Wilmington, Delaware, United States, March 30, 2023 (GLOBE NEWSWIRE) -- According to market research conducted by TMR, the global medical foods industry was valued at USD 23.0 Bn in 2022 and is estimated to surpass USD 44.0 Bn during the forecast period of 2023 to 2031.
The market research report includes various parameters such as competitive scenarios, key growth drivers, emerging trends, and regional analysis. Deep insights on the market by the expert team shed light on the market prospects. This information could prove to be beneficial for the stakeholders to take appropriate business decisions.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 23.0 Bn in 2022 | |
| Estimated Value | USD 44.0 Bn by 2031 | |
| Growth Rate | 7.5% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 232 Pages | |
| Market Segmentation | By Product Type, Disease Type, Route of Administration, and Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies covered | Nutricia (Danone), Nestlé S.A., Abbott Laboratories, Mead Johnson Nutrition, Fresenius Kabi, Friso, Morinaga Milk Industry, Primus Pharmaceuticals, Inc., Targeted Medical Pharma, Inc., and Medtrition | |
Medical foods are products formulated with a specific intention to provide nutrition as per the requirement of a particular disease. These foods play a crucial role in diet management and are consumed under the doctor's observation. Medical foods add nutritional value to a patient's diet in the form of minerals, vitamins, amino acids, and other nutrients. These foods are formulated for specific medical needs as per the disease and support the well-being of patients.
The important aspect of medical foods is the dietary management of specific diseases by providing essential nutrients, which have made it popular among the medical fraternity. These aspects are likely to create lucrative opportunities in the global medical foods market.
Medical Foods Market: Growth Drivers
Rise in Demand for Personalized Nutrition Propels Market Growth: Surge in incidences of chronic disorders, such as cancer, diabetes, and others, has spurred market demand for disease-specific medical foods. Rise in the geriatric global population presents significant opportunities for developing age-specific personalized medical foods according to health requirements. These factors are likely to augment medical foods business growth in the next few years.
Increase in Health Awareness to Bolster Market Development: Inclination of the global population toward maintaining health since the COVID-19 pandemic is augmenting the medical foods market. Importance of diet and supplementary nutritional support has opened new growth avenues in the global market.
Integration of IoT in Healthcare to Bolster Industry Growth: Advancements in the medical sector have led to the integration of IoT to enhance patient outcomes and monitor patient health regularly. Wearable devices and mobile integrated apps play a crucial role in making this possible. Personalized nutritional substitutes are recommended by healthcare professionals based on the present health condition of the patients. Furthermore, digital technologies create a connection between the patient and the doctor, which enables the formulation of personalized nutritional goals. This, in turn, is anticipated to propel the medical foods market in the near future.
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Key Findings of Medical Foods Market Report
Powder Segment to Witness Lucrative Growth: Demand for powdered medical foods is rising due to convenience and nutritional value. These medical foods can be transported easily and have a long shelf life. Powdered foods make it easy for clinicians to regulate the dosages as per requirements. Additionally, these can be easily mixed with other foods or liquids that add to the nutritional value. These factors have increased the sales of powdered medical foods in the past few years.
Gastrointestinal Disorder Segment to Experience Rapid Growth: High prevalence of gastrointestinal disorders across the globe has led to conditions such as inflammatory bowel disease (IBD), gastroesophageal reflux disease (GERD), and irritable bowel syndrome (IBS). These diseases can be managed through the intake of specific medical foods. This is expected to augment business growth.
Oral Segment to Offer Lucrative Opportunities: On-the-go consumption of medical foods without medical supervision is expected to drive the oral segment. Oral medical food products provide nutritional benefits to patients suffering from cancer, diabetes, and other deficiencies. Oral intake of powder, beverages, and snacks can efficiently manage the patient's health by providing them with essential nutrients.
Pharmacies & Drug Stores Segment to Witness Robust Growth: In terms of distribution channel, the global medical foods market has been classified into pharmacies, drug stores, supermarkets, hypermarkets, online channels, and other networks. The pharmacies & drug stores segment experienced rapid growth due to the efficiency of these channels in offering a range of nutritional foods and supplements as per consumer demand.
Medical Foods Market: Regional Dynamics
According to the medical foods market analysis by TMR, North America is expected to account for the largest share of the global medical foods market from 2023-2031. An increase in the incidence of chronic and cardiovascular diseases is fueling the need for medical foods in the region. Furthermore, an increase in initiatives to create health awareness among individuals and the development of well-equipped healthcare infrastructure are anticipated to augment the medical foods market in North America.
The market in Europe is driven by the rise in the geriatric population. Increase in demand for age- and health-specific products has propelled industry growth in the region.
The market in Asia Pacific is propelled by the increase in health consciousness, rise in the incidence of chronic diseases, and surge in the spending capacity of individuals.
Medical Foods Market: Competitive Analysis
Key players operating in the global market are focusing on R&D to develop new products. These players have adopted strategies such as M&A, JVs, and startups to increase market share.
Major players in the market are:
- Abbot Laboratories
- Morinaga Milk Industry
- Targeted Medical Pharma, Inc.
- Friso
- Nutrition Fresenius Kabi
- Nestle S.A
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Medical Foods Market: Segmentation
Product Type:
- Pills
- Powder
- Liquid
- Others
Disease Type
- Orphan Disease
- Duchenne Muscular Dystrophy (DMD)
- Sickle Cell Anemia
- Hemophilia
- Cancer
- Neurological & Psychological Disorders
- Metabolic Disorders
- Pain Management
- Gastrointestinal Disorders
- Ophthalmology
- Diabetes
- Phenylketonuria (PKU)
- Epilepsy
Route of Administration
- Oral
- Enteral
Distribution Channel
- Pharmacies & Drug Stores
- Online Channels
- Supermarkets & Hypermarkets
- Others
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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