The global Thiamine Mononitrate [Vitamin B1] Market report published by Reports and Data assesses the Thiamine Mononitrate [Vitamin B1] Market with regards to market size, market share, revenue growth, key segments, and regional bifurcation. The global Thiamine Mononitrate [Vitamin B1] Market is highly fragmented with numerous players operating on a global and regional level. The companies are engaged in mergers and acquisitions, joint ventures, and collaborations along with product advancements and RD activities to cater to the growing global demand and gain a robust footing in the market.
Key companies operating in the market and profiled in the report include: BASF SE, DSM Nutritional Products AG, Tianjin Golden World Group, Xinfa Pharmaceutical, Huazhong Pharmaceutical, Brother Enterprises Holdings Co. Ltd., Jiangsu Jubang Pharmaceutical Co. Ltd., Jiangxi Tianxin Pharmaceutical Co., Ltd., Tianjin Zhongjin Pharmaceutical Co., Ltd., and Zhejiang Tianxin, among others.
According to RnD, the global The Thiamine Mononitrate [vitamin B1] Market is projected to grow at a rate of 4.3% in terms of value, from 2019 to reach USD 778.9 Million by 2027.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. Combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription have significantly contributed to the revenue growth of the market.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register highest market growth over the forecast period attributed to increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
For the purpose of this study, Reports and Data have segmented the global thiamine mononitrate [vitamin B1] market on the basis of grade, distribution channel, application, and region:
Grade Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Food Grade
- Feed Grade
- Pharmaceutical Grade
Distribution Channel Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Application Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Animal Feed
- Food Beverage
- Personal care Cosmetics
Regional Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- North America
- Asia Pacific
- Latin America
Growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and RD activities to hamper market growth
Imposition of strict government regulations and shortage of funds have put a halt on the product launches and RD activities and are expected to restrain market growth over the forecast period. In addition, launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering market growth.
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