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 size reached a value of US$ 20.69 Billion in 2021. Medical foods are specialty foods formulated to be consumed or administered orally or enterally under the supervision of a professional for the treatment of diseases and to meet nutritional requirements. Their purpose is to provide nutrients and metabolic assistance to those suffering from certain medical conditions. As nutritional supplements, they are rich in phenolics, vitamins, and minerals, and have antibacterial, antifungal, antiviral, antiparasitic, and antitumor properties. The use of medical foods is considered to be an effective way to treat pain, sleep issues, and cognitive difficulties.
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 global market is majorly driven by the increasing measures taken for the dietary management of communicable and non-communicable diseases. This can be attributed to the rising prevalence of viral infections and numerous chronic and neurogenic disorders, such as dementia, stroke, and multiple sclerosis. In addition to this, the growing geriatric population that is susceptible to developing these diseases and requires specific dietary management is providing an impetus to the market. Moreover, the easy availability of naturally sourced and organic medical food products via online and offline organized retail channels is fueling the market growth. The market is further propelled by the growing health consciousness among the masses, along with rising awareness regarding the benefits of specialized medical foods. Some of the other factors contributing to the market include heavy investments in product launch activities by the manufacturers, rapid digitization in the healthcare sector, inflating disposable income levels of the masses and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 29.18 Billion by 2027, exhibiting a CAGR of 5.80% during 2022-2027.
- Based on the product, the market has been segmented into pills, powder, and others. Among these, powder exhibits a clear dominance in the market.
- On the basis of the route of administration, the market has been divided into oral and enteral, wherein the oral route of administration accounts for the majority of the total market share.
- Based on the application, the market has been categorized into ADHD, depression, diabetes, cancer, Alzheimer’s disease, metabolic disorders, and others. At present, diabetes holds the leading position in the market.
- On the basis of the distribution channel, the market has been classified into supermarkets, hospital and retail pharmacies, online pharmacies, and others. Currently, hospital and retail pharmacies hold the leading market segment.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. Presently, North America holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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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