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Global vitamin D testing market: 32.3% CAGR growth forecast between 2013-18

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Global Vitamin D Testing Market 2014-2018 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-03-26 10:04:01
The Global Vitamin D Testing Market is to grow at a CAGR of 32.36 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increase in aging and chronically ill populations worldwide. The Global Vitamin D Testing Market has also been witnessing the increase in product approvals. However, the stringent regulatory requirements could pose a challenge to the growth of this market.

The Global Vitamin D Testing market is experiencing a significant increase in approvals of the products of the leading vendors. For instance, Qualigen Inc. received the FDA approval for FastPack Vitamin D Immunoassay for use on its proprietary FastPack System for the rapid determination of vitamin D status, and Gold Standard Diagnostics Corp. obtained the FDA clearance for its 25-OH Vitamin D Total ELISA test in July 2013. Moreover, DiaSorin received the FDA clearance for its newly developed LIAISON 25 OH Vitamin D TOTAL assay in February 2012. Thus, these product approvals will have a positive impact on the growth of the market.

One of the major drivers is the increase in the aging and chronically ill populations worldwide. Moreover, as a result of the changes in lifestyle and food habits, the majority of the population is prone to several diseases. This increases the demand for various diagnostic procedures, including vitamin D testing. Presently, vitamin D deficiency is associated with several diseases such as cancer, diabetes, heart attack, and depression.

One of the major challenges is the stringent regulatory approval process for vitamin D testing devices, thus leading to delayed approval of devices.

Key vendors dominating this space include Abbott Laboratories, DiaSorin S.p.A., Immunodiagnostic Systems Holdings plc, Roche Holding AG, and Siemens Healthcare Diagnostics Inc.

Other vendors are DIAsource ImmunoAssays S.A., Gold Standard Diagnostics Corp., Ortho Clinical Diagnostics Inc., Qualigen Inc., Quest Diagnostics Inc., and Tosoh Bioscience Inc.

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