Oncology Nutrition Market: Introduction
Transparency Market Research has published a new report titled, “Global Oncology nutrition Market”. According to the report, the global oncology nutrition market was valued at US$ 836 Mn in 2018 and is projected to expand at a CAGR of ~6% from 2019 to 2027. Higher incidence & prevalence of cancer across the world is the major driver of the global oncology nutrition market. For instance, according to the WHO, 2,378,785 new cancer cases were seen in North America in 2018. Furthermore, as per Globocan 2018, 5-year prevalence for all type of cancers in Europe was found to be 12,132,287, which is second only after Asia Pacific.
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Rise in incidence of malnutrition is also fuelling the growth of the global oncology nutrition market. This malnutrition is mainly seen due to poor dietary habits in developed countries and high poverty rate in developing regions. Oncology nutrition is considered as an essential treatment therapy to provide adequate nutrition support to cancer malnourished patents. The development of novel oncology nutrition supplements and rise in R&D activities for pipeline products are some of the major factors attributed for the growth of global oncology nutrition market.
Elemental Formula to Witness Significant Growth
Various organizations and governments are making efforts to produce cancer nutrition products to meet the growing demand of malnutrition occur due to cancer due to increase in incidence of cancer. Currently, several products are going through clinical trials that can be used with cancer treatment. Some of the elemental oncology nutrition products are foreseen to achieve better results for managing malnutrition in the cancer treatment.
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Various market vendors are expected to work toward recognizing new oncology nutrition products and consequentially develop stronger oncology nutrition supplement pipelines. They are also working on the unmet needs of the market to provide better solutions for the people undergoing the therapy. For instance, an article published by the American Society for Nutrition in 2014 indicated that long-term parenteral nutrition therapy significantly increases the risk of liver disease and metabolic complications in patients.
Oncology Nutrition Market: Prominent Regions
North America held the largest share of the global oncology nutrition market in 2018. The market in the region is projected to grow at a rapid pace during the forecast period, driven by presence of key players, technological advancements, and highly structured healthcare industry. Increase in clinical trials, product launches, and approvals, and rise in investment by key players are projected to propel the oncology nutrition market in North America.
The U.S. is anticipated to dominate the oncology nutrition market in the region during the forecast period. People in the U.S. are living longer and keeping more preventive care. As the elderly population increases, its preventive health needs and ability to access care are gaining more attention. The healthcare delivery system is changing rapidly with the implementation of the Affordable Care Act. Millions of previously uninsured low-income adults gained coverage under the Affordable Care Act’s Medicaid expansions.
The percentage of people covered by any type of health insurance increased by 1.3% to 90.9% in 2015, up from 89.6% in 2014. In 2015, private health insurance coverage continued to be more prevalent than public coverage, at 67.2% and 37.1%, respectively.
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Oncology Nutrition Market: Key Players
Key players in the global oncology nutrition market focus on strengthening their positions in the global market. Players are collaborating with other companies, actively conducting research studies, participating in mergers & acquisitions, and increasing product approvals and launches to secure and strengthen their positions in the global oncology nutrition market.
In February 2017, Oral Science announced its decision to launch Fluorimax, a next-generation of fluoride varnishes intended to be used for the treatment of dental caries. Major players operating in the global oncology nutrition market include Danone S.A., Pfizer Inc., B.Braun Melsungen AG, Fresenius Kabi AG, Grifols, S.A., Baxter International, Inc., Nestlé S.A., Abbott Laboratories, Sichuan Kelun Pharmaceutical Co., Ltd.
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