Global Elderly Nutrition Market – Novel Approach for Elder Patients
Elderly nutrition food products are majorly recommended to the geriatric population in order to support healthy aging and prevent malnutrition and vitamin deficiencies. Elderly nutrition products include vitamin, protein, minerals, lipids, fibers, and other essential substance, which promotes the proper functioning of body and improves immunity.
The global elderly nutrition market size was valued at US$ 17,453.5 million in 2017 and is expected to exhibit a CAGR of 6.6 % over the forecast period (2018 – 2026).
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Figure 1. Global Elderly Nutrition Market Value (US$ Mn), by Region, 2017
Source: Coherent Market Insights Analysis (2018)
Growing incidences of neurological disorder and chronic disease in old-aged patients is projected to boost the growth of the elderly nutrition market
Elderly nutrition is prescribed to old-age patients who are highly prone to chronic diseases such as obesity, diabetes, renal failures, and others. Moreover, the high prevalence of age-related disorders such as neurological disorder, organ failures, and cardiovascular diseases in geriatric old-age patients is projected to propel the market growth. For instance, the Alzheimer Association Report 2017, estimated around 13.8 million people to be diagnosed with Alzheimer’s dementia in the U.S., which is mostly observed in geriatric patients above 65 years. Moreover, in 2014, around 93,541 deaths registered from Alzheimer’s disease and reported the disease as the fifth leading cause of death among Americans above 65 years.
Moreover, the growing geriatric population base rate and shortage of proper nutritional intake food is another major factor is expected to boost the market growth over the forecast period. According to World Population Prospects in 2017, the global geriatric population was around 962 million, which is expected to reach around 2.1 billion by 2050.
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The route of administration such as parenteral, oral, and enteral are very crucial during the administration of nutrition in the elder age patients. However, the parental route is mostly preferred in order to avoid side effects and complications as incorrect use of this therapy may cause the refeeding syndrome, liver dysfunction, and other side-effects.
Increasing incidence of chronic diseases in Europe is expected to bolster the market growth
Europe held the leading position in the overall global elderly nutrition market, on the account of the growing prevalence of chronic diseases such as cancer, cardiovascular diseases in the region. According to the European Heart Network, factsheet 2017, around 11.3 million new cases of cardiovascular diseases were registered in Europe and around 6.1 million cases of cardiovascular diseases were registered in the European Union (EU).
Moreover, rise in geriatric population, majorly women, in this region is projected to raise the demand for osteoporosis, which in turn is expected to bolster market growth over the forecast timeframe. According to the International Osteoporosis Foundation, estimated around 20 million cases of osteoporosis in the population aged above 50 years in 2015. These problems are greater in women than men and have a high prevalence in comorbid chronic disease and disability.
Figure 2. Global Elderly Nutrition Market Share (%), by Route of Administration, 2018 and 2026
Source: Coherent Market Insights Analysis (2018)
Major Players Profiled In The Report
Major players operating in the global elderly nutrition market include Allergan, Otsuka Pharmaceuticals Co., Ltd., Baxter International Inc., Danone, Fresenius Kabi AG, Abbott Laboratories, Pfizer, Inc., Mead Johnson & Company, LLC, and Sanofi.
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