Alpha Lipoic Acid Market : Key Players Now Health, HiMedia Laboratories, Sabinsa Corporation, AlzChem AG, Qidu Pharmaceutical
Alpha Lipoic Acid Market size is forecast to exceed USD 19 million by 2024; according to a new research report by Global Market Insights, Inc.
Alpha lipoic acid market size is positively influenced by increasing product application scope in production of medical drugs and dietary food products. Exponentially growing healthcare and pharmaceutical industry shall positively influence alpha lipoic acid market for the forecast duration. Amplified expenditure pattern of dual income family along with growing preference for dietary food and slimming products has propelled product demand in the past few years.
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Increasing popularity of low fat diet food and several weight loss products shall boost the overall alpha lipoic acid market in the coming years. It is an excellent antioxidant and is biologically active, thus extensively used to make drugs at a vast scale. Rising health problems and fatal diseases prevailing accompanied with increasing awareness regarding healthy lifestyle and fitness shall accelerate alpha lipoic acid market growth over the forecast timeframe. The major hurdle for future product market growth is the availability of various substitutes and some side effects caused by over dosage of product.
R-lipoic acid held major share in global alpha lipoic acid market in 2016 on account of its easy commercial availability and superior antioxidant properties. The S-lipoic acid segment will grow at around 5% CAGR during forecast timespan.
Dietary supplements segment held a major share of global alpha lipoic acid market in 2016. The market share will increase over the next few years owing to its widespread usage in among consumers to stay healthy and fit. Slimming products segment also had a significant share in alpha lipoic acid market in 2016 and is projected to expand at a prominent rate, approximately 5%, due to rising demand and awareness pertaining to personal care and fitness among consumers.
Medical drugs application is the fastest growing segment in North America and shall be witnessing significant gains in the forecast timeframe. The obesity and diabetes problems prevailing in North America are some key factors that have been driving the product sales in this region in past few years. The product is widely used in drugs utilized for treatment of various diseases such as liver ailment, cancer, skin disorder, cataract formation, diabetes, etc.
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Asia Pacific for alpha lipoic acid market shall witness gains more than 7% during the forecast timespan. It is due to the developing economic conditions, which have considerably improved the healthcare industry in recent times and have eventually fueled alpha lipoic acid demand in recent times. Asia Pacific, both in terms of volume and value, shall be leading the global alpha lipoic market over the forecast timespan. Shifting of pharmaceutical manufacturing units to countries including India and China shall generate heavy revenue for the industry during the forecast period.
Europe followed Asia Pacific in terms of revenue in 2016 and had significant market share in the same year. Higher penetration of online business in Europe has resulted in propelling the alpha lipoic acid market for medical drugs production in this region. Middle East & Africa and Latin America are forecast to witness significant growth, close to 6%, by 2024. This can be attributed to its developing pharmaceutical industry and rising demand for dietary and slimming food products.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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