Dublin, March 27, 2023 (GLOBE NEWSWIRE) -- The "Medical Foods Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030" report has been added to ResearchAndMarkets.com's offering.
The global medical foods market is expected to grow at a CAGR of 6.5% during the forecast period of 2022 to 2030.
Companies Mentioned
- Nestle S.A.
- Abbott
- Danone S.A.
- Targeted Medical Pharma Inc.
- Primus Pharmaceuticals Inc.
- Fresenius Kabi AG
It is projected that the increasing prevalence of communicable and non-communicable diseases, as well as the increasing effort for the nutritional treatment of those diseases, will fuel the market expansion throughout the forecast years.
The key factors driving expansion include an increase in the prevalence of chronic diseases, a growing senior population that prefers medicinal meals, and an enhanced understanding of clinical nutrition among both healthcare professionals and patients.
Increasing Geriatric Population Suffering Various Health Conditions
The growing population of elderly people who suffer from a variety of persistent and neurogenic conditions, including dementia, stroke, multiple sclerosis, and trouble swallowing, necessitates specific nutritional treatment, which, in turn, is predicted to drive the market during the projection years.
For instance, the World Health Organization (WHO) projects that the percentage of the global population that is over the age of 60 will more than double from 12% to 22% between the years 2015 and 2050.
Additionally, an increasing tendency to consume particular foods in order to manage chronic conditions such as obesity, diabetes, and other nutritional diseases is anticipated to boost the adoption of medical foods. This trend is expected to be a primary driver of the market for medical foods.
Increasing Prevalence Rate of Certain Disorders
The number of people who are diagnosed with inflammatory bowel disorders like Crohn's disease and ulcerative colitis is on the rise. Because of this, there is a growing need for medicinal food products all over the world.
There are around 1.6 million people in the United States who are living with Crohn's disease or ulcerative colitis, according to the numbers that were provided by the Crohn's and Colitis Foundation of America. The group also reported that more than 70,000 new cases of Crohn's disease and ulcerative colitis are diagnosed each year in the United States.
Additionally, according to the National Renal Foundation, approximately 10% of the total population of the world is impacted annually by chronic kidney disease. Additionally, each year in the United States, more than 20 million people are diagnosed with chronic renal disease, according to the Centers for Disease Control and Prevention (CDC).
In addition, medical foods are designed for the management of various dietary conditions, each of which has distinct nutritional requirements, in order to treat specific diseases. It is anticipated that these disorders would be the primary drivers of market growth.
Focus on Product Development through R&D Initiatives
Growing product launch activities by the manufacturers and ongoing advancements in product development are important drivers anticipated to propel the demand for medical foods. Besides, in order to treat new hereditary metabolic illnesses and control their incurable condition, there is a growing demand for the development of new food for special medical uses.
For instance, Nestle Health Science introduced a ready-to-drink nutritional meal based on protein in China in October 2020 for the treatment of specific medical conditions (FSMPs). The main component of that drink is galactomannan, a highly soluble dietary fibre, which helps improve and avoid gastrointestinal intolerance and diarrhoea.
Enabling the Control of Diabetes
In addition, increased consideration of medicinal meals to manage and control diabetic neuropathy and diabetes is likely to fuel the market expansion. Diabetes is one of the most significant chronic diseases, and its incidence has been steadily increasing over the past few decades.
According to data that was published by the WHO in 2019, diabetes was ranked as the ninth largest cause of mortality in the world. This means that diabetes is directly responsible for around 1.5 million deaths. An unhealthy lifestyle and diet are the major causes of diabetic neuropathy and medical foods function as a cure to improve and manage these kinds of illnesses.
For example, according to the data provided by the International Diabetic Federation in 2019, there were around 463 million adults living with diabetes, and this figure is expected to climb to 700 million by 2045.
Protein Substitutes That Are Cutting Edge Are in High Demand Within the Pediatrics Industry
The significant number of patients who suffer from metabolic problems in the United Kingdom. as a result of an increase in the number of insurance claims has developed into a rising worry for medical insurance firms. As a consequence of this, businesses operating in the medical foods sector, such as the dominant pharmaceutical firm Galen, have divulged plans to introduce PKU EASY Microtabs to the market in February 2020 for patients suffering from metabolic disorders.
These kinds of product offerings are contributing to the expansion of the medical foods industry, which is anticipated to be worth approximately $35 billion by the year 2030. It is anticipated that the revenue generated by metabolic diseases will experience meteoric expansion in the market for medical foods.
As a result, companies that specialise in pharmaceuticals are developing novel, more palatable alternatives to the traditional protein substitutes that are currently in the market.
These cutting-edge alternatives to protein are being marketed for children aged eight and older in order to assist in the management of chronic medical problems such as phenylketonuria. Because a significant number of infants are diagnosed with inherited metabolic disorders at birth each year, businesses are placing a greater emphasis on research and development of novel protein substitutes.
Medical Foods That Meet All Nutritional Requirements Are the Focus Among Manufacturers
Companies in the medical foods sector, such as SternLife, a provider of functional nutrition solutions, are gathering the expertise to produce additional medical meals for the prevention of malnutrition in addition to metabolic disorders. Patients who are suffering from malnutrition are driving up the need for medical diets that are comprehensive from a nutritional standpoint.
As a consequence of this, businesses that operate in the medical foods sector are expanding their capacities for the production of bars, powders, and thickening agents. This is obvious due to the fact that it is anticipated that the revenue generated by powdered products would see rapid expansion in the market for medical meals.
Emerging pharmaceutical businesses are teaming up with established market players to assist the latter in expanding their private-label clinical nutrition product lines. They are ramping up their efforts to provide comprehensive help in order to achieve more efficacy in the development of medicinal food supplements.
Market Segmentation
Route of Administration
- Oral Medical Foods
- Enteral Medical Foods
Product
- Medical Food Pills
- Medical Food Liquids
- Medical Food Powder
- Other Medical Food Products
Application
- Medical Foods for Chronic Kidney Disease
- Medical Foods for Minimal Hepatic Encephalopathy
- Medical Foods for Diabetic Neuropathy
- Medical Foods for Depression
- Medical Foods for Nutritional Deficiency
- Medical Foods for Chemotherapy Induced Diarrhoea
- Medical Foods for Alzheimer's Disease
- Medical Foods for Pathogen Related Infections
- Medical Foods for ADHD
- Medical Foods for Wound Healing
- Medical Foods for Chronic Diarrhoea
- Medical Foods for Parkinson's Disease
- Medical Foods for Severe Protein Allergy
- Medical Foods for Pain Management
- Medical Foods for Other Cancer Related Treatments
- Medical Foods for Constipation Relief
- Medical Foods for Epilepsy
- Medical Foods for Protein Booster
- Medical Foods for Dysphagia
- Medical Foods for Orphan Diseases
- Phenylketonuria
- Eosinophilic esophagitis
- Homocystinuria
- Tyrosinemia
- MSUD
- FPIES
- Medical Foods for Other Applications
Distribution Channel
- Online Sales of Medical Foods
- Institutional Sales Medical Foods
- Retail Sales Medical Foods
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Medical Foods market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Medical Foods market?
- Which is the largest regional market for Medical Foods market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Medical Foods market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Medical Foods market worldwide?
For more information about this report visit https://www.researchandmarkets.com/r/qz2boq
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
