Medical foods are principally formulated foods, that are taken orally or by tube under the supervision of health professionals to provide the nutrients to patients not present in a normal diet, for the management of diseases such as Alzheimer’s, nutritional deficiency, depression, and others. Increasing prevalence of malnutrition, Alzheimer’s and diabetes, growing geriatric population, and continuous innovation medical foods are leading the market towards growth. For instance, according to the USA Against Alzheimer’s report of 2021, about 6.2 million people in the United States are living with Alzheimer’s, and by 2050, 2.7 million Americans 65 and older will have Alzheimer’s. Also, according to International Diabetes Foundation, in 2019, 463 million people worldwide were living with diabetes which is expected to reach 578 million by 2030. Furthermore, growing investments by market players in form of mergers, acquisitions, research and development, and others are expected to boost the demand in coming years. However, a lack of awareness regarding the use of medical foods may hamper the growth during the forecast period.
Global Medical Foods Market is valued approximately at USD 20.15 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 5.2% over the forecast period 2021-2027 and is estimated to reach USD 28.73 billion by 2027.
Asia Pacific, North America, Europe, Latin America, and the Rest of the World are considered for the regional analysis of the global Medical Foods Market. North America is the dominating region across the world in terms of market share due to growing awareness regarding medical foods and the increasing problem of Alzheimer’s disease. Whereas Asia pacific is anticipated to exhibit the highest growth rate over the forecast period 2021-2027 due to improved education towards medical foods and continuous innovation.
Major market players included in this report are Danone, Nestle Nutrition, Abbott Nutrition, Targeted Medical Pharma Inc, Primus Pharmaceuticals Inc, Mead Johnson & Company LLC, Medtrition Inc, Fresenius Kabi AG, Reckitt Benckiser Group plc, and Metagenics, Inc.
The detailed segments and sub-segment of the market are explained below:
By Route of Administration: Oral, Enteral
By Product: Pills, Powder, Others
By Application: Chronic Kidney Disease, Minimal Hepatic Encephalopathy, Chemotherapy Induced Diarrhea, Pathogen Related Infections, Diabetic Neuropathy, ADHD, Depression, Alzheimer’s Disease, Nutritional Deficiency, Orphan Diseases, Other
By Sales Channel: Online Sales, Retail Sales, Institutional Sales
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Bizwit Research & Consulting LLP