Medical Foods Market:
Growth opportunities in the automotive air filter market look promising over the next six years. This is mainly due to the increasing awareness of clinical nutrition among healthcare professionals and patients and the rising prevalence of chronic conditions followed by the growing geriatric population.
Medical Foods Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The increasing incidence of chronic conditions and the expanding geriatric population who are choosing medical food products are the major drivers contributing to the growth of the global medical food market. As per the Centers for Disease Control and Prevention, 6 out of 10 adults in the U.S. have chronic diseases, which include cancer, stroke, heart diseases, diabetes, chronic lung diseases, and stroke. Also, in a report published by WHO, nearly about 462 million adults in 2020 were underweight, and medical foods and external feeding were accounted as the first choice to provide nutrition to malnourished patients. Moreover, augmenting awareness about clinical nutrition among patients and healthcare professionals will strengthen the medical food market size. The patients suffer from nutrient deficiencies due to the adverse effect of drugs used for their treatment and chronic conditions. For instance, nutritional deficiency is one of the frequently found conditions at the time of cancer treatment. Numerous medical food helps to recover from deficiencies, which is fuelling the medical foods market growth.
In accordance with the medical food market outlook, several initiatives, which include mergers and acquisitions and enlargement in product offering have raised awareness about clinical nutrition and medical foods among consumers. In 2018, Fresenius Kabi AG proffered aid of EUR 100,000 to assist clinical nutrition research in Latin America for malnourished individuals. Thus, this factor will contribute to growth of medical food industry.
Application Segment Drivers
Based on the application, the diabetes segment is anticipated to expand at a faster CAGR during the forecast period owing to the increasing persistence of diabetes at the global level. According to the International Diabetes Federation (IDF), the total number of people having diabetes totalled around 463 million and is expected to touch 700 million by 2045. Diabetic neuropathy, a significant application of the medical foods market, is adopted mainly among diabetic patients because of their unhealthy diet patterns. Thus, this factor will further raise the medical food market share.
Regional Drivers
Based on the regional coverage, Asia-Pacific is projected to lead the market during the forecast period. The growing presence of diseases such as cancer, cardiovascular diseases, diabetes, and obesity escalates the demand for medical food products. In accordance with IDF, the prevalence rate of diabetes in the adult population of India is 8.95, with around 77,005,600 diabetic adult patients. Furthermore, the intensifying acquisition of medical food products by healthcare professionals and patients further boosts market growth.
Medical Foods Market’s leading Manufacturers:
- Alfasigma Group
- Fresenius Kabi India Pvt. Ltd.
- Mead Johnson & Company, LLC
- TARGETED MEDICAL PHARMA INC.
- Nestlé
- Meji Holdings Co., Ltd.
- Medtrition
- Primus Pharmaceuticals, Inc.
- Abbott
- Danone
Medical Foods Market Segmentation:
Segmentation by Product Type:
- Nutritionally Complete Formulas
- Nutritionally Incomplete Formulas
- Oral Rehydration Products
Segmentation by Application:
- Diabetes
- Cancer
- Metabolic Disorders
- Others
Segmentation by Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Drug Stores
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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