According to the latest report by IMARC Group, titled “Medical Foods Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global medical foods market reached a value of US$ 20.7 Billion in 2021. Medical foods are intended to be consumed or administered enterally under the supervision of a physician. Their consumption helps in the specific dietary management of a condition or disease for which distinctive nutritional requirements are prescribed according to a medical evaluation. They are advised to patientswith limited or impaired capacity to ingest, digest, absorb, or metabolize ordinary foodstuffs or certain nutrients on account of therapeutic or chronic medical requirements.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Medical Foods Market Trends:
The growing geriatric population, in confluence with the increasing prevalenceof chronic diseases, represents one of the key factors driving the sales of medical foods across the globe. They help manage symptoms of dementia, multiple sclerosis, and various neurological conditions. Moreover, rising awareness among patients about clinical nutrition is strengthening the growth of the market. Apart from this, the burgeoning e-commerce sector, boosting sales of smart devices and the increasing penetration of the internet haveresulted in the rising purchase of medical foods via online platforms. Other factors propelling the growth of the market includeincreasing funding forresearch and development (R&D) activities by several manufacturers and the rising adoption of healthy alternatives on account of the escalating medical servicescosts.Looking forward, the market is projected to expand at a CAGR of 5.8% during the forecast period (2022-2027).
- Based on the product, the market has been segmented into pills, powder, and other medical foods.
- On the basis of the route of administration, the market has been bifurcated into oral and enteral.
- The market has been analyzed on the basis of the application into attention deficit hyperactivity disorder ADHD, depression, diabetes, cancer, alzheimer's disease, metabolic disorders, and others.
- Based on the distribution channel, the market has been classified into supermarkets, hospital and retail pharmacies, online pharmacies, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Abbott Laboratories, Alfasigma S.p.A., Danone S.A., Fresenius Kabi AG, Mead Johnson & Company LLC (Reckitt Benckiser), Medtrition Inc., Meiji Holdings Co. Ltd., Metagenics Inc. (Alticor), Nestlé S.A., Primus Pharmaceuticals Inc., Targeted Medical Pharma Inc. and Victus Inc.
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