Ocean View, DE -- (SBWIRE) -- 06/29/2020 -- Global Market Insights, Inc., has projected alpha lipoic acid market size to surpass US$19 million by 2024.

With sedentary lifestyle becoming the new normal, alpha lipoic acid has gained popularity as an oxidant that can help break down carbohydrates and make energy for the other organs in the body.

The vitamin-like chemical has become prevalent among diabetic patients who have pain, burning and numbness in the legs and arms. Notably, number of diabetic patients has risen drastically in APAC countries such as India, Australia and China. For instance, number of people suffering from diabetes in China are likely to be pegged at over 42.3 million by 2030.

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Growth drivers: R-lipoic acid

Accounting for over 4/5th of business in 2016, organically active R-lipoic acid is likely to trigger growth in alpha lipoic acid industry. R-lipoic is becoming a highly desirable product in treating diabetes and has become a top-notch neuroprotective agent.

Alpha lipoic has been gaining prominence as an antioxidant which can counter radiation sickness, treat diabetes, repair damaged livers and protect against oxidative processes that boost degenerative disease and premature aging.

Given that R-lipoic acid provides greater neuroprotective and antioxidant benefits at considerably lower doses as compared to synthetic forms of lipoic acid, end-users are likely to exhibit increased inclination toward R-lipoic acid.

Trends: Traction in medical drugs

Current trends allude palpable traction towards the use of alpha lipoic acid in medical drugs. Of late, there has been strong demand to manufacture drugs that can be effective in treating nerve pain, cancer, cataract formation, skin discoloration and coronary artery bypass graft (CABG).

Expanding at a compound annual growth rate of around 6% through 2024, medical drugs sector will potentially witness overwhelming infusing of funds.

Opportunities: investment in APAC

Asia Pacific, spearheaded by India, Australia, and China, has become a happy hunting ground for stakeholders eyeing to expand their product portfolios. Rising purchasing power parity (PPP), upsurge in health budget, and increasing number of diabetic patients in the region present APAC as a favorable investment ground.

For instance, diabetes health expenditure in China recorded at US$51 billion in 2015 is likely to soar to US$ 72 bn by 2040.

Latin America has also come up as a viable ground for manufactures of alpha lipoic acid as traction for dietary supplements continues to make headway towards substantial growth. Developing countries such as Brazil are slated to show pronounced inclination towards dietary supplements.

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Prevailing challenges

While there is no denying that alpha lipoic acid market outlook looks positive, there are some of the challenges that may mar the industry growth. For instance, side effects such as itching sensation and rashes have posed a seeming challenge to the stakeholders.

It is alleged that pregnant women, vitamin B1 deficient people, and thyroid patients should not consume the product. Moreover, prevalence of substitutes such as Coenzyme Q10, B-alanine and chromium may further derail the growth of the alpha lipoic acid market.

Investment in alpha lipoic acid market is likely to provide an attractive payback. Manufacturers will place emphasis on R-lipoic and boost investment for medical drugs applications.