Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Rx Medical Food Market, by Product Type (Pills, Powder, Liquid, and Others (Wafers, Chewable, and Bars)), By Therapeutic Application (Pain Management, Sleep Disorder, Neurological Disorder, Gastrointestinal Disorder, Pulmonary Disorders, Metabolic Disorders, and Others (Fibrosis, Dialysis, AIDS, and Others)), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Supermarkets), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was estimated to be valued at US$ 19,387.3 million in 2020, and is expected to exhibit a CAGR of 6.8% over the forecast period (2019-2027).
Growing regulatory support, increasing awareness about medical food in emerging economies, and advantages over drug therapies are expected to be major factors driving growth of the global Rx medical food market over the forecast period.
Manufacturers are focused on developing medical food products with improved therapeutic effects and different dosage forms for ease of administration and patient convenience. For instance, Abbott Laboratories launched science-based nutrition drinks such as Ensure Surgery Immunonutrition Shake and Ensure Pre Surgery Clear Nutrition in 2016, it is designed to support immune health, reduces insulin resistance and recovery time after surgeries.
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Moreover, in 2017, Cera Products, Inc. launched Ceralyte oral rehydration salt to treat dehydration and diarrhea. Furthermore, in 2017, Cambrooke launched Tylacti COMPLETE Bars, a nutritionally complete medical food available for dietary management of Tyrosinemia (TYR). Cambrooke also launched medical food line Phenactin AA Plus, Vilactin AA Plus, Isovactin AA Plus, Homactin AA Plus, and Promactin AA Plus for inborn errors of metabolism in 2015. Furthermore, Nutricia Metabolics launched Anamix Next for Tyrosinemia, Methylmalonic Acidemia, and Isovaleric Acidemia in 2015. Moreover, Nutricia Metabolics launched PhenylAde GMP, a new formula for Phenylketonuria (PKU) in 2015.
Key players are investing in research and development of novel medical food that can be used in various conditions. For instance, in 2012, Targeted Medical Pharma reported preliminary data of its new amino acid-based oral formulation called PERCURA, which can be used for reducing symptoms of pain and numbness associated with peripheral neuropathy, in an open-label pilot study. Moreover, in 2015, Enzymotec Ltd announced investigator initiated clinical trial of Vayarin, which is capable of managing attention deficit hyperactivity disorder (ADHD) in children suffering from epilepsy. Moreover, scientists at Nestlé Institute of Health Science are studying human DNA for the development of personalized programs for epilepsy and intestinal disorders, thereby leading to development of medical food products that contain natural compounds.
Major players are adopting strategies such as mergers and acquisitions to expand their product portfolio and enter into the medical food industry. For instance, Nestlé is adding medical foods such as prescription-based powders and drinks that can be used for treatment of diseases to its existing product portfolio for business expansion, which, in turn, will help the company to enter the nutrition sector. Moreover, in 2017, AlfaSigma, an Italy-based company completed the acquisition of the U.S. medical food manufacturer, Pamlab from Nestlé, to strengthen the company’s operations in North America. Furthermore, the U.S. Food & Drug Administration (FDA) awards grants every year in September and October through the Orphan Products Clinical Trials Grants Program, to fund and encourage clinical trials for development of medical products, which includes drugs, medical food to treat rare diseases or conditions.
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Key Takeaways of the Immune Repertoire Sequencing Market:
- The global Rx medical food market is expected to exhibit a CAGR of 6.8% over the forecast period (2019-2027) owing to the presence of high potential products offered by key players, especially in Asia Pacific, Latin America, Middle East, and Africa.
- Novel medical food product development by companies such as the Natural Food and Drink Company, Ocean Spray Cranberries Inc., Armor Proteines S.A.S., and Marealis AS for various disease conditions and increasing awareness about the health benefits of medical food are expected to drive growth of the global Rx medical food market.
- The U.S. congress has passed a National Defense Authorization Act in 2017, to cover costs of medical food under Tricare (military healthcare). This step is expected to support patients suffering from medical conditions by consuming medical food. This category was previously not covered for reimbursement under prescription drug plans.
Major players operating in the Rx medical food market are Abbott Laboratories, Danone S.A., Mead Johnson & Company, LLC, Fresenius Kabi AG, Nestle S.A., Primus Pharmaceuticals, Inc., Targeted Medical Pharma, Enzymotec ltd., AlfaSigma, and Pivotal Therapeutics.
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