IMARC Group, a leading market research company, has recently releases report titled “Medical Foods Market Report by Product (Pills, Powder, and Others), Route of Administration (Oral, Enteral), Application (ADHD, Depression, Diabetes, Cancer, Alzheimer’s Disease, Metabolic Disorders, and Others), Distribution Channel (Supermarkets, Hospital and Retail Pharmacies, Online Pharmacies, and Others), and Region 2023-2028”. The study provides a detailed analysis of the industry, including the global medical foods market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the medical foods market?
The global medical foods market size reached US$ 22.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.6% during 2023-2028.
What are medical foods?
Medical foods are intended for the dietary management of a disease, which cannot be met through a normal diet alone. They are prepared for the partial or exclusive feeding of the patient through oral intake or enteral feeding by tube under the supervision of a medical specialist. They are formulated under the supervision of a physician according to scientific principles and medical evaluation. They are composed of food additives, color additives, and a combination of vitamins, minerals, and botanicals for better dietary management. Medical foods support the therapeutic effects of the drug and offer an effective therapeutic tool for managing pain, sleep, and cognitive disorders. Presently, they are available in pills, liquid, and powder forms across the globe.
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What are the growth prospects and trends in the medical foods industry?
At present, the growing global geriatric population and increasing cases of medical ailments, such as cancer, attention-deficit or hyperactivity disorder (ADHD), depression, diabetes, cancer, and Alzheimer’s, represent one of the key factors positively influencing the market. In line with this, the rising prevalence of metabolic and gastrointestinal diseases due to sedentary lifestyles is catalyzing the demand for medical foods. Moreover, the development in the healthcare sector and the introduction of favorable initiatives for the manufacturing of medical foods to meet the specific requirement of patients are currently bolstering the growth of the market. Additionally, the easy availability of medical foods in grocery stores and pharmacies is creating a positive market outlook. In line with this, rapid digitization, increasing sales of smartphones, and the rising penetration of high-speed internet are contributing to the increasing sales of medical foods through e-commerce platforms.
Moreover, the widespread adoption of natural sources, bioactive compounds, and food rich in phytochemicals for manufacturing medical foods is supporting the market growth. Besides this, as medical foods aid in boosting the immune and digestive systems of individuals, they are gaining immense traction across the globe. Furthermore, inflating income levels and changing dietary patterns worldwide are creating a favorable market outlook. Additionally, stringent government guidelines are encouraging investors in efficient production and effective maintenance of the product. Specific emphasis on nutritional requirements adhering to clinical guidelines is positively influencing the market. Apart from this, the growing research and development (RD) activities to offer novel medical food products, fulfill the nutritional demand of consumers, and enhance the shelf-life of food items without compromising on their taste and nutritional values are anticipated to drive the market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Product Insights:
- Pills
- Powder
- Others
Route of Administration Insights:
- Oral
- Enteral
Application Insights:
- ADHD
- Depression
- Diabetes
- Cancer
- Alzheimer’s Disease
- Metabolic Disorders
- Others
Distribution Channel Insights:
- Supermarkets
- Hospital and Retail Pharmacies
- Online Pharmacies
- Others
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Abbott Healthcare Private Limited (NSE: ABBOTINDIA)
- Alfasigma S.p.A
- Danone S.A (EPA: BN)
- Fresenius Kabi AG (ETR: FRE)
- Mead Johnson Company
- Medtrition Inc
- Meiji Holdings Co., Ltd (TYO: 2269)
- Metagenics
- Nestlé S.A
- Primus Pharmaceuticals, Inc
- Targeted Medical Pharma Inc
- Victus, Inc
Note: If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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