Medical foods are food products formulated to address the nutritional requirements of a patient with a specific disease or condition. These food products are intended for dietary management of metabolic and other specific disorders and injuries. Medical foods serve as adjuncts to treatment regimens for the medical management of certain diseases and conditions. They are required to bear labeling for the condition for which they are intended and are regulated as drugs but are exempted from federal drug requirements when certain requirements are met. The global U.S. medical foods market is estimated to be valued at US$ 25722.45 Bn in 2023 and is expected to exhibit a CAGR of 21. % over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Addressing metabolic disorders presents a major market opportunity for players in the U.S. medical foods market. Metabolic disorders involve genetic or acquired defects in the body's ability to metabolize food properly. These disorders can lead to serious long-term health issues if not managed well. Medical foods helps address nutritional needs specific to various metabolic disorders and aid in their clinical management. The growing prevalence of various metabolic disorders such as diabetes, obesity, inherited metabolic disorders, etc. in the US creates a large patient base requiring specialized medical foods. Moreover, rising awareness about medical nutrition therapy and its benefits in clinical management also drives the demand for innovative medical foods formulations among healthcare professionals and patients. Players can capitalize on this opportunity by developing products tailored to address the specific nutrition requirements in various metabolic disorders.
Porter's Analysis
Threat of new entrants: Low as establishing manufacturing infrastructure and gaining brand recognition requires significant investment and time.
Bargaining power of buyers: Moderate as buyers can choose from multiple suppliers but suppliers have differentiated products.
Bargaining power of suppliers: Moderate as suppliers have proprietary ingredients and technologies but industry has many players.
Threat of new substitutes: Low as medical foods address specific health conditions better than standard foods.
Competitive rivalry: High due to differentiated products and technologies, and established brands.
SWOT Analysis
Strengths: Addressing unmet medical needs, proprietary ingredients and technologies, established brand names.
Weaknesses: High research and manufacturing costs, regulatory compliance requirements.
Opportunities: Growing aging population, increasing lifestyle and chronic diseases, partnerships.
Threats: Price control regulations, reimbursement policies, supply chain disruptions.
Key Takeaways
The U.S. Medical Foods Market Growth is expected to witness high over the forecast period of 2024 to 2031. The growth will be driven by factors such as increasing prevalence of chronic diseases, aging population, rising healthcare costs, innovations and expanded applications.
Regional analysis shows that Western region dominates the U.S. market currently owing to high disease prevalence and awareness. However, Southern region is expected to grow the fastest during the forecast period due to expanding medicare coverage and infrastructure development.
Key players operating in the U.S. medical foods market are Magellan, Medipost Co., Ltd, Osiris Therapeutics, Inc., Kolon TissueGene, Inc., JCR Pharmaceuticals Co., Ltd., Anterogen Co. Ltd., Pharmicell Co., Inc., and Stemedica Cell Technologies, Inc. These players are focusing on developing differentiated formulations for new indications and therapeutic areas through collaborations and acquisitions.
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