The global rickets treatment market is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio
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Technavio has published a new market research report on the global rickets treatment market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the availability of OTC medicines. For conditions such as rickets, which are rare and caused due to deficiencies of vitamin D and certain minerals such as calcium and phosphate, OTC availability of the drugs contribute significantly to the market owing to their easy access. Considering rickets as one of the rare forms of vitamin D deficiencies and the limited availability of approved drugs, the availability of OTC drugs widens the patient base, which aids in driving the market growth. OTC drugs are a convenient treatment option for individuals with mild conditions, as they can opt for self-medication. These factors lead to the overall cost reduction for patients to treat their vitamin D and mineral deficiencies and encourage them to opt for therapeutics in the form of OTC drugs.
As per Technavio, the rising adoption of a vegan diet will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global rickets treatment market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global rickets treatment market: Rising adoption of a vegan diet
Animal products such as meat, fatty fish, beef, and dairy products are the major sources of vitamin D. As vegans avoid such foods, they are at high risk of cobalamin and calcium deficiency and an increased risk of inadequate levels of vitamin D and iodine, which drive the prospects of rickets prevalence. Although vegan substitutes such as soya milk and cereals provide vitamin D, the quantities are not adequate in these food materials, thus leading to several deficiencies, including vitamin D, which is the major factor for causing rickets. Globally, there are many awareness campaigns regarding the vegan diet, which are further adding to its adoption. For instance, The Vegan Society raises awareness and educates people about the vegan diet through public talks and events. Such awareness campaigns encourage people to adopt a vegan diet, which, in turn, would propel various vitamin and mineral deficiencies, thus supporting the global rickets treatment market growth.
"Apart from the rising adoption of a vegan diet, the growing awareness about vitamin D deficiency, the increasing strategic alliances, the growing use of e-commerce, and the advent of biologics is expected to boost the overall growth of the market in the coming years," says a senior analyst at Technavio.
Global rickets treatment market: Segmentation analysis
This market research report segments the global rickets treatment market by type (vitamin D related rickets and minerals-related rickets) and geographical regions (North America, Asia, Europe, and ROW).
The North American region led the market in 2018, followed by Asia, Europe, and ROW respectively. However, during the forecast period, Asia is expected to register the highest incremental growth due to the strong growth in disposable income combined with improving healthcare infrastructure.
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