Hexahydroxycyclohexane Market - Forecast (2023 - 2028)

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The Hexahydroxycyclohexane Market size is forecast to reach US$183.7 million by 2027, after growing at a CAGR of 7.5% during the forecast period 2022-2027.

Hexahydroxycyclohexane Market Overview

The Hexahydroxycyclohexane Market size is forecast to reach US$183.7 million by 2027, after growing at a CAGR of 7.5% during the forecast period 2022-2027. Hexahydroxycyclohexanes are one of the stereoisomers of inositol and are also known as cocositol, inositol, phosphatidylinositol, and quercinitol. They are primarily used in applications such as dietary supplements, energy drinks, pharmaceuticals, and other applications. According to the World Population Review, about 3.4% of the current global population has depression which is equivalent to about 264 million people worldwide. A surge in mental disorders such as depression, anxiety, bipolar disorders, and more along with an increase in Polycystic Ovary Syndrome (PCOS) and cancer cases acts as major drivers for the market. On the other hand, the side effects of hexahydroxycyclohexane may act as a major constraint for the market.

COVID-19 Impact

There is no doubt that the COVID-19 lockdown has significantly reduced manufacturing, and production activities as a result of the country-wise shutdown of manufacturing sites, shortage of labor, and the decline of the supply and demand chain all over the world, thus, affecting the market. Studies show that the outbreak of COVID-19 sharply declined the production of raw materials in 2020 due to a lack of operations across multiple countries around the world. However, the COVID-19 pandemic has increased the demand for hexahydroxycyclohexane all over the world. The COVID-19 pandemic and its resulting economic stagnation had negatively affected many people’s mental health while creating new barriers for people already suffering from mental illness. For instance, according to the World Health Organization (WHO), the global prevalence of anxiety and depression increased by 25% during the COVID-19 pandemic. During the pandemic, about 4 in 10 adults had reported symptoms of depressive or anxiety disorder in the U.S.

Thus, such an increasing prevalence of depression and anxiety disorders among people across the world is expected to increase the demand for hexahydroxycyclohexane (also known as inositol) since it is primarily used in the production of medicines used for treating anxiety, depression, and other mental disorders, owing to its effects on neurotransmitters in the brain. This is most likely to lead to market growth in the forecast period.

Report Coverage

The report: “Hexahydroxycyclohexane Market Report– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Hexahydroxycyclohexane Industry.

By Type: 2,4,6-Hexahydroxycyclohexane, 1,3,5-Hexahydroxycyclohexane.
By Source: Plant-based, Synthetic.
By Form: Tablet, Capsule, and Powder.
By Application: Dietary Supplement, Pharmaceutical (Mental Disorders, Fertility Disorders, Diabetes, Cancer, Others), Energy Drinks, Others.
By Geography: North America (USA, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and the Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America), the Rest of the World (the Middle East, and Africa).

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Key Takeaways

Capsule form held a significant share in the Hexahydroxycyclohexane Market in 2021. Its wide range of characteristics such as higher drug absorption and improved product stability made it stand out in comparison to other forms of hexahydroxycyclohexane in the market.
Pharmaceutical application held the largest share in the Hexahydroxycyclohexane Market in 2021, owing to the increasing demand for hexahydroxycyclohexane (also known as inositol) for the production of medicines used for treating mental disorders, fertility disorders, diabetes, cancer, and other diseases.
North America dominated the Hexahydroxycyclohexane Market in 2021, owing to the increasing demand for hexahydroxycyclohexane for the treatment of diabetes, mental disorders, fertility disorders, cancer, and other diseases prevalent in the region. According to the Anxiety & Depression Association of America, anxiety disorders are the most common mental illness in the U.S affecting around 40 million adults which is equivalent to 18.1% of the population every year.

Figure: North America Hexahydroxycyclohexane Market Revenue, 2021-2027 (US$ Million)

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Hexahydroxycyclohexane Market Segment Analysis – By Form

Capsule held a significant share in the Hexahydroxycyclohexane Market in 2021, owing to its increasing demand due to the characteristics and benefits it offers over other forms of hexahydroxycyclohexanes. For instance, capsules tend to break down more quickly and offer quick relief from symptoms than tablets, and other forms of hexahydroxycyclohexane. Moreover, they do not have an unpleasant taste or odor as opposed to tablets and powder forms. Capsules offer higher tamper resistance and have higher bioavailability which increases its drug absorption rate in the body. It offers an effective oxygen barrier along with excellent chemical stability which helps in improving the overall product stability. Furthermore, capsules offer better uniformity in dosage and it can be made into various types in order to meet the requirements of the consumers. Hence, all of these properties and benefits are driving its demand over other forms of hexahydroxycyclohexanes, which in turn, is expected to boost the market growth in the upcoming years.

Hexahydroxycyclohexane Market Segment Analysis – By Application

The pharmaceutical application held the largest share in the Hexahydroxycyclohexane Market in 2021 and is expected to grow at a CAGR of 7.6% between 2022 and 2027, owing to the increasing demand for hexahydroxycyclohexane for the production of medicines used for treating mental disorders, cancer, diabetes, and other diseases. For instance, according to a survey conducted by GOQii over 10,000 Indians in 2020, 26% of adults were suffering from mild depression, 11% were facing moderate depression, and 6% were facing severe symptoms of depression. According to the World Population Review, some of the leading countries with the highest rates of depression include Ukraine with 6.3%, the United States, Estonia, and Australia with 5.9%, Brazil with 5.8%, Greece, and Portugal with 5.7%, along with Belarus, Finland, and Lithuania with 5.6% of the total population. Furthermore, recent insight from the American Cancer Society states that around 800 to 900 new cases of osteosarcoma, a type of cancer that affects the bone, are detected in the United States every year, with half of these occurring mostly in teenagers and children.

Hexahydroxycyclohexane (also known as inositol) is primarily used as an effective treatment to help with mental conditions such as anxiety, depression, and more as it helps balance certain chemicals in the brain by inhibiting amyloid beta plaque formation. Furthermore, it also helps in the treatment and prevention of cancer by slowing down the production of cancer cells. Thus, such prevalence of mental disorders, cancer, and other diseases in multiple regions across the world is expected to increase the demand for hexahydroxycyclohexane, leading to market growth during the forecast period.

Hexahydroxycyclohexane Market Segment Analysis – By Geography

North America held the largest share in the Hexahydroxycyclohexane Market in 2021 up to 35%. The consumption of hexahydroxycyclohexane is particularly high in this region due to its increasing demand from the pharmaceutical sector. Hexahydroxycyclohexane is primarily used in the production of medicines for the treatment of diabetes, fertility disorders, mental disorders, cancer, and other diseases. For instance, according to the Center for Disease Control and Prevention (CDC), 37.3 million people in the U.S have diabetes, which is equivalent to 11.3% of the total population. It also states that Polycystic Ovary Syndrome (PCOS) is considered to be one of the most common causes of female infertility in the U.S affecting around 6% to 12% of women of reproductive age. According to the American Psychiatric Association, around 8.4% of children and 2.5% of adults in the United States are affected with attention-deficit/hyperactivity disorders (ADHD), which is considered to be one of the most common mental disorders diagnosed among children in the country. Furthermore, recent insight from the GLOBOCAN (Global Cancer Observatory) 2020 report state that around 281,658 new cancer cases were diagnosed in the United States in 2020. It further states that the most common cancers in the United States were reported to be breast (around 253,465 cases), lung (around 227,875 cases), prostate (around 209,512 cases), and colon (around 101,809 cases) cancers.

In this way, such increasing prevalence of diabetes, fertility disorders, mental disorders, cancer, and other diseases in the region is expected to increase the demand for hexahydroxycyclohexane since it is primarily used as a mode of treatment for such diseases, thus, resulting in the growth of the market during the forecast period.

Hexahydroxycyclohexane Market – Drivers

A surge in mental disorders is most likely to increase demand for the product

According to the U.S. Census Bureau, 41.1% of the U.S population suffered from an anxiety disorder or depression in January 2021, in comparison to 11.0% in January-June 2019. Recent insights from AnxietyUK state that around 8.2 million cases of anxiety disorder were recorded in the UK in 2020. According to the ADHD (Attention-Deficit/Hyperactivity Disorder) Institute, the prevalence of ADHD in adults aged between 18 to 44 years from a range of countries in Asia, Europe, the Americas, and the Middle East reached up to 2.8% in total. It further states that the lowest prevalence was reported in Iraq and Romania with 0.6%, while the highest was reported in France with 7.3%. Furthermore, recent insights from the National Alliance on Mental Illness state that around 2.8% of the total population in the U.S were diagnosed with bipolar disorders in 2020.

In this way, an increase in cases of such mental disorders across the world is expected to increase the demand for hexahydroxycyclohexane or inositol since it is used as an effective treatment to help with mental disorders such as anxiety, depression, ADHD, bipolar disorders, and more, owing to its effects on neurotransmitters in the brain. This is expected to drive the market growth in the upcoming years.

An increase in PCOS and cancer cases is most likely to increase demand for the product

Hexahydroxycyclohexanes are used as a primary treatment for women suffering from PCOS, owing to their ability to improve metabolic and reproductive aspects. It helps in reducing blood triglyceride levels and improves insulin function while promoting ovulation in women with PCOS. It also plays a significant role in the treatment and prevention of cancer by slowing down the production of cancer cells. For instance, according to a recent study published on the Jama Network involving 470 women, 19.58% of the women were diagnosed with PCOS. Likewise, around 22.5% of women in India suffer from PCOS every year. Furthermore, according to the GLOBOCAN (Global Cancer Observatory) 2020 fact sheet, around 19,292,789 new cancer cases were diagnosed worldwide, with deaths reaching up to 9,958,133 globally due to cancer. A recent study from the International Agency for Research on Cancer states that the global weight of cancer cases is expected to increase up to 27.5 million new cancer cases along with 16.3 million deaths worldwide by 2040. Thus, such an increasing rate of PCOS and cancer is expected to increase the demand for hexahydroxycyclohexane required for its treatment. This is likely to propel the growth of the market in the upcoming years.

Hexahydroxycyclohexane Market – Challenges

Side effects of hexahydroxycyclohexane may cause an obstruction to the market growth

Hexahydroxycyclohexane is known to depict certain side effects when taken as a mode of treatment for mental disorders, fertility disorders, metabolic disorders, and more. Most side effects occur while consuming doses greater than 12 grams per day. It includes nausea, stomach pain, tiredness, headache, and dizziness. In some cases of people suffering from diabetes, the prolonged use of hexahydroxycyclohexane may lead to hypoglycemia, a condition that occurs due to low blood sugar. Although it is also used for the treatment of bipolar disorders, it holds a potential risk of causing a manic or hypomanic episode among patients. Furthermore, high doses of hexahydroxycyclohexane may decrease the body's ability to absorb calcium, zinc, iron, and other vital minerals, which in turn, may trigger nutritional deficiencies. Thus, such side effects associated with the use of hexahydroxycyclohexane may confine the growth of the market.

Global Hexahydroxycyclohexane Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Hexahydroxycyclohexane Market. Hexahydroxycyclohexane top 10 companies are: