Global Medical Nutrition Market is expected to reach USD 52,395.3 Million by 2023 from USD 41,014.8 Million in 2018. It is projected that the market would be register around 5% CAGR over the forecast period (2018 – 2023).
Medical nutrition has emerged as a significantly growing market globally due to the rising trend of medical nutrition therapy. Increasing prevalence of chronic diseases and sports & accidental injuries that require additional nutrients for the speedy recovery drive the market, majorly. Also, rising incidents of lifestyle diseases, including heart conditions, stroke, obesity, diabetes, and the diseases associated with smoking, alcohol, and drug abuse, foster market growth.
Additionally, the increasing geriatric populace and growing uptake of infant & child nutrition provide impetus to the growth of the market. A widespread awareness is seen among people about the benefits of medicated foods and beverages. It is also believed that medical/ clinical nutrition can lower the risk of many diseases and disorders. Statistics show that consuming a multivitamin can lower the risk of cancer, slightly. As a result, people are increasingly including medical nutrition to their diet plan.
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On the other hand, the high prices of these nutrition due to the fluctuating prices and demand-supply gap in the raw materials needed for the production of medical nutrition are the major factors impeding the growth of the market. Also, other technical criticalities such as unfavorable reimbursement policies enforced by the governments in various countries and stringent FDA regularities obstruct the market growth up to some extent.
Simultaneously, low-cost, counterfeit products are affecting the sales of good brands, taking them off the shelves. Nevertheless, increasing numbers of health clubs & fitness centers, alongside the expansion of distribution channels, would support the Medical Nutrition Market growth through the assessment period.
Medical Nutrition Market Segmentation
MRFR has segmented the report into six dynamics to widen the scope of understanding,
By Type: Sports Nutrition, Elderly Nutrition, Pediatric Nutrition, Parenteral Nutrition, and others.
By Product Type: Multiple Vitamins, Amino Acid Solutions, Antioxidants, Lipid Emulsions, Chamber Bags, Trace Elements, among others.
By The Route of Administration: Parenteral, Oral, and others.
By Application: Cancer, Pulmonary Diseases, Gastrointestinal Diseases, Diabetes, Obesity, Pediatric Malnutrition, Renal Failure, Neurological Diseases, and others.
By Distribution Channel: Hospitals, Compounding Pharmacy, Retail Pharmacy, E-Commerce Websites, and others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Medical Nutrition Market Geographical Analysis
North America accounts for the largest share in the global medical nutrition market, attributing to the increasing prevalence of chronic diseases and the presence of notable manufacturers. Besides, the rising numbers of health-conscious populaces help to increase clinical nutrition market share in the region. Also, North America is a hub for a wide variety of organized sports, and professional sports are a huge part of the US culture & society. The presence of significant numbers of athletes alongside the growing number of sports injuries creates a vast market demand for sport as well as clinical nutrition.
The medical nutrition market in Europe takes the second position in the global market. Owing to the huge patient pool for chronic diseases and the widespread awareness about the benefits of clinical nutrition, the region is expected to witness substantial growth during the review period. Besides, the world’s largest sports nutrition sector positively impacts the medical nutrition market size in the region. Simultaneously, factors such as the increasing per capita income and growing trend of health & fitness, alongside the presence of world-class fitness and athletics training centers, provide a tremendous impetus to the regional market growth.
The Asia Pacific is an emerging market for medical nutrition, which is attracting foreign investors, hugely. The huge population that is increasingly gaining awareness about the benefits of clinical nutrition drives the market growth in the region. Additionally, the improving economy is increasing the size of the nutrition market size significantly.
Medical Nutrition Market Competitive Analysis
The well expanded medical nutrition market appears to be highly competitive with the presence of several major players operating at a global level. These players compete with each other based on their reputation, product differentiation, pricing, and portfolio. The competitive strength of these players depends on product precision, pricing, product reliability, and versatility. Competition in the market is expected to get intensified with the rising extensions in new product developments and variations.
Medical Nutrition Market Players:
Players leading the global medical nutrition market include Baxter Healthcare Corporation, Nestle Health Science, Sanofi, Pfizer Inc., GlaxoSmithKline PLC (GSK), Abbott Nutrition, Mead Johnson Nutrition Company, Danone Nutricia, Danisco (DuPont), Bayer AG, Grifols SA, Fresenius Kabi AG, and B. Braun Melsungen AG, among others.
Industry/ Innovation/ Related News:
Baxter International Inc. (the US), a Fortune 500 health care company, announced entering into a definitive agreement to acquire Seprafilm Adhesion Barrier and related assets from Sanofi SA (France), a multinational pharmaceutical company.
Through this agreement, Baxter reinforces Its continued focus on acquiring products and technologies that have a strong strategic fit with its leading portfolio across the healthcare sector. The transaction worth a cash purchase price of around USD 350 MN and is expected to close by the first quarter of 2020, following the satisfaction of closing conditions.
RDD Pharma (the US), a specialty drug company, announced the signing of a non-binding LOI to acquire Naia Rare Diseases (the US), a development-stage biopharmaceutical company.
RDD Pharma is focused on orphan and innovative therapies for gastrointestinal disorders and develops targeted pharmacological treatments for anorectal diseases. Naia Rare Diseases develops drugs for Short Bowel Syndrome and other rare gastrointestinal diseases.
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