Wilmington, Delaware, United States, Transparency Market Research, Inc., Aug. 02, 2024 (GLOBE NEWSWIRE) -- As per the report published by Transparency Market Research (TMR), the global Medical Foods Market (의료식품시장) is estimated to reach US$ 44.0 Bn by 2031 at a noticeable CAGR of 7.5% between 2023 and 2031.
Medical foods are specially formulated as well as processed products (as opposed to naturally occurring foodstuff in its natural state) for exclusive or partial feeding of patient by means of enteral feeding by tube or oral intake.
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Medical foods could be classified as nutritionally complete formulas, nutritionally incomplete formulas, formulas for metabolic disorders, and oral rehydration products. They have been regulated by the U.S. FDA under the Food Drug and Cosmetic Act regulations 21 CFR 101.9(j) (8).
The ongoing trend is that of consumers opting for vegetarian products for babies. Danone in July 2022, stated in its press release that it had launched its very first dairy and plants blend baby formula.
Medical Foods Market Report by TMR highlights the factors that push as well as pull the Medical Foods market size. The latest trends and opportunities have also been captured in the report.
Key Takeaways from Medical Foods Market Report
- Digital Integration Expediting Medical Foods Market
Digital health technologies are used for improving patient outcomes by making provisions for personalized nutrition recommendations and tracking of patient’s progress. Such tools help the patients in monitoring food intake, tracking progress toward nutritional goals, and make way for personalized recommendations on the basis of individual needs. For instance, AI is used by Nutrino for creating personalized meal plans and tracking nutrition data real-time.
MyPlate through Livestrong app connected the users to nutrition coach capable of providing personalized nutrition advice and tracking the progress toward health goals. Nutricia also has its range of medical foods called FODMAP that is designed for helping people suffering from irritable bowel syndrome, and is also based on results of clinical trials that were performed using a digital platform for identifying patients who could seek the advantage of low FODMAP diet.
- Growing Awareness Regarding Importance of Nutrition Propelling Expansion of Medical Foods Market Size
Rise in awareness amongst the population regarding the vitality of nutrition with respect to management of health and wellbeing is driven by increase in the rate of chronic diseases and personalized nutrition, and rise in geriatric population. Abbott Laboratories’ Ensure products are designed for providing 100% nutrition to the elderly population that may find consumption of conventional foods difficult.
The rate of incidence of chronic diseases such as heart ailments, obesity, and diabetes has drastically increased in the last few years. This has resulted in growing demand for medical foods designed for supporting management of such conditions. Along these lines, Glucerna products from Nestlé have been designed for people contracting diabetes and formulated for helping in managing the blood sugar levels.
Additionally, a conducive regulatory environment for such foods has called for healthy investment in this sector and resulted in development of a spectrum of innovative products helping in the management of various medical conditions.
Medical Foods Market Regional Insights
- North America – The Foodie!
North America holds more than 30% of the medical foods market share. This is attributed to rise in geriatric population that is at a higher risk of chronic diseases such as neurological disorders, metabolic disorders, and gastrointestinal disorders. As per the United Health Foundation, 17.3% of the U.S. population was aged 65 and above in 2022. It further states that close to 56 million elderly population are expected to depend on medical foods in order to fulfil the nutritional needs in the U.S. Infant mortality is another factor propagating market growth. The CDC, in 2022, reported that close to 105 of infants born in the U.S. were adversely affected by preterm birth.
- Asia Pacific – The Kickstarter!
Asia Pacific is bound to grow at a rapid pace in the medical foods industry due to rise in health-consciousness, disposable income, and population contracting chronic diseases. The governments are also taking initiatives to promote the usage of medical foods, especially in India and China.
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Leading Players in Medical Foods Industry
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, Inc. are the prominent players at the global scale.
Key Strategies by Prominent Medical Foods Participants
The leading participants are introducing new products to continue raising the curiosity amongst the consumers. For instance, in January 2023, Danone SA introduced Fortimel PlantBased Energy, which is its first ready-to-drink, plant-based nutritional supplement formula complying with the needs of the ones who are undernourished or hold the risk staying undernourished due to improper diet.
In July 2023, Life, an integrated health and wellness company, disclosed that it had launched its revolutionary virtual health optimization plans as well as programs for its very first flagship location, whose opening was scheduled in summer of 2024.
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
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