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Medical Foods Market Trends Analysis, Market Opportunities, Key Players, Share And Forecast To 2033
Medical Foods Market Analysis
The Business Research Company offers in-depth market insights through Medical Foods Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The medical foods market size has grown strongly in recent years. It will grow from $21.35 billion in 2023 to $23.07 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to increased prevalence of chronic diseases, advances in medical and nutritional science, growing aging population, rise awareness of the role of nutrition in managing health conditions, regulatory support for medical foods.
The medical foods market size is expected to see strong growth in the next few years. It will grow to $31.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to growing focus on preventive healthcare, increasing demand for personalized nutrition, expansion of applications in metabolic disorders, advances in nutrigenomics and personalized medicine, rising consumer interest in functional foods. Major trends in the forecast period include development of condition-specific medical food formulations, collaboration between food and pharmaceutical industries, expansion of distribution channels, including e-commerce, integration of digital technologies for personalized nutrition, emphasis on clean-label and natural ingredients in medical foods.
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Market Segmentation:
The medical foods market covered in this report is segmented -
1) By Type: Pills, Powder, Other Types
2) By Application: Alzheimers Disease, Diabetic Neuropathy, Nutritional Deficiency, ADHD, Other Applications
3) By Sales Channel : Retail Sales, Online Sales, Institutional Sales
Major Driver - The Aging Population's Impact On The Growth Of The Medical Foods Market
The increase in the geriatric population is significantly contributing to the growth of the medical foods market. At the molecular and cellular level, aging is caused by the accumulation of a range of biomolecular damage throughout time. This results in a gradual loss of functional capacity, as well as an increased risk of disease and eventually, death. These changes are not linear or continuous, and they have been only distantly related to a person's chronological age. As people get old, their dependency on certain nutritional foods increases especially medical foods to manage their health from chronic and age-related diseases. For instance, in October 2022, according to a report published by the World Health Organization (WHO), a Switzerland-based agency responsible for international public health, one in six people is expected to be 60 or older by the year 2030, in the entire world. By 2050, there will be 2.1 billion people worldwide who are 60 years old or older. Therefore, the increase in the geriatric population is expected to propel the growth of the medical foods market.
Competitive Landscape:
Major companies operating in the medical foods market report are Nestlé SA, Danone SA, Fresenius Kabi AG, Mead Johnson & Company LLC, Primus Pharmaceuticals Inc., Abbott Nutrition Inc., Accera Inc., Ajinomoto Cambrooke Inc., Applied Food Sciences Inc., Axcan Pharma Inc., Cambrooke Therapeutics Inc., Danone Nutricia North America Inc., Health and Happiness (H&H) Group Limited, RFI Ingredients LLC, Scientific Hospital Supplies Ltd, Solace Nutrition LLC, Synthetic Biologics Inc., Targeted Medical Pharma Inc., VAYA Pharma Inc., Baxter Healthcare Corporation, Braun Melsungen AG, DuPont Nutrition & Biosciences, Enteral Nutrition Holdings Inc., Fresenius Medical Care AG & Co. KGaA, Hill's Pet Nutrition Inc., Hollister Incorporated, Intensive care unit Medical Inc., Medtronic plc, Nestlé Health Science S. A., Nutricia North America Inc., Otsuka Pharmaceutical Co. Ltd., Pfizer Nutrition Inc., Koninklijke DSM NV, Stryker Corporation, Total Parenteral Nutrition Solutions Inc.
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Top Trend - Innovative Advancements In The Medical Foods Market
Major companies operating in the medical foods market are developing innovative products such as foods for special medical purposes (FSMP) to meet larger customer bases, more sales, and increase revenue. Foods for special medical purposes (FSMP) are a category of specially formulated food products intended for individuals with specific medical conditions, disorders, or diseases. For instance, in July 2022, Nestle, a Switzerland-based food company, launched Si Yi Su, a food for special medical purposes for individuals dealing with tumor-related conditions. The unique feature of Su Yi Su is its formulation, which includes arginine, fish oil omega-3, nucleotides, and other essential nutritional components. This combination is specifically designed to target inflammation and bolster the compromised immunity of patients.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Medical Foods Market Characteristics
3. Medical Foods Market Trends And Strategies
4. Medical Foods Market - Macro Economic Scenario
5. Medical Foods Market Size And Growth
…..
27. Medical Foods Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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