How Much Revenue Medical Foods Market Will Generate Globally Till 2030? |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on March 5th, 2024 San Francisco, 05 March 2024: The ReportMedical Foods Market Size, Share & Trends Analysis Report By Route of Administration, By Product (Powder, Pills, Liquid, Other), By Application, By Sales Channel, By Region, And Segment Forecasts, 2024 - 2030 The global medical foods market size is anticipated to reach USD 33.4 billion by 2030, growing at a CAGR of 5.1% during the forecast period, according to a new report by Grand View Research, Inc. Rising geriatric population, prevalence of chronic diseases, a shift toward consuming disease-specific formulas, and a growing demand for neonatal and preterm enteral feeding are some of the factors driving this growth. The oral route of the administration segment dominated the market in 2023. The major factors contributing to this growth include a high preference for oral medical foods owing to the ease of consumption and high commercial viability of products administered orally. In addition, these foods are available in a variety of forms such as pills, powder, puddings, and pre-thickened products, thereby fueling the segment’s growth. In 2023, the powder product segment accounted for the largest revenue share. Factors contributing to the growth include the rising application areas of powdered medical foods, ease of administration, and higher commercial viability. The liquid segment is anticipated to grow at the fastest CAGR from 2024 to 2030, owing to the ease of consumption of liquid-based foods for special medical purposes by the pediatric and geriatric population. The chemotherapy-induced diarrhea emerged as the largest application segment in 2023. Diarrhea caused by chemotherapy treatment is one of the common problems among cancer patients and the rising prevalence of cancer is one of the major reasons for this increasing the revenue share. For instance, according to the National Cancer Institute statistics, about half of the patients develop diarrhea when treated with chemotherapy agents and the rate can reach 80% with respect to certain chemotherapy agents. The institutional sales channel segment dominated the market in 2023. Higher penetration and adoption of oral and enteral medical foods in the healthcare institutions such as clinics, hospitals, and care centers and the rising consumption of these products are some of the major factors contributing to the large revenue share. In addition, the rising demand for such products in inpatient facilities and increasing adoption for such products are boosting the market growth. North America dominated the market with a revenue share of approximately 30% in 2023.. The presence of major players and high revenue generated by them in the region are the key factors contributing to this growth. In addition, strategic developments, the growing prevalence of chronic conditions, and the increasing adoption of medical foods by patients and healthcare professionals are the other factors supporting the growth. Request sample report of Medical Foods Market@https://www.grandviewresearch.com/industry-analysis/medical-foods-market/request/rs1 The market growth is driven by the rising prevalence of chronic diseases like Alzheimer's, ADHD, osteoporosis, osteoarthritis, and central nervous system disorders. Noncommunicable diseases, causing 74% of annual deaths (41 million), prompt global action. The UN's 2030 Agenda aims to reduce noncommunicable disease-related deaths by one-third between ages 30 and 70. Amino acid-based enteral nutrition is applied for conditions like sleep disorders, depression, osteoporosis, fibromyalgia, and PTSD. It's tailored for patients with impaired digestive capacity or specific nutrient needs. Medical Foods Market Report Highlights
Furthermore, the rise in consuming disease-specific formulas is set to boost the market, driven by increasing incidence of targeted diseases and advancements in drug development. Clinical nutrition is increasingly used for personalized treatment, especially in diseases like cancer and cystic fibrosis, where special nutrition is vital to prevent drug interactions. For example, in cystic fibrosis cases, unique digestive enzyme capsules are administered, varying among individuals. Notable companies like Nestlé specialize in personalized clinical nutrition products, offering solutions like Deplin for depression and Metanx for diabetes. Growing product launches and constant innovations by manufacturers are key factors expected to drive product demand. The need for new food to address inherited metabolic disorders and manage incurable conditions is on the rise. For instance, In July 2022, Danone, as stated in the press release, launched the first-ever dairy and plants blend baby formula in response to parents’ demand for vegetarian & flexitarian options for their babies. The consumption of plant-based products is experiencing significant growth, with over one-third (37%) of EU consumers opting for a vegan, vegetarian, or flexitarian diet. In addition, almost 70% (69%) of parents now prefer their children to consume more plant-based foods. Industry experts provide insights on the significance of this product launch: “At Danone, we recognize many parents want to introduce plant-based, vegetarian, and flexitarian options into their baby’s diet, while still meeting their baby’s specific nutritional requirements. Our new Dairy & Plants Blend baby formula has been developed with these needs top of mind.” -Manuela Borella, Vice President, Global Plant Based Strategy & Business Acceleration, Nutricia's parent company Danone In October 2020, Nestle Health Science introduced a protein-based ready-to-drink nutritional food in China for special medical purposes, featuring galactomannan to improve gastrointestinal intolerance. Medical Foods Market Report Scope
Market growth is at a high stage, accelerating in pace. The medical foods market, driven by a surge in chronic diseases, exhibits significant innovation. Key players are engaging in industry consolidation through acquisitions, mergers, and partnerships to expand product reach. For example, ByHeart's acquisition of the Allerton facility from DairiConcepts (a DFA subsidiary) in January 2023 tripled supply capacity and fortified formula production in the U.S. The additional domestic infant formula manufacturing facility, along with ByHeart's existing facilities, positions the company to achieve its annual goal of feeding 500,000 babies. List of Key Players in the Medical Foods Market
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