According to recently updated market intelligence report, the “Global Medical Foods Market” will exceed US$ 17.5 Billion by 2028. The industry is characterized by cutthroat competition and well distribution networks. It will register significant growth to create higher revenue opportunity.
Bekryl has revised the growth forecast for 2019 and 2020, citing strong sales in first half of 2018 and launch of various new products in the market.
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Key excerpts from the intelligence report:
North America to Dominate the Global Medical Foods Market till 2025: North America is estimated to account for 33% of global sales in 2018. The region is well equipped with healthcare infrastructure and possess higher healthcare spending than rest of the world. Consumers are more aware about medical foods benefit as compared to that in developing regions. As such, many players are capitalizing on the region to ensure higher ROI. There are over 60 companies operational in the region.
- In 2017, Ajinomoto Corp, Inc. has acquired equity position in Cambrooke Therapeutics for nearly USD 64 million.
- Another leading company – BASF Corporation – entered in distribution agreement with DIEM Labs LLC to commercialize its first U.S. medical food products for Non-Alcoholic Fatty Liver Disease (NAFLD) patients.
While the region will continue to dominate the sales revenue, it will lose its market share to emerging regions by 5.45% by 2028.
Asia Pacific Medical Foods Market to Surpass North America and Western Europe Sales by 2026: Asia Pacific is expected to gain 7.8% market share by end of forecast period. Growth in the region is primarily driven by increasing sales in China and India. China offers huge untapped market opportunity for industry players. This could be evaluated from the fact that there are over 123 Million geriatric population in China requiring healthy diet supplements and medical foods for higher quality of life. Many leading players are already emphasizing on distribution network and product launch in the region.
- In May 2018, Nestle invested US$ 151.3 Million in two new factories in China. The strategic decision was taken as a part of increasing medical foods offerings in China and neighboring countries. Company is focusing on developing protein based liquid nutritional supplement in these factories.
New Entrants are Likely to Emerge in Medical Foods Market: Regularization of medical foods has led to emergence 0f many new players in the market. While few players are focusing on enhancing distribution channel, others are emphasizing on product R&D to ensure long term sustainability. For instance, BASF entered the Medical foods market in 2017. Such developments could potentially prove a challenge to already established players.
Medical foods market outlook is set to be competitive in future owing to increasing demand and emerging small scale players. Opportunity will exist due to large presence of geriatrics population. Personalized medicine is also acting as a major catalyst for medical foods demand.
Explore Key Medical Foods Market Insights: https://bekryl.com/industry-trends/medical-foods-market-size-analysis
The industry is gaining wide scale recognition with few products coming in capsules form. Companies are spending on marketing strategies to assure the success rate. These players are distributing information sheets as well as conducting various seminars to bridge the gap regarding awareness. As such, Medical foods market is set to create lucrative market opportunity for industry players provided the companies adopt winning strategies.
Few Companies profiled by the Bekryl are:
- Primus Pharmaceutical
- Mead Johnson Nutrition
- Norsa Pharma
- Glycemicon AG
The report offers revenue analysis by:
- Diabetic Neuropathy
- Alzheimer Disease
- Eating Disorders
- Surgery and Trauma
By Product Type:
- Pills and Tablets
- Other Products
By Route of Administration:
Historical Data Analysis: 2014-2017
Base Year: 2018
Forecast Period: 2019-2028
Company Name: Bekryl Market Analysts
Contact Person: Burke B.
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City: New York
State: New York
Country: United States