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Drug Price Trends for SM MAGNESIUM CITRATE SOLUTION
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Average Pharmacy Cost for SM MAGNESIUM CITRATE SOLUTION
| Drug Name | NDC | Price/Unit ($) | Unit | Date |
|---|---|---|---|---|
| SM MAGNESIUM CITRATE SOLUTION | 70677-0053-01 | 0.00708 | ML | 2024-07-17 |
| SM MAGNESIUM CITRATE SOLUTION | 70677-0051-01 | 0.00671 | ML | 2024-05-22 |
| SM MAGNESIUM CITRATE SOLUTION | 70677-0053-01 | 0.00671 | ML | 2024-05-22 |
| >Drug Name | >NDC | >Price/Unit ($) | >Unit | >Date |
Market Analysis and Price Projections for Magnesium Citrate Solution
Introduction to Magnesium Citrate Solution
Magnesium citrate is a widely used supplement and pharmaceutical agent, known for its applications in digestive health, pharmaceuticals, food and beverages, and cosmetics. It is a magnesium enhancement combined with citric acid in a salt form, making it versatile and essential in various industries.
Market Size and Growth Projections
The global magnesium citrate market is experiencing steady growth, driven by several key factors. As of 2023, the market size was valued at approximately USD 50.77 million and is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.2% from 2024 to 2030, reaching nearly USD 63.30 million by 2030[1][4].
Another forecast suggests a slightly higher CAGR of 3.5% from 2024 to 2031, with the market expected to grow from USD 55.2 million in 2023 to USD 72.91 million by 2031[4].
Regional Insights
The European region currently holds the largest market share for magnesium citrate, primarily due to its widespread use in cosmetic products and the food and beverage industry. Countries like the UK, Germany, and France are significant contributors to this market, where magnesium citrate is used in face massage products and other cosmetic items for its preservative and pH-balancing properties[1].
Applications and Segments
Magnesium citrate is segmented based on type and application:
Types
- Anhydrous Type: Known for its ease of use and increasing accessibility, anhydrous magnesium citrate is in high demand, particularly in the healthcare sector[4].
- Nonahydrate Type: This type is also widely used, though less commonly than the anhydrous form.
- Others: Includes various forms such as powder, liquid, tablets, soft gels, and capsules[1].
Applications
- Nutrient Supplement: Magnesium citrate is a popular dietary supplement due to its role in digestive health and overall wellness.
- Food & Beverage Industry: Used as a preservative, acidity regulator, and emulsifier in processed foods and ready-to-drink beverages.
- Pharmaceutical Industry: Utilized in various pharmaceutical products, such as phlegm agents and diuretics.
- Cosmetics: Finds applications in personal care products for its preservative and pH-balancing properties[1][4].
Price Trends for Magnesium Citrate Solution
The cost of magnesium citrate solution varies significantly depending on the brand and type:
Generic vs. Brand Name
- Generic magnesium citrate solutions can be found at prices as low as $2 - $4 per 300ml bottle[2].
- Brand name versions, such as Citroma, average around $3-$6 per 300ml bottle[2].
Comparison with Other Products
- In contrast to Suprep, a bowel prep kit that costs around $100-$130, magnesium citrate is significantly more affordable, making it a cost-effective option for many consumers[2].
Drivers of Market Growth
Several factors are driving the growth of the magnesium citrate market:
Increasing Demand for Digestive Health Solutions
The rising consumer interest in digestive health supplements is a major driver, as magnesium citrate is recognized for its benefits in managing gastrointestinal conditions[3].
Expansion of the Pharmaceutical Sector
The growing pharmaceutical industry, particularly in regions like North America and Europe, is boosting the demand for magnesium citrate in various medications[4].
Growing Food and Beverage Industry
The rapid expansion of the food and beverage sector, especially in regions like India, is increasing the demand for magnesium citrate as a preservative and acidity regulator[4].
Cosmetic Industry Growth
The European cosmetics market, valued at approximately USD 96 billion in 2022, is driving the demand for magnesium citrate in personal care products[4].
Future Market Scenario
The future of the magnesium citrate market looks promising, with several trends expected to influence its growth:
Increasing Awareness of Health Benefits
Growing awareness about the benefits of magnesium citrate in managing neurological and psychological conditions, such as stress and sleep disorders, is expected to boost its consumption[4].
Innovations in Product Formulations
Companies are focusing on innovations in product formulations, including the use of natural and organic ingredients, which is likely to attract more consumers[3].
Strategic Partnerships
Strategic partnerships among manufacturers to enhance market presence and expand product offerings are expected to further drive market growth[3].
Key Takeaways
- The global magnesium citrate market is projected to grow at a CAGR of 3.2% to 3.5% from 2024 to 2030/2031.
- The European region holds the largest market share due to its widespread use in cosmetics and the food and beverage industry.
- Magnesium citrate is used in various forms, including anhydrous, nonahydrate, and others, across different applications.
- The cost of magnesium citrate solution is significantly lower than other bowel prep solutions like Suprep.
- Drivers of market growth include increasing demand for digestive health solutions, expansion of the pharmaceutical sector, and growth in the food and beverage industry.
FAQs
1. What is the expected market size of the magnesium citrate market by 2030? The market size of the magnesium citrate market is expected to be around USD 63.30 million by 2030[1].
2. Which region holds the largest market share for magnesium citrate? The European region holds the largest market share for magnesium citrate[1].
3. What are the primary applications of magnesium citrate? Magnesium citrate is primarily used in the nutrient supplement, food and beverage, pharmaceutical, and cosmetics industries[1].
4. How much does a generic magnesium citrate solution typically cost? Generic magnesium citrate solutions can be found at prices as low as $2 - $4 per 300ml bottle[2].
5. What are the key drivers of the magnesium citrate market growth? Key drivers include increasing demand for digestive health solutions, expansion of the pharmaceutical sector, and growth in the food and beverage industry[3][4].
Sources
- Maximize Market Research: Magnesium Citrate Market: Global Analysis and Forecast 2024-2030
- Withpower: Suprep vs Magnesium Citrate
- Market Research Intellect: Rising Demand for Digestive Health Solutions Propels Magnesium Citrate Market Forward
- MarketsandData: Magnesium Citrate Market: Global Analysis and Forecast 2031
- Drug Patent Watch: Drug Price Trends for MAGNESIUM CITRATE SOLUTION
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