Medical Foods Market
The Medical Foods Market was valued at USD 19,215 million in 2019 and is expected to grow at a CAGR of 5.2% over the forecast period (2020-2027).
The factors driving the growth of Medical Foods Market includes rising geriatric population, increasing cases of chronic diseases such as diabetes, cardiovascular diseases and lung cancer, growing inclinations amongst consumers for adopting healthy lifestyles. According to the report published by World Health Organization (WHO), the population aged 60 years and over is estimated to rise from 1 billion in 2020 to 2.1 billion by the end of 2050, which will boost the demand for medical food products in the approaching years. Moreover, the growing awareness about clinical nutrition, easy availability of medicinal foods on online platforms, rising demand for immunity boosting products and rapid growth in the pharmaceutical industry, are some of the additional factors supplementing the Medical Foods Market share. In addition, the increasing investments by leading players on promotional activities on social media platforms, advancements in medicinal food products and rise in per capita incomes, are further propelling the Medical Foods Market size.
However, the growth of Medical Foods Market is hindered due to
The leading players operating in the market are Medtrition, Inc., TARGETED MEDICAL PHARMA INC., Fresenius Kabi India Pvt. Ltd., Meji Holdings Co., Ltd., Danone, Nestlé, Abbott, Primus Pharmaceuticals, Inc., Mead Johnson & Company, LLC, and Alfasigma Group, among others.
Product Type – Segment Analysis
Based on Product Type, the Nutritionally Complete Formulas segment is estimated to expand at a significant CAGR during the forecast period. The growing consciousness amongst consumers about the nutritional benefits of medical food products and these products are easy to consume, are some of the factors responsible for the growth of the segment.
Application: Segment Analysis
Based on Application, the Diabetes segment is predicted to grow at a remarkable CAGR over the forecast period attributed to rise in the cases of diabetes worldwide, as per International Diabetes Federation (IDF) around 700 million are expected to live with diabetes by the end of 2045.
Distribution Channel: Segment Analysis
Based on Distribution Channel, the Others segment is projected to grow at a steady CAGR during the forecast period. The easy availability of medical food products at e-commerce platforms and these platforms provides huge discounts to their regular customers customized with free delivery options, are the factors augmenting the segment’s growth.
Regional: Segment Analysis
Based on Region, the Asia-Pacific region is anticipated to capture the largest market share over the forecast period due to increasing incidences of diabetes, obesity and cardiovascular diseases, growing awareness amongst consumers about health benefits of medical foods and high population density.
Global Medical Foods Market by Product Type
Global Medical Foods Market by Application
Global Medical Foods Market by Distribution Channel
Global Medical Foods Market by Region
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