Medical Foods Market
By Administration (Oral, Injection),
By Form (Pills, Liquid, and Powder),
By Application (Cancer, Diabetes, Metabolic Disorder, Neurologic, and Psychological Disorders, Gastrointestinal disorders, Ophthalmology, and Others),
By Sales Channel (E-Commerce, Retail, and Business to Business),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Global Analysis and Forecast 2023-2033.
The global medical foods market to worth more than USD 37 billion by 2033.
Medical foods have particular disease-benefiting nutrients or components that aid in curing or managing a disease condition. Healthy aging and an inclination toward natural approaches to manage overall health are primary factors supporting the growth of medical foods. The medical Food market has grown in recent years due to more awareness around dietary and nutrition roles supporting overall health and disease management. As per current analysis, the market has seen growth in immunity-boosting, healing, heart-improving, and metabolism-enhancing products. These are reflecting the growing concerns towards chronic disease management. WHO also supported the idea of healthy aging in alignment with sustainable goals. It is estimated that resources and costs for disease management are higher as compared to resources and expenses for health management. This implies that expenditures after catching a disease are more elevated than the spending required to maintain health while aging to not see any disease. Medical foods perfectly align with these goals and are witnessing a rise in the market owing to greater awareness.
The companies operating within the Medical Foods industry are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. For instance, Danone Irelands experienced collaboration with food security charity Foodcloud to spread awareness about nutrition education. The partnership would drive awareness about the role of nutrition and food in disease prevention. Furthermore, notable investment towards research and development to launch new and innovative products that support understanding and chronic disorder management at multiple levels is also practiced by industry stakeholders.
According to the CXOs and primary research conducted, COVID-19 disrupted the supply chain dynamics of the medical foods industry while still stimulating awareness about diet and its role in immunity and disease prevention. During COVID-19, there was enough awareness about diets, nutrients, and foods to shield populations from the virus. The understanding and health trends supported the medical foods market post-pandemic.
The Medical Foods market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the Asia-Pacific region will witness the highest market share, followed by Europe, North America, Latin America, and Middle East & Africa. The rising geriatric population, awareness about nutrition and diet coupled with the growing concept of Healthy aging, and major industry players within the region are primary factors supporting market potential within the Asia-Pacific region. The major companies operating within the market are Abbott Laboratories, Danone, Fresenius Kabi, Medtrition, Inc., Mead Johnson & Company, LLC, Meiji Holdings Co., Nestle, Primus Pharmaceuricals, Inc, Targeted Medical Pharma, and Victus, Inc.