Medical Foods Market by Route of Administration, Product Type, Application, and Region – Global Market Size Estimation, Industry-Wide Analysis, Competitive Landscape Assessment & Long-Term Forecast to 2029
Overview
The Medical Foods Market size was valued at US$ 22.23 Bn in 2022 and the total revenue is expected to grow at 5.2% through 2023 to 2029, reaching nearly US$ 31.71 Bn.
Medical Foods Market Overview:
Global Medical foods are foods that have been carefully designed and are meant for the dietary treatment of a condition with unique nutritional requirements that cannot be satisfied by a standard diet alone. They are defined in the United States by the Food and Drug Administration's 1988 Orphan Drug Act Amendments and are subject to the Federal Food, Drug, and Cosmetic Act's general food and safety labeling standards. In 2015, the European Food Safety Authority defined "foods for specific medicinal purposes" (FSMPs) in Europe.
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Medical Foods Market Dynamics:
The major growth drivers are the rising prevalence of chronic diseases, the aging population preferring medicinal foods, and increased knowledge of clinical nutrition among healthcare professionals and patients. Another element supporting the market's growth is the increasing acceptance of healthier alternatives in daily lives as medical inflation rises. Due to chronic illnesses and the adverse effects of the medications used to treat them, many patients have nutritional deficiencies. The nutritional deficit, for example, is a typical complication during cancer therapy. Medical foods can assist with such deficits, resulting in market development.
One of the most important target demographics for this industry is those suffering from neurological diseases including multiple sclerosis, stroke, and dementia, which cause difficulties swallowing. Medical foods are beneficial in preserving nutritional balance and other aspects for patients with chronic illnesses. Medical foods, for example, have demonstrated symptomatic improvements in Alzheimer's disease, according to a study published in the Food Science and Human Wellness journal in 2019. Souvenaid, Axona, and CerefoliNAC are just a few of the medicinal foods that have been shown to help patients with Alzheimer's disease.
In the foreseeable future, the COVID-19 pandemic is projected to boost the market's growth. Medical foods will play a significant part in the treatment and rehabilitation process of people suffering from the condition, according to an article published in The House in 2020. Furthermore, as the need for critical care services grows, so does the demand for dietetic care and nutritional assistance, encouraging the rise and use of medical meals. As a result, over the projected period, the pandemic is likely to enhance the growth of the medical foods market.
In additions collaborations between top market players are estimated to motivate market growth in the forecast period. In February 2020, for example, Fresenius Kabi AG signed a strategic partnership with Vifor Pharma to establish a joint venture in China. The goal of this company is to provide iron deficiency treatment to people in China. This will help the brand get visibility in the Chinese market.
Segment Analysis:
The Oral administration segment is anticipated to adhere to the growth of the Medical Foods Market.
In 2022, oral administration had a market share of 70.9 %. This large proportion is due to the great commercial viability of orally delivered goods as well as a strong preference for orally administered medicinal meals due to their simplicity of use. Oral supplements come in a variety of forms, including powders, pills, puddings, and pre-thickened products. Modulen, a Nestle medical food, for example, is helpful in restoring nutritional needs in Crohn's disease patients.
Over the projection period, the enteral administration sector is anticipated to increase at a healthy rate. The rising prevalence of chronic diseases such as cancer and cardiovascular diseases, which result in a variety of metabolic disorders that make it difficult in eating during treatment, as well as technological advancements in similar markets such as enteral feeding devices, are all making a significant contribution to market growth.
The Other segment is projected as the fastest-growing segment in the Medical Foods Market.
The others' category accounted for the biggest revenue share of 54.8 % in the medical foods market in 2022, due to the growing usage areas of medical foods, high profitable availability, and ease of administration of these products. Liquid, semi-liquid, and semi-solid goods are together from other' categories. Liquid formulations are also preferred by elderly and pediatric populations due to their ease of ingestion, these factor is strengthening their overall market share. Danone's Nutrison Energy, Abbott's Glucerna (Therapeutic Nutrition Shake), and Nestle's Novasource are examples of liquid formulations.
The Institutional sales segment is supplementing the growth of the Medical Foods Market.
In 2022, the institutional sales sector led the market, with a revenue share of over 40.3%. Medical meals are consumed under medical observation, and enteral and oral products are consumed in large quantities in healthcare facilities such as hospitals, clinics, and care facilities. In addition, demand for these goods is increasing in inpatient institutions. These factors account for the institutional sales segment's large market share. Further, the online sales section is estimated to increase at a healthy rate. The market is growing due to a shift in the tendency toward e-commerce platforms, as well as the convenience that these sales channels provide. As e-commerce grows in popularity, there is a steady trend toward online purchases of medicinal foods, creating desirable market possibilities.
Regional Insights:
North America is grabbing more attention globally with a sales share of 29.9% in 2022, The presence of significant market players in this area, as well as the high profits made by these firms, are key factors leading to the largest revenue share. Other factors driving regional market expansion include strategic operational plans by companies, increased incidence of chronic diseases, and expanding use of medical foods by healthcare professionals and patients. The countries supporting the growth of the North American market are the US, Mexico, and Canada.
The Asia Pacific is anticipated to grow at a significant level owing to an increase in the incidence of target illnesses such as diabetes, malnutrition, obesity, cancer, and cardiovascular diseases, Furthermore, the regional market growth may be ascribed to the local presence of important market participants such as Abbott, Nestlé, Danone, and Fresenius Kabi, as well as the high income produced by these businesses, as well as unexplored potential in the Asia Pacific area. Further, dominating nations of Asia Pacific are China, India, Japan, Australia & New Zealand.
The objective of the report is to present a comprehensive analysis of the Global Medical Foods Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Medical Foods Market dynamics, structure by analyzing the market segments and project the Global Medical Foods Market size. Clear representation of competitive analysis of key players by Grade, price, financial position, Grade portfolio, growth strategies, and regional presence in the Global Medical Foods Market make the report investor’s guide.
Medical Foods Market Scope: Inquire before buying
| Medical Foods Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2022 | Forecast Period: | 2023-2029 |
| Historical Data: | 2018 to 2022 | Market Size in 2022: | US $ 22.23 Bn. |
| Forecast Period 2023 to 2029 CAGR: | 5.2% | Market Size in 2029: | US $ 31.71 Bn. |
| Segments Covered: | by Route of Administrations | Oral Enteral |
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| by Product | Pills Powder Other |
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| by Sales Channel | Online Sales Retail Sales Institutional Sale |
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| 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 |
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Medical Foods Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Key Players are:
1.Danone
2.Nestle Nutrition
3.Abbott Nutrition
4.Targeted Medical Pharma, Inc.
5.Primus Pharmaceuticals, Inc.
6.Mead Johnson & Company, LLC.
7.Medtrition, Inc.
8.Fresenius Kabi AG
9.Reckitt Benckiser Group plc
10.Meiji Holdings and Co., Ltd.
11.Cerecin Inc.,
12.Metagenics, Inc.
13.Alfasigma Group
14.Dutch Medical Food
15.Agilent Technologies
16.Swiss Medical Food AG
FAQs:
1. What is the global Medical Foods market value in 2022?
Ans: The global Medical Foods market value in 2022 was estimated as USD 22.23 Billion.
2. Which Route of Administration and Sales Channel segment is likely to dominate the global Medical Foods market growth?
Ans: Oral administration dominated the market with a share of 70.9% in 2022. This high share is attributable to the high commercial viability of orally administered products and high preference for orally administered medical foods owing to ease in consumption.
3. Which Region is expected to dominate the global Medical Foods market during the forecast period?
Ans: North America dominated the global medical foods market with a revenue share of 29.9% in 2023. The key factors contributing to the highest revenue share include the presence of key market players and the high revenue generated by these players in this region.
4. What are the factors driving the Medical Foods market?
Ans: Key factors that are driving the Medical Food market growth include the increasing geriatric population adopting medical foods and rising awareness regarding clinical nutrition amongst healthcare professionals and patients are key growth drivers.
5. Who are the key players in the global Medical Foods market?
Ans: The medical foods market is highly consolidated in nature with Danone, Nestlé, Abbott, Mead Fresenius Kabi, and Johnsons accounting for a majority of the share of the market.