Global Medical Foods Market Is Projected to Grow at A CAGR of 7.0% During 2019-2026
The Global Medical Foods Market held a market value of $18.84 billion in 2019 and is anticipated to grow with a CAGR of 7.0% from 2019 to 2026.
Asia Pacific region is the leading region in the global medical foods market. The increasing geriatric and pediatric population, huge chronic disease burden, and the significant presence of major companies such as Nestle drive the market growth in the region. In addition, China and India are major countries in the region owing to the increasing consumption rate of medical foods.
The rising geriatric population and growing awareness about medical foods among patients are some factors driving the growth of the market. According to the data published by the Population Reference Bureau, the number of American adults aged 65 and above is anticipated to grow from 52 million in the year 2018 to 95 million in 2026. Medical foods are utilized for the management of nutritional deficiencies in patients suffering from chronic diseases. Thus, the increasing prevalence of chronic diseases supports the demand for medical foods. Furthermore, the various growth strategies undertaken by major players such as Danone supports market growth.
The global medical foods market has been segmented into product type, route of administration, application, and sales channel. The product type segment has been divided into powder, pills and tablets, and others. The route of administration segment has been divided into enteral and oral. Further, the application segment has been categorized into minimal hepatic encephalopathy, depression, chronic kidney disease, Alzheimer’s disease, pathogen related infection, diabetic neuropathy, ADHD, nutritional deficiency, orphan diseases, and others. In addition, the orphan disease segment has been sub-segmented into FPIES, Phenylketonuria, Eosinophilic esophagitis, and others. Based on the sales channel, the market has been segmented into retail sales, institutional sales, and online sales.
Based on geography, the global medical foods market has been categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been divided into the U.S. and Canada. Europe region has been segmented into the UK, France, Italy, Germany, and the Rest of Europe. Asia-Pacific region has been classified into, Japan, India, South Korea, China, and Rest of Asia-Pacific. Moreover, the South America region has been bifurcated into Brazil, Mexico, Argentina, and the Rest of South America. Furthermore, the Middle East & Africa has been divided into GCC Countries, Africa, and the Rest of the Middle East.
Asia Pacific region is the leading region in the global medical foods market. The increasing geriatric and pediatric population, huge chronic disease burden, and the significant presence of major companies such as Nestle drive the market growth in the region. In addition, China and India are major countries in the region owing to the increasing consumption rate of medical foods. Further, North America is expected to account for substantial market share owing to the growing demand for personalized medicine, high consumption of nutritional supplements, and increasing target population.
Prominent player functioning in the global market include Cerecin, Inc., Danone S.A., Fresenius Kabi AG, Nestle, Targeted Medical Pharma, Inc., Primus Pharmaceuticals, Inc., Abbott Laboratories, and Alfasigma SpA. The growth strategies such as product innovations, partnerships, and mergers & acquisitions are undertaken by major players to surge their market presence. Further, owing to the lucrative opportunities in the market few companies have entered the market recently. For instance, BASF entered the market in the year 2017. Similarly, in November 2017, Ajinomoto Co., Inc. announced the acquisition of Cambrooke Therapeutics, Inc. With this acquisition, the company enhanced its market presence in North America.
Recent market development by major players:
- In January 2020, Nestle entered into an asset purchase agreement with Allergan, and acquired Zenpep, thereby enhancing its medical nutrition business.
- In December 2019, BASF and Ideogen announced the launch of the omega-3 fatty acid solution in Europe. The omega-3 fatty acid solution is dedicated to the management of chronic Non-Alcoholic Fatty Liver Disease (NAFLD).
- In February 2020, Carbiotix stated that the company will target the medical food product launch in the U.S. by H2 2021.
- In June 2018, VAYA Pharma, Inc. introduced Vayarin Plus, a medical food for the dietary management of attention-deficit/hyperactivity disorder (ADHD) in adults and adolescents.