Asia Pacific Medical Foods Market Size Is Projected To Reach USD 9.9 Billion By 2030Posted by Neha Bora on October 18th, 2022 San Francisco, 18 Oct 2022: The Report Asia Pacific Medical Foods Market Size, Share & Trends Analysis Report By Route Of Administration, By Product Type, By Application, By Sales Channel, By Region, And Segment Forecasts, 2022 - 2030 The Asia Pacific medical foods market size is anticipated to reach USD 9.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 6.4% from 2022 to 2030. The rapid rate of urbanization and increasing geriatric population has created a need for managing diseases that affect the older population as well as those with sedentary lifestyles. Based on route of administration, the oral segment accounted for the largest revenue share of 69.0% in 2021. The majority of the medical foods available are for oral consumption. The ease of administration and rising consumer demand contribute to the largest market share of this segment. The enteral route of administration registered the fastest CAGR of 6.8% from 2022 to 2030. The growing population suffering from diseases that render them unable to consume food orally has led to this growth. Enteral feeding has been proving effective in several cases, with better absorption of nutrients and lesser contamination rates. In the product type segment, powder formulations recorded the largest revenue share of the market in 2021. The majority of product offerings currently available in the market are in powder formulations. Easy storage and longer shelf life of these products are one of the key factors leading to the wider adoption of this product type. The liquid formulations segment is expected to register the fastest growth over the forecast period, as the key players are diversifying their product portfolios to cater to larger populations. This segment is expected to have maximum growth potential in the medical foods industry. In 2021, chemotherapy-induced diarrhea accounted for the largest revenue share in the application segment, due to the high burden of cancer and the need for proper management of the disease. Nutritional supplementation through medical foods has become necessary in the management of cancer, thus driving the growth in demand for medical foods in this segment. The diabetic neuropathy segment is expected to register the fastest CAGR during the forecast period. This is due to the rise in prevalence of the disease in the rapidly developing nations in the Asia Pacific (APAC) and the increasing demand for nutrient-rich foods for the management of this condition. In 2021, institutional sales accounted for the largest revenue share in the sales channel segment. APAC is still an untapped space with a huge potential for growth, the primary channel for the purchase of medical foods is through doctors in clinics and health centers that rely on medical representatives which are hired by market players for distribution of the product. The online platform is expected to witness the fastest CAGR in the forthcoming years, due to the rising awareness about the benefits of medical foods in disease management. Major market players are increasing their reach by diversifying their distribution channels and collaborating to sell their medical foods products online, directly to consumers. The COVID-19 pandemic adversely affected the growth of the APAC medical foods market, because the majority of the medical food products in the market are being imported from other countries, with the trade restrictions in place the supply chain was severely affected. The market is expected to pick up, as the demand for these products has been increasing due to the deteriorating health of people and the growing geriatric population. Access Research Report of Asia Pacific Medical Foods Market @ https://www.grandviewresearch.com/industry-analysis/asia-pacific-medical-foods-market-report Asia Pacific Medical Foods Market Report Highlights
List of Key Players in the Asia Pacific Medical Foods Market
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