The global methylmalonic acid market is anticipated to grow at a significant CAGR of 4.5% during the forecast period.When the human body digests protein; it produces a chemical called methylmalonic acid. The amount of vitamin B12 in the body regulates the body's methylmalonic acid production.A high amount of methylmalonic acid can indicate that a person is deficient in vitamin B12. A low methylmalonic acid level could indicate an infection, liver illness, or another issue. Vitamin B12 deficiency, anemia, infection, liver illness, and other disorders can all be diagnosed with the methylmalonic acid test. The high prevalence of anemia and vitamin B12 deficiency are the prominent factors driving the demand for methylmalonic acid globally.

Impact of COVID-19 Pandemic on Global Methylmalonic Acid Market

The sudden emergence of the COVID-19 pandemic had prompted the enforcement of strict lockdown measures in some countries, causing supply chain disruption in the methylmalonic acid market as several manufacturers had suspended their operations due to reduced demand or labor shortage. However, as the COVID-19 situation normalized, demand for methylmalonic acid had gained momentum. This report will further cover the in-depth analysis of the COVID-19 pandemic in the methylmalonic acid market.

Segmental Outlook 

The global methylmalonic acid market is segmented based on the applications. Based on the applications, the market is sub-segmented into vitamin B12 deficiency testing and clinical analysis of serum/plasma. The segments mentioned above can also be customized as per the requirements. Among these, the vitamin B12 deficiency testing segment is anticipated to propel the growth of the market over the forecast period, owing to the rising inclination of the demand towards the deficiency testing kit. Thus, further driving the vitamin B12 deficiency testing compared to the clinical analysis of Serum/Plasma.

Global Methylmalonic Acid Market Share by Applications, 2022 (%)

The Vitamin B12 Deficiency Testing Segment is Anticipated to Hold a Prominent Share in the Global Methylmalonic Acid Market

The vitamin B12 deficiency testing segment is anticipated to hold the largest share in the market owing to its efficiency in medical purposes. Methylmalonic acid helps us to identify the vitamin B12 deficiency in patients. The deficiency of vitamin B12 can lead to serious health problems such as permanent nerve damage, deteriorating nerve functions, memory loss, anemia, and temporary infertility in women. The use of methylmalonic acid in vitamin B12 deficiency testing has been a major factor fuelling the growth of the segment.  Several market players are launching innovative products of methylmalonic acid under this segment. For instance, in December 2021, OmegaQuant had launched Vitamin B12 Test that comes with a sample collection kit that enables testing at home. This easy, safe, and quick test detects a chemical in the urine called methylmalonic acid, which is a more accurate way of diagnosing vitamin B12 deficiency.

Regional Outlooks

The global methylmalonic acid market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).  The market can also be analyzed for a particular region or country level as per the requirement. The Asia-Pacific region is expected to hold a prominent share in the methylmalonic acid due to the presence of several key market players.

Global Methylmalonic Acid Market Growth, by Region 2022-2028

The Asia-Pacific Region is Estimated to Hold the Major Share in the Global Methylmalonic Acid Market

The Asia-Pacific region is anticipated to hold a prominent share in the methylmalonic acid market due to of the rising health consciousness amongst consumers. The preference for regular health checkups and blood tests is now becoming a common lifestyle among individuals. Due to this growing trend, many pharmaceutical industries have started redefining test kits and medicines and are engaged in selling them through an online channel as well as stores. Additionally, the growing awareness of the people in these regions regarding the early diagnosis of various diseases is a major cause of growth in the global methylmalonic acid market.

Market Players Outlook

The major companies serving the global methylmalonic acid market include Thermo Fisher Scientific Inc., Cambridge Isotope Laboratories Inc. (Eurisotop)., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2021, HomoShear Therapeutics, Inc. announced that the oral small molecule HST5040 can be used to treat Methylmalonic acidemia (MMA) and Propionic acidemia (PA). The company has started the Hero study, a phase 2 trial investigating HST5040 for the treatment of MMA and PA in patients age 2 and older.

The Report Covers

• Market value data analysis of 2022 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global methylmalonic acid market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.