Demand for Specific Medical Foods Instead of Drugs to Treat Chronic Diseases is Expected to Drive Medical Foods Market Revenue Growth
The global medical foods market size is expected to reach USD 33.85 Billion in 2030 and register a revenue CAGR of 5.4% over the forecast period, according to latest report by Reports and Data. Rising demand for medical foods, due to rapid increase in geriatric population suffering from chronic diseases, and increasing use of medical foods to control and manage diabetic neuropathy are expected to drive market revenue growth during the forecast period. Increasing collaborations and frequent product launches by key players are also expected to drive revenue growth of the market. Manufacturers are collaborating to come up with better products to satisfy global demand with rising awareness about medical foods. In addition, they are investing heavily in research & development to manufacture better products and holding frequent promotional campaigns, which is supporting global market revenue growth and is expected to continue to do so during the forecast period.
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However, high costs and low availability of medical foods in developing countries are expected to hamper market revenue growth. Medical foods are costly when compared to traditional food products. In addition, low investments in medical foods in developing countries is leading to low production and less variation in products, resulting in low availability of medical foods. This, in turn, is increasing prices of medical foods and thus, hampering revenue growth of the market.
Some Key Highlights in the Report
- The powder segment is expected to account for largest revenue share during the forecast period. Increasing adoption of powdered medical foods among geriatric and pediatric population and their ease of consumption are major factors driving revenue growth of this segment. In addition, large availability of powdered foods and the fact that powdered medical foods can be administered through both oral and enteral routes to patients of all ages are expected to support revenue growth of this segment during the forecast period.
- The diabetic neuropathy segment is expected to register the fastest CAGR during the forecast period, owing to rising cases of diabetes and increase in the number of patients that can develop neuropathy. In addition, various new initiatives to manage neuropathy through dietary measures is expected to drive revenue growth of this segment. Furthermore, 50% of adults suffering from diabetes are affected by peripheral neuropathy, and increasing incidence of this health condition is expected to support revenue growth of this segment during the forecast period.
- North America accounted for largest revenue share in the global medical foods market in 2021 and is expected to lead in terms of revenue contribution to the global market during the forecast period as well. The US has contributed the most to North America market revenue, while Canada and Mexico have also contributed considerably and are expected to continue to do so in the near future. Increasing incidence of chronic diseases in geriatric population is a major factor driving revenue growth of the North America market.
- In June 2018, VAYA Pharma, Inc. introduced Vayarin Plus, an extra-strength formula for the dietary management of overweight Attention Deficit Hyperactivity Disorder (ADHD) patients.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
- Targeted Medical Pharma, Medtrition, Inc., Nestle, Abbott Laboratories, Danone, Fresenius Kabi, Primus Pharmaceuticals, Inc., Mead Johnson & Company, LLC, Victus, Inc., and Meiji Holdings Co.
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Medical Foods Market Segmentation:
Product Outlook (Revenue, USD Billion; 2019-2030)
Route of Administration Outlook (Revenue, USD Billion; 2019-2030)
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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