New York, United States , Aug. 07, 2024 (GLOBE NEWSWIRE) -- The Global Medical Foods Market Size is to Grow from USD 24.73 Billion in 2023 to USD 49.73 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.24% during the projected period.
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Medical foods are specially designed to meet the unique nutritional needs of individuals with specific diseases or health conditions. Unlike regular food, these products are intended to help manage a particular medical issue that requires a specific nutritional approach, as determined by a doctor. They are typically taken by mouth and are meant to provide essential nutrients that might be missing or insufficient due to the patient’s condition. For example, medical foods can be used for people with metabolic disorders, gastrointestinal issues, or chronic conditions like diabetes and kidney disease. While they are regulated by the FDA, medical foods are not classified as drugs but must still adhere to strict standards for their composition and labeling. The increasing number of elderly people is driving up the demand for medical foods, as more individuals recognize their benefits and look for tailored nutrition solutions. With the population of people aged 65 and older expected to grow significantly, the need for these specialized products is rising. Medical foods are gaining popularity because they can help manage and treat a variety of health conditions. The healthcare industry is also focusing more on personalized nutrition, which involves creating customized diets and plans for individual patients. This trend is further boosting the demand for medical foods designed for specific needs, especially for those with chronic and neurological disorders. As new products are launched and technology advances, the medical food market is expected to continue growing in the coming years. However, the medical foods market is struggling to grow due to a lack of awareness about their benefits. Many consumers don't know what medical foods are or how they can manage specific health conditions, which limits market expansion and product availability. Consequently, patients might not receive the appropriate recommendations or access to these beneficial products.
Browse key industry insights spread across 180 pages with 110 Market data tables and figures & charts from the report on the "Global Medical Foods Market Size, Share, and COVID-19 Impact Analysis, By Route of Administration (Oral, Enteral), By Product (Powder, Pills, Liquid, Other), By Sales Channel (Online Sales, Retail Sales, Institutional Sales), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The oral segment dominates the market with the highest market share of the medical foods market during the projected period.
Based on the route of administration, the medical foods market is divided into oral, and enteral. Among these, the oral segment dominates the market with the highest market share of the medical foods market during the projected period. The growing preference for oral medications and supplements is a key driver of demand for oral medical foods. This trend is reinforced by the commercial success of these products and efforts to increase their availability. As manufacturers develop a wider range of oral medical foods such as thickened formulas, powders, and pills, the variety of options is expected to further boost demand. As more people choose to take their medical foods by mouth and the market expands with new formats, the sector is anticipated to experience significant growth.
The powder segment holds the highest market share in the medical foods market during the projected period.
Based on the product, the medical foods market is categorized into powder, pills, liquid, and others. Among these, the powder segment holds the highest market share of the medical foods market during the projected period. The popularity of powdered medical foods is growing due to their convenience. These products can be mixed with milk or water and taken either by mouth or through a feeding tube, as directed by a doctor. They are suitable for individuals of all ages, especially when consumed orally. Given that many people find powdered formulas easier to use, manufacturers are increasingly developing a variety of these products to meet consumer needs. Consequently, the market is expanding with a range of powdered options to satisfy the rising demand for these practical and user-friendly formulations.
The institutional sales segment holds the highest market share in the medical foods market during the projected period.
Based on the sales channel, the medical foods market is categorized into online sales, retail sales, and institutional sales. Among these, the institutional sales segment holds the highest market share of the medical foods market during the projected period. The global medical foods market is segmented by sales channel into online, retail, and institutional sales. The increasing number of patients seeking care at hospitals and healthcare facilities for chronic and dietary issues is driving demand for medical foods. Doctors prescribe these products to manage specific diseases, and as more patients turn to hospitals for chronic condition management, the need for medical foods rises. The growth of both private and public healthcare institutions, coupled with a rising global population of chronic disease patients, is further fueling the expansion of this market segment.
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North America is expected to hold the largest share of the medical foods market over the forecast period.
North America is expected to hold the largest share of the medical foods market over the forecast period. North America leads the global medical foods market primarily due to its growing elderly population, which requires specialized medical foods to manage chronic conditions. Additionally, the rise in the number of infants contributes to the demand for medical foods designed for younger age groups. With the region’s population expected to continue expanding, the need for these products is set to increase. Many people in North America also face nutritional deficiencies and neurological disorders, which require specific medical foods. Consequently, the demand for medical foods in North America is projected to grow significantly to address these varied health needs.
Asia Pacific is predicted to grow at the fastest pace in the medical foods market during the projected period. The increasing cases of cancer and diabetes are leading the government to introduce policies aimed at enhancing the healthcare sector. Meanwhile, the aging population is expanding and becoming more prone to illnesses. Many individuals now lead sedentary lifestyles due to corporate jobs, but there is also a growing awareness of health, encouraging people to adopt healthier habits. Medical foods are utilized not only to treat but also to prevent diseases. The competitive environment among local companies is fueling market growth as they work to meet the rising demand.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the medical foods market are Danone, Nestlé, Abbott, Targeted Medical Pharma Inc., Primus Pharmaceuticals Inc., Fresenius Kabi AG, Mead Johnson & Company, LLC, Friso, Morinaga Milk Industry, Medtrition, Inc., SFI Health, Metagenics LLC, Reckitt Benckiser Group PLC, Alfasigma USA, Inc., Meiji Holdings Co. Ltd., Victus Inc., Others.
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Recent Developments
- In April 2023, Danone acquired ProMedica, a Polish company specializing in-home care services for patients. This acquisition is part of Danone's strategy to expand in the lucrative specialized nutrition market and enhance its presence in Poland.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the medical foods market based on the below-mentioned segments:
Global Medical Foods Market, By Route of Administration
- Oral
- Enteral
Global Medical Foods Market, By Product
- Powder
- Pills
- Liquid
- Other
Global Medical Foods Market, By Sales Channel
- Online Sales
- Retail Sales
- Institutional Sales
Global Medical Foods Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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