Vitamin B12 plays an important role to keep our body stay healthy. Our body is not capable to produce vitamin B12, thus, we have to get it from animal-based foods or supplements. As our body does not store vitamin B12, so we need to intake these animal-based foods or supplements regularly. 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, the prevalence of occurring dementia is more in middle-income countries in comparison to a developed nation.
Companies are showing much interest in 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 the 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.
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Global Key Players
Global Active B12 Test Market - Regional Analysis
According to a 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 a report published by WHO in 2017, around 50 million people are suffering from epilepsy globally.
The market of active B12 test is much higher in the Americas region. There are several factors for the 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 a report published by Alzheimer's Disease International (ADI), in 2015, around 4.8 million are suffering from dementia in North Americas.
Europe is also considered a huge market for active B12 test players, owing to the present of the huge patient population. Moreover, countries in this region have a well-established health care structure. The population within the reason are more aware of healthcare in comparison to another region like the Asia Pacific and The Middle East and Africa.
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The Asia Pacific and the Middle East and Africa region are considering the big opportunity for the market players owing to the presence of a huge patient population. Whereas country like India and china of the Asia Pacific region are considering the fastest-growing region.
These countries are open to adopting new technology, and the 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 a well-developed country and has a well-established healthcare system and technology, whereas developing countries are still focusing on new drugs and technology which lead to an increase in the demand for various active B12 tests in the drug development and delivery process for the treatment.
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