Market Introduction
Thioctic acid is an organosulfur compound derived from caprylic acid, it is normally present in animals and present in the mitochondria of the human cell. Thioctic acid can be derived from sources such as yeast, potatoes, broccoli, spinach, and others. Thioctic acid is vitamin-like oxidant, which is also made in laboratories for medicinal purposes. The thioctic acid related medicines are commonly taken orally for diseases such as diabetes, nerve-related symptoms of diabetes, nerve-related symptoms of diabetes include numbness, pain, burning sensation in arms and/or legs. Thioctic acid also helps in improving the vitamin C and E and glutathione levels and also help in preventing certain kind of cell damage. It is also used for the treatment of HIV, liver ailments, and also show to improve glucose and ascorbate handling for its oxidation properties. Thioctic acid is also classified as micronutrients and people prefer taking it as a dietary supplement, it is available over the counter in the form of tablets and capsules. Major health care & pharmaceutical industries used thioctic acid as raw material and a key aspect for making certain medicines. The thioctic acid market is highly dominated by pharmaceutical players.
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Market: Dynamics
Thioctic Acid: Driver
The thioctic acid market is expected to grow with its increasing demand from the healthcare sector. Increasing ageing population and awareness amongst the people over the importance of improved longevity has resulted in an increased endorsement for pharmaceutical products. The use of thioctic acid in several medical applications such as treatment of diabetes, improving vitamin levels, liver ailments, treatment of HIV among others contribute to the growth of the thioctic acid market.
Over these years thioctic acid has proved itself as a supplement for controlling type two diabetes by improving the insulin levels in the body, such ability have contributed positively in the increase in the demand of thioctic acid significantly in the pharmaceutical industry.
Furthermore, the increase in the demand for nutraceuticals products owing to increasing urbanization and Increasing awareness has resulted in an increase in demand for dietary supplements over the recent years. Nutraceuticals companies have used advertising and marketing extensively for increasing awareness on how people can have easy access to personalized nutritional supplements. Thioctic acid has become a common ingredient in multiple applications such as vitamin formulas, anti-aging supplements, and animal foods. Other medicinal purposes such as vascular disease, hypertension, and inflammation fall under the domain of thioctic acid treatment, factors such as these increase the demand of thioctic acid in the market.
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Market: Segmentation
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Market: Regional Outlook
Europe and North America holds the prominent share in the thioctic acid global market. Countries in Europe such as German, Switzerland, and Belgium among others are leading in the highest dollar value worth of exported drugs and medicines. U.S in North America is expected to see a rise in pharmaceutical and nutraceuticals market over the coming years which in turn is expected to increase the demand of thioctic acid in such products.
Countries such as China and Japan are producing pharmaceutical at a high rate, which is expected to increase the demand of thioctic acid over the recent years. India in the Asia-Pacific regions holds to be an upcoming market for the production of OTC drugs owing to the positive support shown by the government in favor of pharmaceutical companies in the country.
Countries in Latin America such as Brazil, Mexico holds to be a potential market of thioctic acid. Middle East & Africa and reflect steady or moderate growth due to presence of less number of players in the region.
Market: Key Player
Some Key Players of Global Thioctic Acid Market are as Follows: Sami Labs, Jarrow Formulas, Inc., NOW Health Group, Inc., Swanson Health Products, Inc., Pharmavite LLC, Rexall Sundown, Inc., Solgar Inc., Spring Valley Laboratories, Inc., Nature’s Bounty, Inc. and GNC Holdings Inc. among others.
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