The Global Medical Foods Market is expected to reach a value of USD 24.4 billion by 2025, according to a new report. The medical foods market is anticipated to grow at a CAGR of 6.9% over the forecast period. The key factors supporting expansion include the growing awareness about medical foods, improvement in patient healthcare outcomes, rise in prevalence of several chronic diseases, increase in malnutrition, and continuous innovation.
The use of medical foods to assist the patients during the treatment of chronic diseases has been a prevalent practice. However, lack of awareness about the proper usage, quality concerns, and overlapping claims about benefits associated due to the usage of medical foods have restricted the growth of medical foods market.
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The difference between functional foods, dietary supplements, and medical foods is still not clear for several healthcare practitioners. Therefore, errors in prescription or use of substitute products is a major trend observed in the market. Furthermore, the regulatory uncertainty pertaining to the classification of medical foods as a separate category has also affected the market growth.
The prevalence of chronic diseases such as diabetic neuropathy, Alzheimer’s, Attention Deficit Hyperactivity Disorder (ADHD), and several metabolic diseases is increasing rapidly The risk of neuropathy significantly increases with increase in age, changes in diet, and adoption of an unhealthy lifestyle. Some of the symptoms usually associated with neuropathy include numbness, tingling, and pain in the feet, arms, & legs. Furthermore, some of the key products used to treat this condition include Percura capsules, METANX, and Foltanx.
The growing number of patients with Alzheimer’s disease is also increasing rapidly. As per the estimates published by the Alzheimer’s Society, in the U.S., an estimated 5.4 million Americans across all ages are suffering from this disease. On further analysis of the data, it is observed that nearly 5.2 million people are aged 65 and above. Thus, rise in the geriatric population is also a major factor driving the medical foods market.
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Further Key Findings From the Study Suggest:
- In 2015, oral route held the highest share as majority of the products are administered through the oral feeding
- In 2015, powders category accounted for nearly 79% of the market share
- In 2015, diabetic neuropathy was the largest application with a share of 34.3% owing to growing awareness about nutritional requirements during the treatment of chronic diseases
- Asia Pacific is expected to lead the growth with a CAGR of 7.8% from 2016 to 2025
- Some of the key players are Danone; Nestle; Abbott; Targeted Medical Pharma Inc.; Primus Pharmaceuticals Inc.; Mead Johnson & Company, LLC.; and Fresenius Kabi AG.
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