- Consistent rise in demand for clinical nutrition, which is a key component for care of chronically ill patients, fuels the growth of the medical foods market
ALBANY N.Y., April 21, 2022 (GLOBE NEWSWIRE) -- Analysts at TMR estimate the medical foods market to reach the valuation of US$ 33.3 Bn by 2030. Medical foods are a special class of FDA-controlled products that are used to meet specific dietary needs or metabolic defects of a medical illness.
High statistics of patients with metabolic disorders that are prescribed medical foods is increasing the burden of insurance claims on medical insurance companies. This is compelling manufacturers of medical foods to get involved in careful planning activities to substantiate the health claims of products.
Led by the U.S., North America is a key region in the medical foods market. The significant awareness about health and well-being coupled with rise in healthcare cost is driving the demand for medical foods in the region.
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Medical Foods Market – Key Findings of Report
- Prospects of substantial revenue contribution of metabolic disorders to the medical foods market is leading pharmaceutical companies to introduce palatable alternatives to conventional protein substitutes. These innovative protein substitutes are developed to meet dietary food requirement for children eight years & above to manage incurable medical conditions such as phenylketonuria. These novel products can either be swallowed with a liquid or consumed with jam or fruit puree.
- Medical foods for the prevention of malnutrition is another key target area of manufacturers in the medical foods market. This is of interest of manufacturers of special medical foods such as that of functional nutrition solutions to produce supplementary medical foods that are nutritionally complete to prevent malnutrition. Bars, powders, and thickening agents are some supplementary medical foods, of which powders holds leading share of the medical foods market.
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- Emerging pharmaceutical companies are engaging in collaborations with established market players to help the latter expand their proprietary clinical nutrition products. These pharmaceutical companies are making efforts to provide full service assistance by attaining expertise in the formulation of medical food supplements.
- Top-notch companies in the medical foods market are investing to leap in the domain of nutritional therapy. For instance, Nestle Health Science has announced to develop an innovation center at Taizhou in the Jiangsu province of China to tap into opportunities in the clinical nutrition sector.
- China is a key consumer of medical foods with preference for locally manufactured foods. This attracts companies in the medical foods market to innovate and develop specific medical foods that align with China’s national food standards and consumer consumption behavior. Among all products, high approval rate for infant and baby formula products is increasing incremental opportunities for companies in the medical foods market. This is further accentuated by measures adopted by companies to comply with regulations of Foods for Special Medical Purposes (FSMPs) in China.
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Medical Foods Market – Growth Drivers
- Demand for nutritional support for care of prolonged or chronically ill patients ailing with gastrointestinal disorders, ischemic bowel disease, Crohn’s disease, and renal failure propels the medical foods market
- Statistics of high prevalence of chronic kidney diseases and inflammatory bowel diseases such as ulcerative colitis fuels the growth of the medical foods market
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Medical Foods Market – Key Players
Some of the key players operating in the medical foods market are;
- Nestle S.A.
- Abbott Laboratories
- Targeted Medical Pharma Inc.
- Reckitt Benckiser Group Plc.
- Cerecin Inc.
- Danone S.A
- Primus Pharmaceuticals Inc.
- Fresenius SE & Co. KGaA
- Meiji Holdings and Co. Ltd.
- Metagenics Inc.
The medical foods market is segmented as follows;
Medical Foods Market, by Product Type
- Pills
- Powder
- Liquids
- Others
Medical Foods Market, by Application
- Diabetes
- Cancer
- Neurological & Psychological Disorders
- Metabolic Disorders
- Pain Management
- Gastrointestinal Disorders
- Ophthalmology
- Others
Medical Foods Market, by Distribution Channel
- Pharmacies & Drug Stores
- Supermarkets & Hypermarkets
- Online Channels
- Others
Medical Foods Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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