-2027)
- Food Grade
- Pharmaceutical Grade
Form Outlook (Revenue, USD Million; 2016-2027)
End-Use Outlook (Revenue, USD Million; 2016-2027)
- Food Industry
- Dietary Supplements
Distribution Channel Outlook (Revenue, USD Million; 2016-2027)
- Online Retailing
- Store-based Retailing
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