Despite the COVID-19 crisis, the global oncology nutrition market share, which was forecast to be worth US$ 1.1 billion in 2021, is expected to increase to US$ 1.7 billion by 2026, with a CAGR of 8.9% over the analysis period.
For the growth of oncology nutritionist formulas, considerations such as the development of elemental formulae and technological innovation in terms of non-GMO-based formulas present considerable prospects.
According to GLOBOCAN 2018 estimates, there were a projected 2,129,118 cancer cases in the United States in 2018, with that number expected to rise to 3,096,944 cases by 2040.
Lung cancer is the most common type of cancer, accounting for 2,093,876 new cases globally in 2018. As the number of people diagnosed with cancer rises, so will the demand for oncology nutrition, as nutrition aids in the battle against disease and provides strength and stamina in the face of treatment side effects.
The oncology nutrition market is being driven by factors such as the shift from parenteral to enteral nutrition, the rising incidence of cancer, the growing demand for nutritional feeding in the homecare sector, the rising number of patients treated for malnutrition, and the improving quality of clinical research on nutritional interventions.
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The global demand for oncology nutrition is expanding rapidly, owing to the growing popularity of homecare nutritional products. Companies are inventing a wide range of new methods in order to capitalize on the available potential.
The oncology nutrition products key end users are hospitals, retail pharmacies, and online pharmacies. Due to the ever-increasing number of cancer patients, hospitals now hold the majority of the worldwide oncology nutrition market. Various prominent worldwide healthcare providers are now building high-end cancer diagnosis and care facilities in order to assure timely treatment.
The oncology nutrition market outlook is turning positive by the advancement of elemental formulas and the launch of new products for the nutrition of oncology patients, as well as the rising prevalence of cancer, increased focus on enteral nutrition, and a surge in demand for nutritional food from the home care sector in the coming years.
Moreover, the oncology nutrition market is predicted to grow over the forecast period due to an increase in clinical research on nutritional interventions and an increase in cancer patient nutrition awareness. Tube feeding-related difficulties and limited reimbursement connected with its use, on the other hand, are the key limitations that could slow the market’s growth. Furthermore, the oncology nutrition market is likely to benefit from quick product development and enhancement of elemental formulae in the industry.
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• In the year 2021, the oncology nutrition market in the United States is expected to be worth US$ 412.6 million.
• China, the world’s second-largest economy, is expected to reach a market size of US$ 165 million by 2026, representing a CAGR of 10.6% over the study period.
• Germany is expected to increase at an annual rate of 8.4%, while the rest of the European market (as defined in the study) is expected to reach US$ 182.4 million by the end of the analysis period.
• Oncology nutrition manufacturers in the United States have been deterred by stringent regulatory requirements and a lengthy FDA clearance process.
In terms of revenue, the oncology nutrition products market is currently dominated by a few significant competitors.
Some major firms are aggressively acquiring and forming joint ventures with other companies, as well as launching new goods, to strengthen their market positions around the world. Abbott Laboratories, Nestle S.A., Fresenius Kabi AG, B.Braun Melsungen AG, and Hormel Foods Corporation are some of the market leaders at the moment.
Regulatory approvals, technologically enhanced goods, the launch of new products, and acquisitions and collaboration agreements with other companies are all priorities for key competitors in the worldwide oncology nutrition market. These leading players’ strategies are likely to fuel the global oncology nutrition market’s expansion.
Nestle bought Allergan in January 2020 to expand its medical nutrition business.
Smartfish AS partnered with B. Braun to launch Remune, a medicinal nutrition product, in September 2019. During 2019 and 2020, B. Braun will launch Remune in nearly 20 countries, with other markets in Europe, Asia, and South America to follow.
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