Sellbyville, DE -- (SBWire) -- 10/26/2018 --Alpha Lipoic Acid Market is poised to exceed USD 19 million by 2024. Growing consumer consciousness towards healthy living standard has subsequently propelled dietary supplements demand which is expected to generate growth avenues for the alpha lipoic acid market during the forecast period. Growing geriatric population primarily in Latin America and Asia Pacific is another factor responsible for the rising dietary supplements demand to maintain healthy living standards with lesser dependency on physical workout.
Prevailing trends for diabetic people primarily in China, Australia and India has resulted in rising product demand to manufacture medical drugs which in turn will boost alpha lipoic acid market by 2024. For instance, in china approximately 20.7 million people were suffering from diabetes in 2000 which is expected to increase at a faster pace and reach over 42.3 million by 2030.
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Limited product use owing to its several side effects including itching sensation on the skin, nausea, etc., is probable to hamper the global alpha lipoic acid market in the near future. It is not advisable for pregnant women, thyroid patients, Vitamin B1 deficient people to consume product due to adverse side effects which is likely to hamper alpha lipoic acid market by 2024. Furthermore, availability of several product substitutes namely B-alanine, chromium, Coenzyme Q10, etc. in market is likely to impede the business by 2024.
R-lipoic acid led the global alpha lipoic acid market and accounted for over 80% business in 2016. Product is organically active water and fat-soluble antioxidant which present naturally in plants, animals and body. However, it occurs as a racemic mixture of R-(natural) and S-(unnatural) form which is commercially available in the market. R-lipoic acid is effective in treating diabetes and is an excellent neuroprotective agent.
Medical drugs segment is foreseeable to grow at a CAGR close to 6% by 2024. Robust product demand to manufacture various drugs which can treat terminal disorders such as diabetes, nerve pain, cataract formation, cancer treatment, blood sugar level, skin discoloration, HIV, healing wounds and coronary artery bypass graft (CABG) surgery will generate plentiful growth aspects for the medical drugs segment which in turn will drive alpha lipoic acid market by 2024.
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Asia Pacific is anticipated to grow at a CAGR of over 7% over the projected time spell. This is primarily attributed to rising pace of diabetic patients and other lethal diseases including liver ailment, HIV, cancer treatment, neuro disorder, migraine treatment, etc. in the region which will help generate significant revenue for the alpha lipoic acid market by 2024. For instance, diabetes health expenditure in China was ranked 2nd in 2015 with USD 51 billion which is expected to rise to USD 72 billion by 2040.
The overall alpha lipoic acid market is highly fragmented with major companies accounting for roughly 35% of the total industry share in 2016. Significant business share contributors are Shanghai Shyndec (Modern) Pharmaceuticals, Alzchem, Life Extension, Swanson Health, Now Health Group, Sabinsa Corporation, Infa Group and HiMedia Laboratories.
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Alpha Lipoic Acid Market to Grow at 6% CAGR Till 2024 : MTC Industries, Inc., HiMedia Laboratories Pvt. Ltd., AlzChem Group AG, Sabinsa Corporation, Swanson Health
Increasing popularity of low fat diet food and several weight loss products shall boost the overall alpha lipoic acid market in the coming years.