A prominent research firm, Cognizance Market Research added a cutting-edge industry report on “Medical Foods Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2023 to 2030.
Medical Food Market Analysis:
According to Cognizance Market Research the Medical Foods Market is valued at US$ 23,105.1 million in 2022 and is anticipated to reach US$ 34,935.4 million by the end of 2030 and expected to register a CAGR of 5.3% from 2023 to 2030.
What is Medical Foods Market?
Medical foods are specialty food items that have been created to specifically address the nutritional requirements of people with particular medical disorders. These ailments may include illnesses or disorders, such as metabolic disorders, gastrointestinal disorders, and other conditions requiring certain nutritional combinations, that alter nutrient absorption, metabolism, or use.
Because they are meant to be consumed under medical supervision and not as the only source of nourishment, medical foods differ from regular meals and dietary supplements. They are often given by a medical expert as part of a more comprehensive treatment plan for a specific medical issue.
The market for medical foods is the area of the food business that manufactures and distributes specialty meals created to satisfy the dietary requirements of people with certain medical problems. Medical meals are designed to include the precise nutrients or nutrient combinations that are required to treat particular medical problems, such as gastrointestinal disorders, metabolic disorders, and other ailments that impair nutrition uptake or metabolism.
Medical foods, in contrast to traditional meals, are not meant to be the only source of nourishment but rather to be used under medical supervision. To control the symptoms of a certain ailment, they are often used in combination with other medical treatments or therapies.
The emergence of innovative medical food items that can cater to the unique nutritional requirements of individuals with diverse medical conditions, as well as rising awareness of customised nutrition, have all contributed to the recent growth of the worldwide market for medical foods. As more people look for individualised nutrition regimens created to meet their unique medical requirements, the market is anticipated to continue expanding.
Medical Foods Market Outlook:
In the upcoming years, the market for medicinal foods is anticipated to rise significantly due to a number of important aspects. The rising incidence of chronic illnesses such as diabetes, cancer, and cardiovascular disease is one of the main factors fuelling market expansion. The market for medical foods is anticipated to increase as more individuals receive these diagnoses since these items can help treat illness symptoms and enhance general health outcomes.
The increasing emphasis on individualised nutrition is a significant factor in market expansion. There is a growing understanding of the significance of adapting nutrition regimens to individual requirements as a result of developments in genetic testing and other personalised medicine technology. Due to its formulation to satisfy the precise nutritional requirements of people with certain medical problems, medical foods are in a unique position to address this need.
The market for medicinal foods, however, also confronts a variety of obstacles and limitations. The high expense of creating and producing these specialty food items is a major obstacle. In some regions, market expansion may be constrained by regulatory obstacles and ambiguity surrounding the definition and categorization of medicinal foods.
Despite these obstacles, the market for medicinal foods is predicted to rise due to a number of possibilities and trends. For instance, the growth of e-commerce and direct-to-consumer channels is anticipated to improve patient and consumer access to medicinal foods. Additionally, the market is anticipated to see new growth prospects due to the development of novel and cutting-edge medical food products, such as customised nutrition solutions.
The World Health Organization (WHO) reports that the incidence of diabetes in the adult population worldwide has increased from 4.7 percent to 8.5 percent since 1980. As a result, there is an increasing need for specialty meal replacement drinks and snacks that can assist manage the symptoms and nutritional requirements of people with diabetes.
The medical foods market can be segmented by product type, application, and distribution channel.
Formulated liquid diets: Diets that are prepared in liquid form include meal replacement shakes and other specific medical nutrition formulae. Due to the widespread usage of these goods to manage the nutritional requirements of people with a variety of medical illnesses, including as malnutrition, cancer, and gastrointestinal diseases, this category is the market leader for medical foods.
Powder Form: This section covers supplements in powder form that may be mixed with meals or beverages to increase nutritional consumption. This market is predicted to expand significantly over the next years due to the increased demand for simple and user-friendly products as well as the popularity of tailored nutrition solutions.
Others: Specialty medical foods like bars and snack items are included in this market group. This market is anticipated to expand at a modest rate, propelled by the rising demand for portable and convenient nutrition products.
Metabolic disorders: Medical foods created to manage the dietary requirements of people with metabolic diseases, such as phenylketonuria (PKU) and lysosomal storage disorders, are included in this sector. Due to the high frequency of metabolic diseases and the demand for specialist nutrition solutions, this sector is the market’s dominant application segment for medical foods.
Gastrointestinal disorders: Medical foods created to manage the nutritional requirements of people with gastrointestinal illnesses, such as inflammatory bowel disease (IBD) and celiac disease, are included in this sector. As these disorders become more common and people become more aware of the value of nutrition in treating their symptoms, this market is predicted to increase at a rapid rate.
Others: Included in this category are medical meals created to meet the dietary requirements of people with different illnesses, such as HIV, kidney disease, and cancer. The desire for tailored nutrition solutions and the rising understanding of the significance of nutrition in the management of chronic disorders are likely to fuel this segment’s modest growth.
Hospitals and clinics: Hospitals and clinics serve as a distribution channel for medicinal foods, which are included in this market category. As these products are frequently recommended by medical practitioners as part of a more comprehensive treatment plan for certain medical disorders, this market segment is the dominant distribution channel in the medical foods industry.
Retail pharmacy: This section consists of the medicinal foods sold by retail pharmacies. The rising availability of medicinal foods through over-the-counter channels and the rising desire for individualised nutrition solutions are projected to fuel this segment’s rapid growth.
Online distribution: This sector covers the sale of medicinal foods through online retailers. Due to the rising popularity of online shopping and the rising desire for simple and easily available nutrition solutions, this market is predicted to expand at a high rate.
The powder form product type segment is anticipated to have the quickest growth in the medical food market due to the increased demand for convenient and user-friendly products as well as the popularity of individualised nutrition solutions and anticipates that, due to the increasing prevalence of metabolic illnesses worldwide, the application sector for treating metabolic disorders will continue to be the dominating segment.
Based on geography the Medical Foods Market has been segmented into five main regions namely, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
The United States holds a lion’s share of the market for medicinal foods in North America, which is the region’s largest market. The market for medical foods in North America is expanding as a result of the increased incidence of chronic illnesses and metabolic disorders, as well as the existence of important companies in the region. The market in this region is expanding as a result of increased awareness of the value of nutrition in illness management as well as rising demand for tailored nutrition solutions.
Germany, France, and the United Kingdom are the main drivers of market expansion in Europe, the continent with the second-largest market for medical foods. The market for medical foods is expanding in Europe as a result of the high frequency of metabolic diseases, rising healthcare spending, and the presence of an advanced healthcare system.
The rising frequency of chronic illnesses, the growing elderly population, and the increasing recognition of the significance of nutrition in disease treatment are likely to make Asia Pacific the region with the fastest-growing market for medicinal foods. Additionally, rising healthcare costs and a growing interest in individualised dietary strategies are fuelling market expansion in this region. The markets for medicinal foods in Asia Pacific are anticipated to develop most rapidly in China, Japan, and India.
The report offers the revenue of the Medical Foods Market for the period 2020-2030, considering 2020 & 2021 as a historical year, 2022 as the base year and 2023 to 2030 as the forecast year. The report also supplies the compound annual growth rate (CAGR) for the Medical Foods Market for the forecast period. The Medical Foods Market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the Medical Foods Market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the Medical Foods Market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the Medical Foods Market. Secondary research involved a detailed analysis of significant players’ product portfolio. Literature review, press releases, annual reports, white paper, and relevant documents have been also studied to understand the Medical Foods Market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segmented included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the Medical Foods Market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in taking part in the Medical Foods Market. The subsequent section of the Medical Foods Market report highlights the USPs, which include key industry events (Type launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
Medical Foods Market Competitive Landscape:
Here are some of the key players in the medical foods market:
2020 saw the announcement of a collaboration between Nestlé Health Science and Atrium Health to increase the use of tailored nutrition solutions for illness management. As part of the collaboration, Nestlé Health Science will collaborate with Atrium Health’s doctors and researchers to create and test individualised nutrition treatments for a variety of illnesses, including as cancer and digestive problems. The collaboration provides individualised dietary interventions based on a patient’s unique needs in an effort to enhance patient outcomes and save healthcare expenditures.
In 2021, Abbott Laboratories introduced Glucerna Hunger Smart, a medical snack made for diabetics who become hungry in between meals. The food item helps to control blood sugar levels and gives you a sensation of fullness because it is high in protein and low in sugar and carbs. The newest product in Abbott’s Glucerna range of medical meals, Glucerna Hunger Smart, is intended to assist patients with diabetes control their blood sugar levels and keep a healthy weight. The introduction of Glucerna Hunger Smart reflects the rising need for specialised meals that can aid in the nutritional management of long-term illnesses like diabetes.
The report explores the competitive scenario of the Medical Foods Market. Major players working in the Medical Foods Market have been named and profiled for unique commercial attributes. Company overview (company description, Type portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the Medical Foods Market report.
Medical Foods Market, By Product Type:
Medical Foods Market, By Application:
Medical Foods Market, By Distribution Channel:
Medical Foods Market , By Region
The sector of the food industry known as the “Medical Foods Market” produces and sells speciality meals designed to meet the nutritional needs of persons with certain medical conditions.
The market for medical foods is currently worth US$ 23,105.1 million in 2022.
By 2030, the Medical Foods Market is expected to be worth US$ 34,935.4 million.
Medical foods are speciality meals that have been developed expressly to meet the dietary needs of persons with unique medical conditions. Since they should not be used as the primary source of nutrition and should be ingested under medical supervision, they differ from ordinary meals and dietary supplements.
The increased prevalence of chronic diseases including diabetes, cancer, and cardiovascular disease as well as the growing emphasis on customised nutrition are factors fuelling the rise of the medical foods market.
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