The global medical foods market is expected to accumulate revenues at a CAGR of 6.4% during the forecast period. Large prevalence of chronic diseases is the biggest driver of the market. Concerns of nutritional deficiency will drive the demand exponentially. Large number of fitness enthusiasts and the rising wave of health-consciousness are expected to bode well for the market. Social media channels and shopping networks advocating its use can propel market demand.
Medical foods are special foods formulated for people undergoing diets and taken under supervision of the general practitioner or physician. They provide nutrients for the treatment of diseases such as cancer, Alzheimer’s, and diabetes. The global medical foods market report by Market Research Future (MRFR) covers various foods and its application for specific diseases. It covers projections as well as drivers and challenges for the period between 2017 to 2023 (forecast period).
The large geriatric population and their vulnerability to diseases can spark the need for medical foods. To this effect, manufacturers are introducing new products to the market which can address metabolic processes.
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Awareness regarding clinical nutrition among healthcare professionals can work in favor of the market. According to the ‘Partnership to Fight Chronic Disease’ in 2014, nearly 42% adults were diagnosed with one chronic condition in 2014, sparking the need for medical foods. High prevalence of diabetes is another driver of the market.
Key Players
Big players in the global medical foods market are Abbott (USA), Danone (France), Fresenius Kabi AG (Germany), Nestlé (Switzerland), Mead Johnson & Company LLC (USA), Primus Pharmaceuticals Inc. (USA), and Targeted Medical Pharma Inc. (USA).
Market Segmentation
The global medical foods market segmentation encompasses ailment, form, and nutritional ingredients. MRFR’s research on the market highlights many factors of the market in-depth.
- The ailment-based segmentation of this market covers Alzheimer’s disease, depression, diabetic neuropathy, and nutritional deficiency. The diabetic neuropathy is defined as a type of nerve damage that diabetic people are prone to. The four types of diabetic neuropathy are autonomic neuropathy, peripheral neuropathy, mononeuropathy, and radiocomplexes neuropathy.
- Regarding form, the market has been segmented into pills, powders, and others.
- Based on nutritional ingredients, the market has been segmented into isoflavones, minerals, proteins, phytosterols, Omega-3, and vitamins. Isoflavones are the substituted derivatives of isoflavone, which is a type of naturally occurring is of flavonoids. Many isoflavones act as phytoestrogens in mammals. Present in plant cell membranes, phytosterols are a group of naturally occurring compounds.
Regional Analysis
The global medical foods market is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is dominating the global market and will sustain its position in the market till the end of the forecast period. Increasing awareness of medical foods in the U.S. and the increasing incidence of Alzheimer’s are driving the demand for medical foods in this region.
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Europe is the second-largest region in the market due to high prevalence of diseases and awareness of medical supplements. Guidelines issued by the European Food Safety Authority for creating awareness of medical foods and ensuring the safety of these products can bode well for the market.
Asia Pacific is projected to be the fastest growing region in which the major contributor is China. Continuous innovation and improved education towards medical foods will positively impact the market for rest of the world. Rising number of cases of cardiovascular diseases, cancer, malnutrition, and diabetes is expected to drive market demand in the region. The large geriatric and pediatric population form a sizeable consumer base for the global medical foods market.
The increasing prevalence of cancer globally and its low outcome due to current treatment methods can drive the use of this method.
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The global wind energy market size is estimated to reach up to USD 320.61 billion by 2025 driven by the declining cost of electricity generation, thereby facilitating a high rate of wind capacity installation globally.
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