Dublin, March 05, 2024 (GLOBE NEWSWIRE) -- The "Global Medical Foods Market Size, Share & Trends Analysis Report by Route of Administration, Product (Powder, Pills, Liquid, Other), Application, Sales Channel, Region, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The global medical foods market is anticipated to reach USD 33.4 billion by 2030, growing at a CAGR of 5.1%
Rising geriatric population, prevalence of chronic diseases, a shift toward consuming disease-specific formulas, and a growing demand for neonatal and preterm enteral feeding are some of the factors driving this growth.
The oral route of the administration segment dominated the market in 2023. The major factors contributing to this growth include a high preference for oral medical foods owing to the ease of consumption and high commercial viability of products administered orally. In addition, these foods are available in a variety of forms such as pills, powder, puddings, and pre-thickened products, thereby fueling the segment's growth.
In 2023, the powder product segment accounted for the largest revenue share. Factors contributing to the growth include the rising application areas of powdered medical foods, ease of administration, and higher commercial viability. The liquid segment is anticipated to grow at the fastest CAGR from 2024 to 2030, owing to the ease of consumption of liquid-based foods for special medical purposes by the pediatric and geriatric population.
The chemotherapy-induced diarrhea emerged as the largest application segment in 2023. Diarrhea caused by chemotherapy treatment is one of the common problems among cancer patients and the rising prevalence of cancer is one of the major reasons for this increasing the revenue share. For instance, according to the National Cancer Institute statistics, about half of the patients develop diarrhea when treated with chemotherapy agents and the rate can reach 80% with respect to certain chemotherapy agents.
The institutional sales channel segment dominated the market in 2023. Higher penetration and adoption of oral and enteral medical foods in the healthcare institutions such as clinics, hospitals, and care centers and the rising consumption of these products are some of the major factors contributing to the large revenue share. In addition, the rising demand for such products in inpatient facilities and increasing adoption for such products are boosting the market growth.
North America dominated the market with a revenue share of approximately 30% in 2023.. The presence of major players and high revenue generated by them in the region are the key factors contributing to this growth. In addition, strategic developments, the growing prevalence of chronic conditions, and the increasing adoption of medical foods by patients and healthcare professionals are the other factors supporting the growth.
Medical Foods Market Report Highlights
- The oral route of the administration segment dominated the market in 2023
- The powder product segment accounted for the largest revenue share in 2023
- Chemotherapy-induced diarrhea emerged as the leading application segment in 2023
- The institutional sales channel segment held the largest revenue share in 2023
- In 2023, North America held the largest revenue share, due to the increasing prevalence of chronic diseases and the presence of key players
- Key players in the medical foods industry are driving growth through strategies like collaborations, acquisitions, and product launches. For instance, in May 2022, Nestle Health Science acquired a premium Brazilian health and nutrition lifestyle brand, Puravida. This acquisition aims to expand Nestle's customer base in Brazil.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $23.5 Billion |
| Forecasted Market Value (USD) by 2030 | $33.4 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Medical Foods Market Variables, Trends & Scope
Market lineage outlook
- Parent market outlook
- Nutritional supplements market
- Ancillary market outlook
- Parenteral nutrition market:
- Enteral feeding devices market
Pricing analysis
Industry analysis
- User perspective analysis
- Consumer behavior analysis
- Market influencer analysis
- Key end users
- Technology outlook
- Technology timeline
Regulatory framework
- Reimbursement framework
- North America
- Europe
- Asia-Pacific
- Standards, compliance & safety
Market Dynamics
Market Driver Analysis
- Rising geriatric population
- Growing prevalence of chronic diseases
- Shifting trend toward the consumption of disease-specific formulas
- Growing demand for neonatal and preterm enteral feeding
- Rising organizational strategic initiatives To bolster market presence
Market Restraint Analysis
- Lack of awareness in the medical community
- Improper categorization of medical foods
Industry Challenges and Opportunity
- Complications associated with small-bore connectors
- Risks associated with enteral feeding
Medical Foods Market Analysis Tools
- Medical Foods Market - PESTLE Analysis
- Industry Analysis - Porter's
Major Deals & Strategic Alliances Analysis
- Mergers & Acquisitions
- Market Entry Strategies
- Product Recalls
Impact of COVID-19 on Medical Foods Market
Competitive Landscape
- Danone S.A.
- Nestle S.A.
- Abbott
- Targeted Medical Pharma Inc. (Physician Therapeutics LLC, a division of the company)
- Primus Pharmaceuticals Inc.
- Fresenius Kabi AG
- Mead Johnson & Company, LLC
- Nestle S.A
- Danone S.A.
- Abbott
For more information about this report visit https://www.researchandmarkets.com/r/pd55et
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.
Attachment
