SELBYVILLE, Del., July 1, 2021 (Newswire.com) - Based on Global Market Insights Inc.'s report, the Alpha Lipoic Acid Market was estimated at $805.7 million in 2020 and is slated to exceed $1.22 billion by 2027, registering a CAGR of 6.3% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations, as well as size and competitive scenarios.
The rising health consciousness among consumers across the globe will spur industry growth between 2021 and 2027. Additionally, with the increasing pace of the elderly population, it is likely that the demand for dietary supplements and medical drugs will be propelled, which will make a significant contribution to the alpha lipoic acid market share by 2027
The R-Lipoic segment accounted for the largest share in the global alpha lipoic acid market. The segment is projected to grow at a CAGR of over 6.4% from 2021-2027. It is a biologically active water and fat-soluble antioxidant, which is extensively involved in cellular metabolism and is present naturally in plants, animals, and the human body. The improving health consciousness among adults to maintain attractive physical attributes or maintain an optimum weight balance without any physical workout will further propel the demand for R-lipoic acid over the projected timeframe.
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The medicinal drugs segment will account for around a 50% share and is likely to grow at a CAGR of 6.5% in 2027. For instance, 9% of the total global population aged above 18 years had diabetes and is anticipated to grow rapidly in the coming years. These fatal health issues are giving rise to the product demand, attaining protruding gains over the projected timespan.
North America is likely to grow at a CAGR of 5.6% in the coming years. North America has a well-established pharmaceutical industry. Considering the population affected with diabetes, nearly 29.3 million people, it is estimated to rise to 35.1 million in 2040. In 2015, the U.S. was ranked first for the global diabetes-related health expenditure, with the regional investments of USD 320 billion in 2015, and is estimated to rise to USD 349 billion in 2040. These trends present brighter aspects for the alpha lipoic acid market's growth over the forecast period for its significant usage in manufacturing diabetes treatment drugs.
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The growing demand for alpha lipoic acid in various applications, owing to its numerous health benefits, will positively contribute to the overall alpha lipoic acid industry. Key players, such as INFA Group and AlzChem AG, are majorly focusing on strategic alliances and expanding their product portfolio and presence in emerging countries. For instance, in May 2016, OLON acquired INFA Group. The merger between Olon and INFA will help in expanding Olon's product portfolio that already includes cytotoxic compounds, semi-synthetic API, HPAPIs, recombinant peptides, etc.
Key manufacturers operating in the alpha lipoic acid industry are Infa Group (Olon S.p.A.), Suzhou Fushilai Pharmaceutical, HiMedia Laboratories, MTC Industries., Shandong Qidu Pharmaceutical, Qufu Maidesen Fine Chemical, Shanghai Shyndec (Modern) Pharmaceutical, Jiangsu Tohope Pharmaceutical, GeroNova Research, Source Naturals, and others. They are focusing on expanding their manufacturing capacities and strategic alliances, such as collaborations & joint ventures, partnerships, and acquisitions, to hold a market share in the industry.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Source: Global Market Insights Inc.