Market Research Future added a new research report on the global medical foods market, which is estimated to grow at a CAGR of 6.4% during the forecast period 2017-2023.
Market Overview and Forecast:
Medical foods are custom made liquid solutions used entirely to treat consumers suffering from Alzheimer’s, diabetic neuropathy, nutritional deficiency, depression, and others. Their main function is to supply nutrients which is not available to the consumers through normal diet. They are available in different forms such as pills, powder and others for consumption. Medical foods are intended to be used under the supervision of medical and other appropriate health professionals.
Medical foods are expected to grow continuously over the estimated time with growing awareness among the consumers. Increasing issue of nutritional deficiency in the population is resulting in the prevalence of chronic diseases, which is driving the growth of the market.
Rise in global geriatric population followed by diseases associated with the growing age is propelling the market for medical foods. However, lack of awareness among the consumers leading to confusion in terms such as medical nutrition, functional foods, or nutraceuticals may hamper the growth of the market. All these factors are projected to contribute to the estimated CAGR of 6.4% of medical foods market during the forecast period 2017-2023.
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Key Players Profiles and Competitive Analysis:
The major players in the medical foods market
- Danone (France)
- Nestlé (Switzerland)
- Abbott (U.S.)
- Mead Johnson & Company, LLC (U.S.)
- Primus Pharmaceuticals Inc. (U.S.)
- Targeted Medical Pharma Inc. (U.S.)
- Fresenius Kabi AG (Germany)
Segment and Application Insights:
Medical foods market is segmented on the basis of nutritional ingredients such as vitamins and minerals, proteins, omega-3, isoflavones, phytosterols, and others. Among all, proteins segment is dominating the market. However, omega-3 is witnessed to be the fastest growing segment in nutritional ingredients used for medical foods since they help lower the risk of heart disease, depression, dementia, and arthritis.
Based on the form, medical foods market is segmented into pills, powder and others. Among all, powder form is dominating the market over the past years. However, pills segment is projected to be growing at the fastest rate which also includes tablets and capsules.
On the basis of ailment, medical foods market is segmented into Alzheimer’s diseases, diabetic neuropathy, nutritional deficiency, depression, and others. Among all, diabetic neuropathy is dominating the market as majority of the diabetic consumers suffer from some kind of neuropathy. However, nutritional deficiency segment is witnessed to be the fastest growing segment over the forecast period based on lack of nutrition level in patients suffering from any of the diseases.
The global medical foods market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). North America is dominating the global market followed by Europe. Increasing awareness of medical foods in the U.S. and growing problem of Alzheimer’s diseases is driving the market for medical foods in this region.
Asia Pacific is projected to be the fastest growing region in which the major contributor is China. Continuous innovation and improved education towards medical foods will positively impact the market for rest of the world.
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Medical Foods Market is segmented on the basis of nutritional ingredients, form, ailment and the region.
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