Global Market For Medical Foods Expected To Top Us$ 22 Bn By The End Of 2022
Fact.MR predicts the global sales of medical foods to surpass US$ 32.6 Bn by registering a CAGR of 4% in the forecast period 2022-2032. An increase in the geriatric population across the globe along with the prevalence of diabetes and cancer in North America and Asia Pacific is upsurging the demand for medical foods.
Historically, from 2015 to 2021, the sales of medical foods exceeded US$ 20 Bn by the end of the aforementioned period. Although, the COVID-19 pandemic affected the sales and distribution supply across the globe, the demand for medical foods increased. This is due to the increasing awareness of health care and the need for boosting immunity to stay healthy.
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Furthermore, manufacturers of medical foods are focusing on targeting different age groups and innovating products that would increase the strength of patients. In addition, chemotherapy induced diarrhea has augmented the sales of medical foods. Moreover, growing inclination towards seeking treatment from hospitals has accelerated the sales of medical foods.
Key Takeaways from the Market Study
- By application, chemotherapy induced diarrhoea is expected to account for more than 18% market share for medical foods.
- By distribution channel, institutional sales are expected to hold more than 45% market share for medical foods market.
- Medical foods industry expected to possess nearly 35% market share throughout North America.
- Medical foods industry expected to possess nearly 30% market share throughout Asia Pacific.
- Global market for medical foods expected to top US$ 22 Bn by the end of 2022
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“Growing prevalence of chronic ailments along with the dominance of coronavirus has accelerated the demand for medical foods. New product launches are playing a key role in the escalating demand for medical foods.” states a Fact.MR analyst
The ever increasing demand for medical foods has compelled key manufacturers to consolidate their position in the market, relying on such strategies as offering new product formulations, collaborating with existing market players, or acquiring small or medium scale manufacturers. Some notable developments in this space are as follows:
- In October 2020, Nestle launched a ready-to-drink nutritional food in China for people suffering from indigestion and diarrhoea. The company is focusing on providing solutions for gastrointestinal problems.
- In June 2018, VAYA Pharma launched Vaya plus, a medicine for ADHD patients weighing more than 97 lbs. the company is focusing on providing solution for different ailments by extending its product portfolio.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global medical foods market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
Key Segments Covered in the Medical Foods Industry Report
By Route of Administration
- Oral Medical Foods
- Enteral Medical Foods
- Medical Food Pills
- Medical Food Liquids
- Medical Food Powder
- Other Medical Food Products
- Medical Foods for Chronic Kidney Disease
- Medical Foods for Minimal Hepatic Encephalopathy
- Medical Foods for Diabetic Neuropathy
- Medical Foods for Depression
- Medical Foods for Nutritional Deficiency
- Medical Foods for Chemotherapy Induced Diarrhoea
- Medical Foods for Alzheimer’s Disease
- Medical Foods for Pathogen Related Infections
- Medical Foods for ADHD
- Medical Foods for Wound Healing
- Medical Foods for Chronic Diarrhoea
- Medical Foods for Parkinson’s Disease
- Medical Foods for Severe Protein Allergy
- Medical Foods for Pain Management
- Medical Foods for Other Cancer Related Treatments
- Medical Foods for Constipation Relief
- Medical Foods for Epilepsy
- Medical Foods for Protein Booster
- Medical Foods for Dysphagia
- Medical Foods for Orphan Diseases
- Eosinophilic esophagitis
- Medical Foods for Other Applications
By Distribution Channel
- Online Sales of Medical Foods
- Institutional Sales Medical Foods
- Retail Sales Medical Foods
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