The new report by Expert Market Research titled, ‘Global Medical Foods Market Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global medical foods market, assessing the market based on its segments like administration, product type, application, sales channel, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 6.0%
The diabetic neuropathy segment is expected to have a considerable market share in the medical food business, based on application. This increase can be related to rising diabetes rates over the world. According to the World Health Organization, 1.5 million people died from diabetes in 2019. Diabetes can also lead to other serious health problems like blindness, renal failure, strokes, and heart attacks, to name a few.
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Diabetic neuropathy is nerve damage that occurs as a direct result of diabetes, and it is critical to maintain blood sugar management. Medical foods are being favoured in this regard to help patients manage their right diets, as diabetes may be controlled and cured by eating a healthy diet, engaging in physical activities, and visiting the doctor on a regular basis. In the projected period, these factors are expected to boost demand for medical foods to treat diabetic neuropathy.
During the projected period, North America is expected to have a large share of the medical foods market. The existence of significant market players in the region is responsible for this growth. The availability of state-of-the-art healthcare infrastructure and increased investments in the healthcare industry are also helping the regional market flourish. Furthermore, the expanding senior population, which is at a higher risk of contracting diseases, is expected to boost business growth. In the coming years, growing disposable incomes and higher living standards are likely to contribute to total market growth.
Industry Definition and Major Segments
Medical foods are specialised foods that are taken or delivered enterally under the direction of a physician. Generally, these are used in specialised dietary management. Medical foods also contain highly purified therapeutic substances that give sustenance while also aiding in the treatment of certain diseases or health conditions. Based on the medical needs of patients, certain foods are changed to include specific nutritional ingredients.
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By route of administration, the market is bifurcated into:
On the basis of product type, the market can be segmented into:
Based on application, the industry can be distributed into:
• Chronic Kidney Disease
• Minimal Hepatic Encephalopathy
• Chemotherapy-induced Diarrhea
• Pathogen Related Infections
• Diabetic Neuropathy
• Alzheimer’s Disease
• Nutritional Deficiency
• Orphan Disease
o Eosinophilic esophagitis
Based on sales channel, the market can be categorised into:
• Online Sales
• Institutional Sales
• Retail Sales
The regional markets for the product include:
• North America
• the Asia Pacific
• Latin America
• Middle East and Africa
In the approaching years, the medical foods business is expected to develop due to the rising prevalence of chronic diseases. According to WHO figures, 17.9 million people died from cardiovascular illnesses in 2019, accounting for 32 per cent of all fatalities worldwide. Furthermore, between 2000 and 2016, there was a 5% increase in diabetes-related premature deaths.
In this context, medical meals are becoming more widely used to help patients satisfy their nutritional needs while also lowering their mortality risk. Furthermore, the expanding senior population, which is more prone to serious illnesses and injuries, is expected to drive demand for medical meals. Furthermore, greater awareness of medical foods, as well as a growing consciousness of health and well-being, are expected to help the business flourish.
Key Market Players
The major players in the market are Danone S.A, Nestle S.A, Abbott Nutrition, Targeted Medical Pharma Inc., and Primus Pharmaceuticals, Inc. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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