The global Medical Foods market size was valued at USD 20.15 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028. The growing prevalence of chronic conditions along with the increasing geriatric population adopting medical foods and rising awareness regarding clinical nutrition amongst healthcare professionals and patients are the key growth drivers.
The population suffering from neurological conditions, such as multiple sclerosis, stroke, and dementia, which cause difficulty in swallowing; can be considered as one of the biggest target populations for this market. Medical foods have been proven to be useful for maintaining nutritional balance and other factors for people suffering from such chronic conditions. For instance, according to a research paper published in the Food Science and Human Wellness journal in 2019, medical foods have shown symptomatic benefits in Alzheimer’s disease. Souvenaid, Axona, and CerefoliNAC are some of the medical foods showing effects on people suffering from Alzheimer’s disease. The increasing number of researches claiming positive results concerning the utilization of medical foods is anticipated to boost the market growth during the forecast period.
Discrepancies in the categorization of medical foods can create an obstacle in the growth of the market. In countries such as the U.S and Europe, the guidelines for medical foods are clearly defined by the regulatory bodies. For instance, medical foods are recognized under FDA’s 1988 Orphan Drugs Act Amendments. Besides, the European Food Safety Authority has recognized medical foods as food for special purposes. However, in other parts of the world, the regulation for such products is still underway and due to ambiguous classification, the patent scenario for medical foods is also unclear. Therefore, these factors are likely to hamper market growth.
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Key Player Mentioned:
Danone
Nestle Nutrition
Abbott Nutrition
Targeted Medical Pharma, Inc.
Primus Pharmaceuticals, Inc.
Mead Johnson & Company, LLC.
Medtrition, Inc.
Product Segment Analysis:
Pills
Powder
Others
Application Segment Analysis:
Chronic Kidney Disease
Minimal Hepatic Encephalopathy
Chemotherapy-induced Diarrhea
Pathogen Related Infections
Diabetic Neuropathy
ADHD
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Regional Segment Analysis:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The Asia Pacific region is also expected to exhibit lucrative growth over the forecast period owing to an increase in the prevalence of target diseases such as diabetes, malnutrition, obesity, cancer, and cardiovascular diseases in this region. Furthermore, the local presence of key market players such as Abbott, Nestlé, Danone, and Fresenius Kabi and high revenue generated by these companies, coupled with untapped opportunities in the Asia Pacific region are among the key factors that can be attributed to the regional market growth.
COVID-19 Impact:
The outbreak of the COVID-19 pandemic has significantly increased the demand for antiviral medicines globally. The treatment of novel coronavirus has increased the demand for broad-spectrum Glucose to manage the disease. Remdesivir, favipiravir, oseltamivir, and other combination medicines are highly prescribed for the treatment of COVID-19. Moreover, governments are increasing funding to pharmaceutical companies to develop novel therapeutics against COVID-19. For instance, in June 2021, the U.S. government has announced an investment of more than USD 3 billion to fasten the discovery, development, and manufacturing of antiviral medicines for COVID-19 treatment. The rising incidence of disease coupled with increasing R&D will increase the demand for Glucose in the next 2 to 3 years.
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- Offers detailed market breakdown and data triangulation that will help guide the market trends.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
