Factors contributing to the CAGR are high prevalence of the disease and growing nutritional disorders. Furthermore, key factors such as technological development, agreements and product launches are fueling the market growth of medical foods
Market Size – USD 17.27 Billion in 2018, Market Growth – CAGR of 6.9%, Market Trends – Product Launches and Research for Advanced Tech Developments
NEW YORK, June 10, 2019 (GLOBE NEWSWIRE) -- Based on current analysis the global medical foods market was valued at USD 17.27 billion in 2018 and is expected to reach USD 29.54 billion by 2026, at a CAGR 6.9% Medical foods are planned for specific dietary management of a disease or a condition for which distinctive nutritional requirements, based on recognized scientific principles are established by medical evaluation. It is mandatory to consume medical foods under the supervision of a physician. Medical foods are to be consumed or administered enterally.
Specially formulated and intended for the dietary management of a disease that has distinctive nutritional needs that cannot be met by normal diet alone are known to be medical foods. Medical foods are not required to undergo premarket review or approval by FDA. Besides, they are relieved from the labeling requirements for health claims and nutrient content claims under the Nutrition Labeling and Education Act of 1990. Medical foods are customized for both pediatric and adult use and are available in a variety of forms, including powders, liquids, capsules, tablets, and bars. Moreover, they are specialized blends of macronutrients, vitamins, minerals, phytochemicals, and botanicals or preparations composed of a single nutrient.
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The rising elderly population is a major driver for the global medical foods market. They are more likely to advance nutritional disorders as well as to fall prey to other diseases that affect their capacity to absorb nutrients from their diet. Nutrition deficiency disorders are also more common among the geriatric demographic than in other patient classes, leading to the elderly population becoming a key consumer sector for the global medical foods market. The increasing prevalence of diabetes across the world is another key driver for the global medical foods market.
Moreover, technological progressions have abridged the cost of enteral drug administration, making it profitable. North America is expected to dominate the market with a market share of xx% during the forecast period.
Further key findings from the report suggest
- Due to high disease prevalence, diabetic neuropathy held the largest market share of 51.1% in 2018. Also, chronic kidney disorder is expected to emerge with the fastest CAGR of 6.6%
- In the United States, Alzheimer is the 6th leading cause of death. An estimated 5.8 million Americans of all ages are living with Alzheimer's dementia in 2019. This number includes an estimated 5.6 million people age 65 and older and roughly 200,000 individuals under age 65 who have younger-onset Alzheimer's
- Worldwide, 300 million people of all ages are suffering from depression. Depression is termed to be leading cause of disability around the world and is a key contributor to the overall global burden of disease
- VAYA Pharma, Inc. introduced Vayarin Plus, extending its medical food offerings. The extra-strength formula in Vayarin, is indicated for the clinical dietary management of ADHD in adolescents and adults weighing over 97 lbs. Constant innovations and new product launches by leading manufacturers are the major factors boosting the demand for medical foods market
- Orally administered medical foods accounted for the highest market share and are projected to maintain the dominance in future owing to ease in administration and their marketable probability. Enteral route of administration of medical foods registered highest CAGR and will continue to grow faster during the forecast period
- Institutional sales of medical foods accounted the highest market revenue in the market while, online sales are expected to register the highest CAGR of 8.9% during the forecast period
- North America is dominating the market with the largest market share of 44.0% due to technological developments, high prevalence of the target disease and overall awareness among the people to avoid further complexities caused by these diseases
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Segments covered in the report:
This report about global medical foods market forecasts revenue growth at a global, regional and country level also, provides an analysis on the industry trends in each of the sub segments from 2016 to 2026. For the purpose of this study, the market is segmented on the basis of type, applications, administration, sales channel and regions:
Type (Revenue in USD Million; 2016–2026)
- Pills and tablets
- Powder
- Others
Applications (Revenue in USD Million; 2016–2026)
- Chronic kidney disease
- Minimal hepatic encephalopathy
- Chemotherapy-induced diarrhea
- Pathogen-related infections
- Diabetic neuropathy
- ADHD
- Depression
- Alzheimer's disease
- Nutritional deficiency
- Orphan diseases
- Phenylketonuria
- Eosinophilic esophagitis
- FPIES
- Others
- Other
Route of Administration (Revenue in USD Million; 2016–2026)
- Oral
- Enteral
Sales Channel (Revenue in USD Million; 2016–2026)
- Online Sales
- Institutional Sales
- Retail Sales
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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