Dietary Supplements Market Overview
Dietary supplements are medicines designed to provide a specific nutrient to make up for its shortage in the human body. Personalized nutrition is an emerging field in which manufacturers can offer medicines to customers based on their preferences. Breakthroughs in dietary supplements and advances in production methods have extended their scope indefinitely. The global dietary supplements in the age of personalized medicine market report by Market Research Future (MRFR) focuses on pertinent drivers and challenges for the period of 2017 to 2023 (forecast period).
Market Scope
The global dietary supplements market size in the age of personalized nutrition market size is expected to grow at a CAGR of 6.90% during the forecast period. The change in the dietary habits of consumers is one of the major drivers of the market. The large geriatric populace with its susceptibility to chronic diseases is expected to be one of the biggest consumer bases for the market. According to the WHO, the elderly population numbers can exceed more than 2 billion by 2050. This can cause a huge strain on the healthcare expenditure of nations. Dietary supplements can play a role in strengthening the immune system and keeping diseases it is bay.
The health-consciousness wave among teens, adults and other demographics can be lucrative for the market in the coming years. The hectic work schedules of consumers have led to the formulation of supplements indigestible forms. For instance, awareness of weight loss programs has led to customers in India and China has increased the protein intake in this region. Brand campaigns aimed at customers will create awareness among the masses and encourage supplementary intake.
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Segmentation
The global dietary supplements in the age of personalized nutrition market report have segmented its content by product category, application, gender, dosage form, and end-user.
By product category, it is segmented into herbs & botanicals, vitamins, minerals, sports supplements, meal supplements, and others.
Applications of dietary supplements market size include genetic predispositions, lifestyle diseases, inherited diseases, and others.
By gender, it is segmented into 2 main categories - female and male. Female and male are further segmented into various age groups, namely, 55 + age group, 35-54 age group, 19-34 age group, and 0-18 age group.
Based on the dosage form, it is segmented into tablets, capsules, powder, liquids, soft gels, and others.
Major end-users are home care, hospitals & clinics, and others.
Regional Analysis
The global dietary supplements market size in the age of personalized nutrition market covers regions of the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas are predicted to dominate the global market by 2023 owing to high awareness levels among customers. Thorough testing of vitamin levels to comprehend nutrient deficiencies within patients is one of the biggest drivers which can propel the growth of personalized medicine. The focus on cellular health can lead to investment in research and development which can target specific nutrient levels is expected to further the global dietary supplements in the personalized medicine market.
APAC is anticipated to display a CAGR of 7.55% during the forecast period owing to the large healthcare expenditure of nations and the increasing numbers of the geriatric populace. High birth rates and causes of malnutrition can spike the need for dietary supplements till 2023.
Competitive Outlook
Carlyle Group, GlaxoSmithKline plc, Bactolac Pharmaceutical Inc., Pfizer Inc., Glanbia, Archer Daniels Midland, Danisco, Danone Nutricia, Natures Product Inc., Herbalife International, Balchem Corporation, Bayer AG, Abbott Laboratories, Amway (Nutrilite), Nestlé Health Science, and others are key players of the global dietary supplements in the age of personalized medicine market.
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