Medical Foods Market
Medical Foods Market (Product Type: Pills, Powder, Liquid, and Others; Application: Diabetes, Cancer, Neurological & Psychological Disorders, Metabolic Disorders, Pain Management, Gastrointestinal Disorders, Ophthalmology, and Others; and Distribution Channel: Pharmacies & Drug Stores, Online Channels, Supermarkets & Hypermarkets, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Growth in Demand for Health Foods Boosts Market Growth amidst COVID-19 Pandemic
Since consumers have become conscious about their health amidst the coronavirus (COVID-19) pandemic, companies in the medical foods market are increasing efforts to market their products that assure immunity boost. Since several medical foods are commercially available, it has become easier for manufacturers to promote their products through advertisements. On the other hand, analysts at the Transparency Market Research opine that China’s import and export of health foods will remain constant in the upcoming months.
The China Chamber of Commerce for Import & Export of Medicines & Health Products (CCCMHPIE) claims that the demand for medical foods is expected to register a slight growth in 2020. However, insufficiency in raw materials might temporarily affect supply chains in China. Manufacturers are hoping for the COVID-19 pandemic to subside so that global supply chains resume at a normal pace and the medical foods market can grow.
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Innovative Protein Substitutes Gain High Demand in Pediatrics Domain
The high prevalence of patients with metabolic disorders in the U.K. have become a growing concern for medical insurance companies due to a rise in insurance claims. Hence, companies in the medical foods market such as leading pharmaceutical company Galen announced the launch of PKU EASY Microtabs for patients with metabolic disorders in February 2020. Such product offerings are bolstering the growth for the medical foods market, which is estimated to reach a value of ~US$ 33.3 Bn by 2030.
The revenue of metabolic disorders is projected for exponential growth in the market for medical foods. Hence, pharmaceutical companies are introducing palatable alternatives to conventional protein substitutes available in the market. These innovative protein substitutes are targeting toward children aged eight and above in order to manage incurable medical conditions such as phenylketonuria. Since high number of babies every year are born with inherited metabolic disorders, companies are increasing their focus to innovate in new protein substitutes.
Companies Target Nutritionally Complete Medical Foods to Prevent Malnutrition in Individuals
Apart from metabolic disorders, companies in the medical foods market such as producer of functional nutrition solutions SternLife, is acquiring proficiency to produce supplementary medical foods for the prevention of malnutrition. The demand for nutritionally complete medical foods is surging in patients suffering from malnutrition. As such, companies in the medical foods market are increasing their production capabilities in bars, powders, and thickening agents. This is evident since the revenue of powdered products is expected to register aggressive growth in the market for medical foods.
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Emerging pharmaceutical companies are collaborating with key market players to help the latter expand their private label clinical nutrition offerings. They are increasing efforts to provide full service assistance by gaining efficacy in the formulation of medical food supplements.
Companies Invest in Innovation Centers Aiming to Introduce Locally Manufactured Products
Leading company Nestlé Health Science is advancing in the domain of nutritional therapy and has announced to invest in a product innovation center in the Taizhou, Jiangsu province of China, to tap into opportunities in the clinical nutrition sector. This explains why the revenue of Asia Pacific is predicted to take an aggressive leap in the medical foods market. As such, innovation centers in China are collaborating with clinical nutrition centers of the U.S. in order to advance in core R&D technologies.
Companies in the medical foods market are innovating to develop localized product offerings that resonate with China’s national standards and consumer needs. They are increasing efforts to comply with regulations involved with Foods for Special Medical Purposes (FSMPs) in China. As such, companies are capitalizing on the growing demand for locally manufactured products, whilst high approval rates for infant and baby formula products are generating incremental opportunities for companies in China.
Post Market Enforcement Tools Help Increase Availability of Quality Products
The medical foods market is slated to progress at a robust CAGR of ~6% during the forecast period. However, stringent regulations regarding medical foods such as prevention of adulteration and compliance with Current Good Manufacturing Practice (CGMP) regulations are posing as a barrier for product approvals. Hence, companies in the medical foods market are increasing efforts to refer published guidelines issued by the FDA (Food and Drug Association) that highlight some of the frequently asked questions of manufacturers. Such FAQs and other guidelines are helping manufacturers to gain better understanding of regulations.
Since the FDA uses tools such as adverse event report monitoring for post market enforcement, consumers can be assured of quality product consumption. Hence, manufacturers are adopting post market enforcement strategies in order to comply with food safety regulations.
Leniency by FDA for Health Claims to Boost Uptake of Products
Microbes and medical foods are gaining commercial importance in the global market landscape. Companies in the medical foods market are increasing their R&D muscle to develop products that meet requirements of the FDA such as products intended for oral intake or administered enterally. They are innovating in products that cater to distinctive nutritional requirements and are based on recognized scientific principles in order to boost uptake of products. Other opportunities such as leniency by the FDA for health claims in products are helping manufacturers to effectively market their products.
Companies are getting involved in careful planning activities to adequately substantiate the health claims in products. On the other hand, manufacturers are increasing their production capabilities to introduce modified carbohydrate and fat enteral formula that are designed for people with chronic obstructive pulmonary disease (COPD), cystic fibrosis, or respiratory failure.
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Companies in the medical foods market are optimistic for revenue growth in the second half of 2020, as COVID-19 is likely to subside in the upcoming months. As such, manufacturers are adopting inorganic strategies such as company acquisitions in order to expand their global reach and maximize their product portfolio.
Health claims are helping companies to increase the commercial uptake of their products. However, the pressure of truthful and non-misleading health claims are emerging as barriers in product launches. Hence, companies should conduct randomized and placebo-controlled clinical trials using the medical foods to gain FDA approval in order to meet substantiation requirements of the FDA.
Medical Foods Market: Overview
- According to the latest report published by Transparency Market Research on the global medical foods market for the historical period 2018–2019 and forecast period from 2020 to 2030, high demand for medical food products is projected to be a major driver of the global medical foods market during the forecast period
- The global medical foods market was valued at US$ 18 Bn in 2019 and is anticipated to expand at a CAGR of ~6% from 2020 to 2030
- The report analyzes the current and future scenario of the global medical foods market
- The global medical foods market report comprises an elaborate executive summary, which includes a snapshot that provides information about various segments of the market. It also provides information and data analysis of the global medical foods market with respect to the segments based on product type, application, distribution channel, and region.
- A detailed qualitative analysis of drivers, restraints, and opportunities of the global medical foods market has been provided in the overview section. Additionally, the section comprises competitive matrix and company profiles, along with business overview to understand the competition landscape of the global medical foods market.
- This section of the report also provides market attractiveness analysis by region and market share analysis by key players, thereby presenting a thorough analysis of the overall competitive scenario in the global medical foods market
Medical Foods Market: Key Drivers
- Providing adequate nutritional support is a central component for the care of prolonged or chronically ill patients. Hence, demand for clinical nutrition is constantly increasing among patients with chronic disorders such as gastrointestinal disorders, short bowel syndrome, ischemic bowel disease, Crohn’s disease, and renal failure. Rise in prevalence of these diseases drives the demand for medical foods.
- Statistics from various government organizations indicate that incidence of chronic diseases such as gastrointestinal disorders and chronic kidney diseases is increasing rapidly
- For instance, incidence of inflammatory bowel diseases such as Crohn's disease and ulcerative colitis is rising. This drives the demand for medical food products across the globe. As per the statistics provided by the Crohn’s & Colitis Foundation of America, around 1.6 million people in the U.S. have Crohn's disease or ulcerative colitis. The organization also stated that more than 70,000 new cases are diagnosed with Crohn's disease and ulcerative colitis in the U.S. each year.
- Moreover, the National Kidney Foundation stated that around 10% of the world’s population is affected by chronic kidney disease each year. The Centers for Disease Control and Prevention also noted that more than 20 million people in the U.S. have chronic kidney disease each year.
- Hence, factors and statistics mentioned above indicate that increase in incidence of various chronic disorders is likely to fuel the growth of the global medical foods market
Rise in Cases of Malnutrition
- Malnutrition is when the body is not able to get enough nutrients, which may be caused due to poor diet, chronic diseases, or digestive conditions. The effects of malnutrition on morbidity result chiefly from delayed wound healing, decreased functional status, impaired immune function, and convalescence from illness.
- Oncology patient groups are at high risk of malnutrition. Multiple studies have found that malnutrition is a considerable financial drain on healthcare systems, as it affects 70% of hospitalized patients across the world. The high cost burden is caused due to frequent hospital visits, extended hospital stays, and a greater risk of complications.
- Parenteral nutrition plays a significant role in cases where malnourished patients need to be administered nutrition; however, enteral nutrition is inadequate to meet their body nutritional requirements
- Rise in prevalence of malnutrition coupled with an increased use of nutrition for cancer treatment is expected to propel the global market
Medical Foods Market: Key Segments
- In terms of product type, the global medical foods market has been classified into pills, powder, liquids, and others
- Based on application, the global medical foods market has been categorized into diabetes, cancer, neurological & psychological disorders, metabolic disorder, pain management, gastrointestinal disorders, ophthalmology, and others
- Based on distribution channel, the global medical foods market has been categorized into pharmacies & drug stores, online channels, supermarkets & hypermarkets, and others
- The market size and forecast for each of the segments have been provided in terms of US$ Mn from 2018 to 2030, along with their respective CAGRs for the forecast period from 2020 to 2030, considering 2018 as the base year
Medical Foods Market: Regional Outlook
- Geographically, the global medical foods market has been segmented into four major regions: North America (the U.S. and Canada), Europe (the U.K., Germany, France, Spain, Italy, and Rest of Europe), Asia Pacific (China, India, Japan, Australia & New Zealand, and Rest of the Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa)
- The market size and forecast for each of these regions and the mentioned countries/sub-regions have been provided for the period from 2018 to 2030, along with their respective CAGRs for the forecast period from 2020 to 2030, considering 2018 as the base year. The research study also covers the competitive scenario in these regions.
Companies Mentioned in Report
- The report also profiles the following major players in the global medical foods market based on various attributes such as company overview, financial overview, product types, business strategies, and recent developments. These include
- Nestlé S.A.
- Danone S.A.
- Abbott Laboratories
- Fresenius SE & Co. KGaA,
- Targeted Medical Pharma, Inc.
- Primus Pharmaceuticals, Inc.
- Reckitt Benckiser Group plc
- Meiji Holdings and Co., Ltd.
- Cerecin Inc.,
- Metagenics, Inc.
Medical Foods Market – Scope of the Report
TMR’s report on the global medical foods market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides the revenue of the global medical foods market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global medical foods market for the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ literature, annual reports, press releases, and relevant documents to understand the global medical foods market. Secondary research also includes Internet sources, statistical data from government agencies, websites, and trade associations. Analysts have also employed a combination of top-down and bottom-up approaches to study various phenomena in the global medical foods market. The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Additionally, the report sheds light on the changing competitive dynamics in the global medical foods market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global medical foods market. The next section of the global medical foods market report highlights the USPs, which include drivers & restraints affect analysis, value chain analysis, key mergers & acquisitions, regulatory scenario, disease prevalence, and incidence rate on top players operating in the market for medical foods, and qualitative analysis of medical foods.
Key Questions Answered in Medical Foods Market Report
- What will be the sales/revenue generated by different medical foods product types across all the regions during the forecast period?
- What are the major drivers, restraints, and opportunities of the global medical foods market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which segment will have the highest revenue globally in 2027 and which product type segment will expand at the fastest CAGR during the forecast period?
Medical Foods Market – Research Objectives and Research Approach
The comprehensive report on the global medical foods market begins with an overview of the market, followed by the scope and objectives of the study. The report provides detailed explanation of the objectives of the study and health care compliances laid down by accredited agencies in the purview of research in the global medical foods market. It is followed by market introduction, market dynamics, and an overview of the global medical foods market, which includes the TMR analysis of market drivers, restraints, and trends affecting the growth of the global market. Moreover, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the global medical foods market. For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section further divided into smaller ones. The entire report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the entire compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period. Revenue generated by key medical foods manufacturers has been mapped to ascertain the size of the global medical foods market in terms of revenue. The forecast presented here assesses the total revenue generated by medical foods.
The report also delves into the competition landscape of the global medical foods market. Key players operating in the global medical foods market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standing, recent developments, and SWOT are some of the attributes of players profiled in the global medical foods treatment market report.
Medical Foods Market – Segmentation
The report analyzes the global medical foods market based on product type, application, distribution channel, and region. Key segments under each criteria have been studied at length and the market share for each of these at the end of 2027 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the global medical foods market.