Global Medical Foods Market size expected to grow from USD 18.8 billion in 2020 to USD 31.2 billion by 2027 at a CAGR 6.4 % over the forecast period. Qualiket Research delivers in-depth market analysis along with market drivers, market restraints, future opportunities, threats, trends, applications, and growth forecast 2027.
Medical foods are formulated food products intended to be used under the supervision of medical and other healthcare professionals. They provide nutrients which are not available in normal diet for management of various diseases like ADHD, Depression, Diabetic Neuropathy, Pathogen-related Infections, Chemotherapy-induced diarrhea, Diabetic Neuropathy, Nutritional Deficiency, Orphan Diseases, Alzheimer’s Diseases, and Others.
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Increase in geriatric population and prevalence of chronic diseases are the key driving factors which are expected to boost the global medical food market growth. Furthermore, rise in awareness regarding clinical nutrition among patients and healthcare professionals will have the positive impact on market growth. Moreover, increase in product launch activities by key competitors will fuel the market growth. For instance, in February 2020, Galen had launched new medical food (PKU Easy Microtabs) for PKU patients. PKU is also called as phenylketonuria, which is rare inherited metabolic disorder. PKU Easy Microtabs are swallowed with liquid or eaten with cold food like jam or fruit puree.
However, absence of regulations and proper standards for medical food are the restraining factors which are expected to hamper the global medical food market growth.
Some of the key players are discussed in the global medical foods market are Nestlé S.A., Metagenics, Inc., Abbott Laboratories, Meiji Holdings and Co., Ltd, Cerecin Inc, Primus Pharmaceuticals, Inc., Targeted Medical Pharma, Inc., Fresenius SE & Co. KGaA, Reckitt Benckiser Group plc, and Danone S.A.
Global Medical Foods Market Segmentation
The Global Medical Foods Market is fragmented into route of administration, product, application, sales channel, and region.
On the basis of route of administration, the global medical foods market is segmented into Enteral, and Oral.
On the basis of product, the global medical foods market is segmented into Powder, pills, and others.
On the basis of application, the global medical foods market is segmented into ADHD, Depression, Diabetic Neuropathy, Pathogen-related Infections, Chemotherapy-induced diarrhea, Diabetic Neuropathy, Nutritional Deficiency, Orphan Diseases, Alzheimer’s Diseases, and Others.
On the basis of sales channel, the global medical foods market is segmented into Retail Sales, Online Sales, and Institutional Sales.
Based on region, the global medical foods market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The market in North America holds the largest market share in terms of revenue, in the medical foods market, due to increase in unhealthy lifestyle among individuals, and high expenditure on healthcare sector by governments in countries in this region. The market in Europe registered foe second-largest market share in terms of revenue, owing to increase in awareness about medical foods in this region. The market in Asia Pacific is expected to witness rapid growth in terms of revenue due to increase in awareness among individuals about medical foods in emerging countries like China and India.
Impact of COVID-19
The rise in COVID 19 outbreak across the world is expected to fuel the global medical foods market growth over the forecast period. An increase in awareness among consumers about their health, key players in the medical foods market are increasing efforts to market their products which assure immunity boost.
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- The Global Medical Foods Report highlights the key drivers, opportunities, and restraints along with impact analysis during the forecast period.
- The global medical foods market size is provided in terms of revenue.
- The report delivers extensive qualitative insights on the significant segments and regions exhibiting favorable medical foods market share.
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