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The global medical foods market size is anticipated to be worth USD 33.5 billion by 2030 and exhibit a 5.2% CAGR. Factors expected to propel this growth during the forecast period are the prevalence of communicable and non-communicable disorders as well as a rise in the dietary management of these diseases. Medical foods provide nutritional benefits as a part of dietary management to overcome diseases whichdiseases, which is intended to boost the demand for medical foods.
There has been a rise in both the sarcopenia population and the geriatric population, and this is the major driving factor for the industry’s growth during the forecast period. For instance, the sarcopenia population in Europe is expected to increase by 12.9% by 2045 as per the research conducted by the University of Liege. Likewise, the geriatric population suffering from various illnesses such as difficulty in swallowing, occurrences of stroke, dementia, and various sclerosis is likely to increase the demand for medical foods. For instance, according to a report by WHO, the global population of the age group 60 years and above is anticipated to increase to 22% by 2050.
Owing to the COVID-19 impact in 2020, there has been a rise in the adoption of clinical food for the purpose of nutritional support and dietetic care. According to a published article in The House, medical foods are constituted to play an essential role in the rehabilitation and recovery process of patients impacted with diseases. Additionally, an increase in the demand for critical care resulted in the contribution of organizations to develop strategic initiatives for the industry’s growth. For instance, in January 2020, Nestle acquired Zenpen by initiating an asset purchase agreement with the aim to strengthen its clinical nutrition business.
In terms of segment, the industry witnessed a high demand for medical foods in the oral segment over other segments due to the frequent practice of the oral route that is required for clinical food administration. This is one of the major factor that is likely to drive the industry growth in the given forecast period. For instance, modulen as a medical food product launched by Nestle is favorable for the successful restoration of nutritional essentials in patients impacted with Crohn’s disease.
Region wise, North America is anticipated to foresee huge growth in terms of revenue share based on the profit generated from the international organizations that are present in the region. For instance, in 2020 during the COVID-19 pandemic, Abbott Laboratories witnessed a 3.2% revenue growth and further continued to develop strategic initiatives to expand its foothold in the market as well as strengthen its penetration. Therefore, such a contribution from international organizations is likely to boost the industry’s growth during the forecast period.
High demand for medical foods by healthcare professionals and patients, and market acquisition activities are compelling key players to uphold a powerful position in the medical foods market. Key players have successfully adopted various strategies such as geographic expansion and investments in product launches. For instance, Nestle Health Science acquired IM Health Science in August 2020 with the objective to increase its medical food portfolio. Additionally, the focus to develop new products and promotion and marketing efforts by manufacturers are likely to increase revenue share during the forecast period.
Research Support Specialist, USA