Dublin, March 27, 2024 (GLOBE NEWSWIRE) -- The "Medical Foods Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global medical foods market has grown strongly in recent years. It will grow from $21.35 billion in 2023 to $23.07 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth observed in the historical period can be attributed to factors such as the increased prevalence of chronic diseases, advances in both medical and nutritional science, a growing aging population, heightened awareness regarding the role of nutrition in managing health conditions, and regulatory support for medical foods.
The market is expected to see strong growth in the next few years. It will grow to $31.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period can be attributed to a growing emphasis on preventive healthcare, a rising demand for personalized nutrition, the expanding applications in the management of metabolic disorders, advancements in nutrigenomics and personalized medicine, and an increasing consumer interest in functional foods. Key trends expected in the forecast period include the development of condition-specific medical food formulations, collaborative efforts between the food and pharmaceutical industries, the expansion of distribution channels, including e-commerce platforms, the integration of digital technologies for personalized nutrition, and a focus on clean-label and natural ingredients in medical foods.
The growth of the medical foods market is significantly influenced by the increasing geriatric population. A report from the World Health Organization (WHO) in October 2022 highlighted the projection that by 2030, one in six people globally will be 60 or older, and by 2050, the worldwide population of individuals aged 60 or older is expected to reach 2.1 billion. Consequently, the surge in the geriatric population is anticipated to drive the growth of the medical foods market.
The escalating number of cancer cases is poised to fuel the expansion of the medical foods market. Research published by the American Cancer Society in January 2022 indicated that in the US, an estimated 609,360 cancer deaths and 1.9 million new cases are anticipated in 2022. The rising prevalence of cancer cases, with about 1,670 fatalities daily, is a significant factor propelling the demand for medical foods and, consequently, contributing to the growth of the medical foods market.
Major players in the medical foods market are introducing innovative products, including foods for special medical purposes (FSMP), to cater to broader customer bases, increase sales, and boost revenue. FSMP represents a category of specially formulated food products designed for individuals with specific medical conditions. In July 2022, Nestle, a Switzerland-based food company, launched Si Yi Su, an FSMP tailored for individuals dealing with tumor-related conditions. Si Yi Su's unique formulation includes arginine, fish oil omega-3, nucleotides, and other essential nutritional components, specifically targeting inflammation and reinforcing compromised immunity in patients.
Companies in the medical foods market are developing innovative products like medical foods for inflammatory issues to expand their customer base, drive sales, and enhance revenue. Medical foods for inflammatory issues are specialized dietary products addressing the nutritional needs of individuals with conditions characterized by chronic inflammation, such as autoimmune disorders or inflammatory bowel diseases. Lanfam LLC, a US-based food company, introduced Proleeva in March 2022, a medical food designed to meet nutritional needs for optimal performance in cases involving inflammation. Proleeva aims to address nutrient and amino acid deficiencies associated with chronic pain and inflammatory disorders, targeting conditions like fibromyalgia, osteoporosis, diabetic neuropathy, and rheumatoid arthritis.
In July 2023, Pentec Health Inc., a US-based pharmaceutical products and services company, acquired ZOIA Pharma, emphasizing the commitment to expanding accessibility to medical foods for individuals with rare conditions. This acquisition ensures access to the latest PKU GOLIKE family of medical food products, specifically benefiting patients with phenylketonuria (PKU). The strategic move positions Pentec Health as a comprehensive care provider, extending its medical foods offerings into emerging and underserved areas of clinical nutrition. ZOIA Pharma, the US-based medical food company, was instrumental in this acquisition.
North America was the largest region in the medical foods market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical foods market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Report Scope
Markets Covered:
1) By Type: Pills; Powder; Other Types
2) By Application: Alzheimer's Disease; Diabetic Neuropathy; Nutritional Deficiency; ADHD; Other Applications
3) By Sales Channel: Retail Sales; Online Sales; Institutional Sales
Key Companies Mentioned: Nestle SA; Danone SA; Fresenius Kabi AG; Mead Johnson & Company LLC; Primus Pharmaceuticals Inc.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Nestle SA
- Danone SA
- Fresenius Kabi AG
- Mead Johnson & Company LLC
- Primus Pharmaceuticals Inc.
- Abbott Nutrition Inc.
- Accera Inc.
- Ajinomoto Cambrooke Inc.
- Applied Food Sciences Inc.
- Axcan Pharma Inc.
- Cambrooke Therapeutics Inc.
- Danone Nutricia North America Inc.
- Health and Happiness (H&H) Group Limited
- RFI Ingredients LLC
- Scientific Hospital Supplies Ltd.
- Solace Nutrition LLC
- Synthetic Biologics Inc.
- Targeted Medical Pharma Inc.
- VAYA Pharma Inc.
- Baxter Healthcare Corporation
- Braun Melsungen AG
- DuPont Nutrition & Biosciences
- Enteral Nutrition Holdings Inc.
- Fresenius Medical Care AG & Co. KGaA
- Hill's Pet Nutrition Inc.
- Hollister Incorporated
- Intensive care unit Medical Inc.
- Medtronic plc
- Nestle Health Science SA
- Nutricia North America Inc.
- Otsuka Pharmaceutical Co. Ltd.
- Pfizer Nutrition Inc.
- Koninklijke DSM N.V.
- Stryker Corporation
- Total Parenteral Nutrition Solutions Inc.
For more information about this report visit https://www.researchandmarkets.com/r/i015io
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