Analysis of Medical Foods market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global sales of medical foods market garnered a market value of US$ 20 Bn in 2021, and is expected to register a CAGR of 5% by accumulating a market value of US$ 32.6 Bn through the forecast period 2022-2032.
Market Size Value in 2021
US$ 20 Bn
Expected Market Value for 2022
US$ 22.6 Bn
Project Market Forecast Value in 2032
US$ 32.6 Bn
Global Growth Rate (2022-2032)
Market Share of North America
Key Companies Profiled
An increase in the geriatric population across the globe is a major cause for the demand for medical foods. Moreover, the presence of chronic ailments such as diabetes and cancer are positively influencing the sales of medical foods.
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As per Fact.MR’s report, from 2017 to 2021, the global sales of medical foods surpassed US$ 20 Bn by the end of the aforementioned period, registering a CAGR of around 3%. Sales have primarily inclined as a consequence of increasing reliance on health boosting supplements and a rising prevalence of chronic lifestyle diseases.
Manufacturers of medical foods are innovating products by targeting different age groups. In addition, the novel coronavirus increased the demand for immunity boosting medical foods. As people suffering from chronic ailments were more prone to contracting the virus, the sales of medical foods has augmented in the last two years.
With the percentage of geriatrics slated to grow exponentially in the forthcoming years, the need to consume health boosting foods is expected to bode well for medical food products. Due to the aforementioned reasons, the global sales of medical foods exceeded US$ 32.6 Bn by registering a CAGR of 4% in the assessment period 2022-2032.
Chronic ailments have been dominantly present across the globe. In spite of research and development in the health care sector, certain ailments do not have an immediate or permanent cure. In addition, increasing geriatric population across the globe has become prone to diseases like diabetes, heart related problems and depression.
A fast-paced lifestyle has added stress to everyday life. Moreover, changing nature of jobs has made work life sedentary. Due to the aforementioned reasons, doctors are prescribing medical foods. Furthermore, patients suffering from different ailments have also shown a growing inclination towards consuming medical foods to boost overall immunity. This, in turn, is positively influencing the sales of medical foods.
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Manufacturers of medical foods have launched various products in the form of pills, powders and liquids in the COVID-19 pandemic. As demand for immunity boosting food increased, companies focused on innovating different products that consisted different of flavours and targeted all age groups.
Furthermore, the growing prevalence of diabetes and blood pressure related problems along with the contraction of the coronavirus has spurred the demand for medical foods. Moreover, awareness regarding health-related problems has increased the sales of medical foods by leaps and bounds in the last two years.
High Incidence of Heart Diseases, Diabetes and Cancer Impelling Medical Food Sales
According to National Health Council, more than 40% of Americans are suffering from chronic diseases. People living in the U.S. are suffering from diabetes, heart disease and depression. In addition, the growing prevalence of cancer is a reason of concern in the U.S. This, in turn, has led to people investing in medical food products for a healthier lifestyle that helps to cope with illnesses and increases immunity.
Furthermore, the dominance of international companies in North America is paving way for innovation of medical food products. Thus, the production of medical foods has accelerated at a substantial scale in the region. Due to the reasons mentioned above, North America is expected to hold more than 35% market share for medical foods.
Expanding Population Pool in Developing Economies and Consequent Rise in Sedentary Disorders Fueling Growth
Increasing population in countries like India and China along with rapid urbanization and sedentary lifestyle has escalated the cases of cancer, diabetes and depression in the region. Moreover, countries in Asia Pacific were amongst the worst sufferers of the COVID-19 pandemic. People from the region are investing in medical foods that work as a precautionary tool for fighting against the virus.
In addition, Asia Pacific has shown an increasing inclination towards consuming liquid and powder forms of medical foods. Thus, Asia Pacific is expected to hold more than 30% market share for medical food products.
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Frequent Disruptions of the Digestive Cycle Prompting High Medical Foods Consumption during Cancer Treatment
Cancer is one of the most prevalent chronic diseases present in the world. Moreover, people suffering from cancer have to undergo chemotherapy. This has increased the cases of people suffering from chemotherapy induced diarrhoea. Medical reports state that 50% to 80% of patients suffering from cancer are prone to facing diarrhoea.
Furthermore, episodes of indigestion have led to interfering with cancer treatments. In addition, patients that are treated with cytotoxic drugs and have a higher chance of suffering from chemotherapy induced diarrhoea. Thus, patients resort to consuming liquid based medical foods for easy digestion. Due to this, chemotherapy induced diarrhoea is expected to account for more than 18% market share for medical foods.
Ease of Disbursing Required Medical Foods or Supplements Augmenting Popularity
Technological advancement has changed the face of instruments used in the healthcare sector. Moreover, testing at hospitals and clinics has become easier to fetch results and diagnose ailments. Patients have shown a rising inclination towards visiting hospitals and clinics to treat chronic diseases.
Furthermore, prescription given by doctors to change lifestyle habits and to ease pain is accelerating the demand for medical foods. Thus, by distribution channel, institutional sales (hospitals and clinics) are expected to hold more than 45% market share for medical foods.
The ever increasing demand for medical foods has compelled key manufacturers to consolidate their position in the market, relying on such strategies as offering new product formulations, collaborating with existing market players, or acquiring small or medium scale manufacturers. Some notable developments in this space are as follows:
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As of 2021, the market for medical foods reached nearly US$ 20 Bn
The medical foods industry is expected to surpass a CAGR of 4% from 2022-2032.
The medical foods market is expected to reach nearly US$ 32.6 Bn by 2032
Increase in geriatric population along with the prevalence of COVID-19 are the key trends driving medical foods sales.
Nestle, Mead Johnson & Company, LLC, Fresenius Kabi, Danone, Primus Pharmaceuticals, Inc, Medtrition, Inc, Abbott, Targeted Medical Pharma, Inc are prominent medical foods market players.
Chemotherapy induced diarrhoea is expected to account for more than 18% market share for medical foods.
Institutional sales are expected to hold more than 45% market share for medical foods market.
The medical foods industry is expected to possess nearly 35% market share throughout North America.
The medical foods industry is expected to possess nearly 30% market share throughout Asia Pacific.
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