Wellbeing awareness among the populace has supported veganism, and the trend of vegetarian food enormously affects the socioeconomics. In the recent years, huge development has been witnessed in the veggie lover populace. However, increase in trend of veganism has elevated lack of specific nutrients, for example, nutrient B12 among veggie lover shoppers. To supplement the lack, cyanocobalamin is managed to meet the insufficiency of vitamin B12. Cyanocobalamin is the manufactured type of nutrient B12. The inadequacy of nutrient B12 is attributed to the way that unadulterated vegetarian items contain less measure of B12, which make veggie lovers more defenseless toward anemia, as nutrient B12 helps in the development of red platelets in the bone marrow. Cyanocobalamin is utilized to treat , noxious frailty (absence of a characteristic substance expected to ingest nutrient B12 from the digestive tract); certain sicknesses, diseases, or prescriptions that decline the measure of nutrient B12 consumed from food; or a veggie lover diet (severe vegan diet that does not permit any creature items, including dairy items and eggs).
COVID-19 Impact Analysis
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness a significant growth in the future, owing to the demand for vaccine and treatment drugs for COVID-19. This, in turn, is expected to have a significant impact on the global cyanocobalamin injection market.
Top Impacting Factors
- Rapid urbanization and rise in disposable income coupled with an increase in awareness regarding health issues are the factors driving the market growth during the forecast period.
- Favorable outlook toward medical nutrition will also drive the demand for cyanocobalamin.
- The growing trend of veganism is expected to drive the market for cyanocobalamin.
- Growing concerns for the environment and greenhouse gas emissions are expected to propel market demand for cyanocobalamin.
- Rising prevalence of depression, paranoia, and memory loss is propelling the demand for cyanocobalamin.
- However, high market prices and processing cost of the cyanocobalamin are hindering the market growth.
- The market for cyanocobalamin is gaining popularity in the nutraceutical and dietary supplements market. The product is found to be helpful in erythropoiesis.
- Fortified food is acquiring consideration, opening new avenues for food producers to add cyanocobalamin to their food items to meet the needs of B12 among the vegetarian populace.
Key Market Trends
- North America is expected to develop due to use of products with diminished calorie levels and high dietary substance.
- India and other Asian nations represent an enormous number of the vegetarian populace, which gives offer remunerative opportunities for the cyanocobalamin market.
- Africa and the Middle East are expected to witness slow growth, owing to growing misconceptions pertaining to veganism and its advantages.
Key Benefits of the Report
- This study presents the analytical depiction of the cyanocobalamin injection industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the cyanocobalamin injection market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Cyanocobalamin Injection Market Report
- Which are the leading players active in the cyanocobalamin Injection Market?
- How is each segment of the market expected to grow during the forecast period?
- What are the adoption trends for the cyanocobalamin Injection Market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What are the impacts of COVID-19 in the industry?
- What is cyanocobalamin Injection?
- What is the cyanocobalamin Injection Market prediction in the future?
- What are the current trends and predicted trends?
Key Market Segments
- By Type
- Cyanocobalamin Injection
- Cyanocobalamin Oral
- Cyanocobalamin Spray
- By End User
- By Region
- North America
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Johnlee Pharmaceuticals Pvt. Ltd.,
- Hebei Huarong Pharmaceutical
- Sanofi-Aventis
- Pfizer
- Teva (Actavis)
- WN Pharmaceuticals Ltd.
- Luitpold Pharmaceuticals
- Mylan
- Endo International
- Huaxin Pharmaceutical
- Bristol-Myers Squibb
- Bayer HealthCare
- American Regent, Inc.
- Merck