July 20, 2021
According to the research report titled ‘Global Medical Foods Market Size study, by Route of Administration (Oral and Enteral), by Product (Pills, Powder and 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 and Other), Sales Channel (Online Sales, Retail Sales and Institutional Sales) and Regional Forecasts 2021-2027’, available with Market Study Report LLC, global medical foods market size was remunerated at USD 20.15 billion in 2020 and is expected to multiply at a CAGR of 5.2% over 2021-2027, subsequently reaching USD 28.73 billion by the end of the forecast period.
Growing elderly population, rising pervasiveness of malnutrition, diabetes, and Alzheimer’s, and constant innovation in the field are propelling global medical foods market growth, cites the study.
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The International Diabetes Foundation stated that in 2019, 463 million people suffered from diabetes globally, with that number anticipated to rise to 578 million by 2030. Increasing cases of such diseases is likely to open expansion opportunities for businesses operating in the domain.
For the unaware, medical foods are formulated foods consumed orally or through a tube under the supervision of a health expert to deliver patients with nutrients that are not present in a regular diet for the management of disorders such as depression, nutritional deficiency, Alzheimer's, and others.
Increasing investments by top organizations in research & development, acquisitions, and mergers, are further augmenting worldwide medical foods industry expansion.
Speaking of the negatives, lack of awareness regarding such foods is anticipated to hinder the industry development over the study period.
Elaborating on geographical ambit, North America presently dominates the overall market share, owing to rising cognizance about medical foods and growing pervasiveness of Alzheimer’s disease.
On the other hand, Asia Pacific industry is expected to attain notable profits over 2021-2027, attributable to enhanced education regarding medical foods, and continual innovations.
Well-known firms operating in global medical foods marketplace are Metagenics Inc., Reckitt Benckiser Group plc, Fresenius Kabi AG, Medtrition Inc., Mead Johnson & Company LLC, Primus Pharmaceuticals Inc., Targeted Medical Pharma Inc., Abbott Nutrition, and Nestle Nutrition Institute (NNI).