The global medical foods market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). Medical foods contain highly purified, food-based therapeutic ingredients, specially formulated for the dietary management of specific diseases. The rise in the prevalence of chronic diseases such as tuberculosis, diabetes, cancer, and more is anticipated to drive the global medical food market. For instance, according to World Health Organization (WHO), in 2020, an estimated 10 million people fell ill with tuberculosis (TB) globally, out of which 5.6 million are men, 3.3 million are women and 1.1 million are children. Further, according to International Diabetes Federatio,(IDF), in 2021, approximately 537 million adults (20-79 years) are living with diabetes. Further, the total number of people living with diabetes is anticipated to rise to 643 million by 2030. Furthermore, according to WHO, an estimated 17.9 million people fatalities occurred due to CVD in 2019, representing 32% of all global falities.
Looking towards the demand for medical foods, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in February 2020, POA Pharma had launched PKU Easy Microtabs in the UK. PKU Easy Microtab is a medical food for people suffering from a rare, inherited metabolic disorder. It provides an alternative to other protein substitutes, to assist patients of 8 years and above in managing incurable conditions.
In June 2019, Ironshore Pharmaceuticals Inc, a wholly-owned subsidiary of Highland Terapeutics Inc had announced the launch of Jornay PM (methylphenidate HCI).Jornay PM is a CNS stimulant approved by USFDA for the treatment of ADHD in patients 6 years and older. Thus , such launches are anticipated to drive the demand for the medical foods market globally.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Route of Administration
- By Product
- By Application
- By distribution channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– Nestle S.A, Danone S.A, Primus Pharmaceuticals, Inc., and Abbott Laboratories among others.
A full report Medical Foods Market of is available at: https://orionmarketreports.com/global-medical-foods-market/93876/
Global Medical Foods Market Report by Segment
By Type
- Oral
- Parenteral
By Product
- Pills
- Powders
- Others
By Application
- Chronic Kidney Diseases
- Diabetes Neuropathy
- ADHD
- Minimal Hepatic encephalopathy
- Chemotherapy-Induced Diarrhea
- Nutritional Deficiency
- Others
By Distribution Channel
- Online Distribution
- Retail Distribution
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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