New York, US, June 18, 2021 (GLOBE NEWSWIRE) -- Straits Research has recently added a new report on the global specialized formula medical nutrition market which is expected to grow at a 6.84 % CAGR during the forecast period 2021 to 2029. The rise in prevalence of chronic diseases such as cancer, diabetes, cardiovascular diseases, Coronary Obstructive Pulmonary Disorders (COPD), along with the rising geriatric population, growing prevalence of preterm births, and accelerated demand for home healthcare is expected to drive the growth of the global specialized formula medical nutrition market
Specialized medical nutrition formulas are therapeutic compositions specifically formulated for the dietary management of patients. Technological advancements in diagnostic processes, improvement in the hospital infrastructure, and post-delivery extra care are some of the factors fueling the demand for different medical nutrition products.
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Further, manufacturers are paying close attention to rising consumer concerns regarding growing nutritional requirements. Increasing risk of chronic illnesses at the older age and malnutrition prevalence in developing countries has compelled market players to come up with products to meet individual nutritional needs. For instance, in 2019, Baxter International Inc. announced the launch of Clinolipid (20% Lipid Injectable Emulsion) in the U.S. in 2019 at the ASPEN Nutrition Science & Practice Conference. The product is aimed at diversifying the parenteral nutrition (PN) product portfolio and help malnourished patients.
Specialized Formula Medical Nutrition Market by Type
- Infant Medical Nutrition Products
- Enteral Medical Nutrition Products
- Parenteral Medical Nutrition Products
COVID-19 Scenario
COVID-19 has modified the way we function. Isolation and Stay-Put Orders have pushed the general populace to adopt a digitally-dependent lifestyle.
- The COVID-19 pandemic had a significant impact on the on market trade segment and medical nutrition Industry.
- Medical nutrition products manufacturers and best supplement manufacturers usa are comprehending strategies to revive from the current situation by means of reshaping their sales channels as well as product innovation.
- The duration of the virus outbreak remains a key factor in assessing the overall impact of the pandemic. However, the global Specialized Formula Medical Nutrition and Shaver industry is expected to stabilize after 2021.
Key Highlights of Advanced Medical Nutrition
- Based on type, in 2019, the infant medical nutrition products segment accounted for the largest share of the global specialized formula medical nutrition market 2019 owing to high commercial availability and growth rate of preterm birth rates.
- By application, pediatric/infants contributed the largest revenue share in 2019.
- North America held is anticipated to dominate over the forecast period. This can be attributed to the growth in awareness about medical nutrition products, increasing health expenditure, and increasing chronic diseases and disorders, with a high geriatric population base.
- Some of the major key players operating in this market comprise Abbott Laboratories, Danone Nutricia, and Fresenius Kabi AG, among others.
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Growing Geriatric Population Supported by Rising Prevalence of Lifestyle Paddles the Wheels of Global Market
The geriatric population has been rising around the world. For instance, as per the World Health Organization (WHO) reports:
» The global population aged 60 years and above is expected to cross 2 billion by 2050, up from 900 million in 2015.
» By 2050, China alone is expected to be home to 120 million people aged 80 years and older, whereas the global geriatric population is expected to surpass 434 million.
Thus, this generates a constant yet high demand for therapeutic and management options.
How Big is the American Market in Terms of Revenue?
The analysis indicates that the Americas' regional market has the largest adoption of specialized formula medical nutrition for all applications. Thus, the market generates the highest revenue with a sizeable market share amongst all regions in the global market.
The number of new cancer cases is forecasted to grow by 70% during 2025 and 2035, as per WHO Statistics, 2019. Moreover, the rise in the women workforce is driving the demand for infant specialized nutrition products. In 2018, 75,978,000 women were present in the labor force, accounting for 46.9% of the total workforce in the U.S., according to the Catalyst organization. Lack of time to feed the infant and work lifestyle has compelled women to opt for high nutritional products for their children.
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Detailed Table of Content
1 Introduction
2 Clinical Management Systems Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Market Overview
3.1 Report Segmentation & Scope
3.2 Value Chain Analysis: Global Specialized Formula Medical Nutrition Market
3.3 Key Market Trends
3.3.1 Drivers
3.3.2 Restraints
3.3.3 Opportunities
3.4 Porter’s Five Forces Analysis
3.7 Impact of COVID-19 on Global Specialized Formula Medical Nutrition Market
4 Type Overview
4.1 Introduction
4.2 Infant Medical Nutrition Products
4.3 Enteral Medical Nutrition Products
4.4 Parenteral Medical Nutrition Products
5 Application Overview
5.1 Introduction
5.2 Adult
5.3 Geriatric
5.4 Pediatric/Infants
6 Regional Overview
6.2 North America
6.3 Europe
6.4 Asia Pacific
6.5 Middle East & Africa
7 Company Profile
7.1 Abbott Laboratories
7.2 B. Braun Melsungen AG
7.3 Fresenius Kabi AG
7.4 Danone Nutricia
7.5 Medifood GmbH
7.6 Mead Johnson & Company LLC
7.7 Others
We have provided a detailed analysis on the specialized formula medical nutrition market with medical nutrition products countries, including world's best nutrition company in U.S., vitamin manufacturing companies in Canada, Mexico, advanced medical nutrition in Germany, France, medical nutrition products in U.K, Italy, patient nutrition in hospital in Japan, food supplement factory in Australia, China, Pakistan, India, the Philippines, Spain, Turkey, Netherlands, vitamin manufacturers in Russia, South Africa, Brazil, and Argentina. Specialized Formula Medical Nutrition Market: Information by Type (Infant Medical Nutrition Products), Application (Pediatric/Infants, Geriatric), and Region — Forecast till 2029
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