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Global Medical Foods Market to Grow at a CAGR of 6.0% During 2021-2026, Aided by the Increased Incidences of Chronic Diseases

According to a new report by EMR titled, ‘Global Medical Foods Market Report and Forecast 2021-2026’, the market attained a value of around USD 21 billion in 2020. It is expected to witness a healthy growth in the forecast period, growing at a CAGR of 6.0% between 2021 and 2026 to reach USD 27.8 billion by 2026.

The global medical foods industry is being driven by the increased incidences of chronic diseases. The increased demand for medical foods to aid in the treatment of severe illnesses, including cardiovascular diseases and cancer, among others, is anticipated to bolster the market growth in the coming years. In addition, the increase in health issues due to sedentary lifestyles is also expected to aid the market growth. Moreover, the rising awareness pertaining to the availability of medical foods and the escalating consciousness regarding health and well-being among consumers are predicted to positively impact the market growth in the forecast period.

The rising demand for effective medical food solutions is compelling manufacturers to increasingly invest in the development of quality medical foods that can enhance the overall physical health of consumers. This is anticipated to aid the market growth in the coming years. For instance, in November 2020, Abbott Nutrition (NYSE: ABT) announced the launch of Similac Pro-Advance with 2'-Fucosyllactose Oligosaccharide infant formula in Canada. This formula comprises ingredients identical to the immune component found in breast milk. This formula is expected to help provide nutrition and enhance the immune system of babies who are not being fed exclusively on breastmilk. Moreover, the presence of essential prebiotics in the formula is believed to help in improving baby's digestive health. Such developments are expected to positively impact the growth of the medical foods industry in the forecast period.

Market Breakup by Route of Administration, Product Type, Application, Sales Channel, and Region:

  • The market is divided based on route of administration into oral and enteral.
  • On the basis of product type, the market can be distributed into pills, powders, and others. 
  • Based on application, the industry is segregated into chronic kidney disease, minimal hepatic encephalopathy, chemotherapy-induced diarrhea, pathogen related infections, diabetic neuropathy, ADHD, depression, Alzheimer's disease, nutritional deficiency, orphan disease, and others. Among these, the orphan disease segment can be further divided by type into phenylketonuria, eosinophilic esophagitis, FPIES, and others.
  • The industry is segmented, on the basis of sales channel into online sales, institutional sales, and retail sales.
  • Region-wise, the global market for medical foods can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for medical foods is being driven by the increasing incidences of chronic disorders and the growing hospitalisation rates.
  • The growing awareness about health and well-being and medical foods among consumers has significantly contributed to the market expansion. 
  • The increased investments in the research and development of medical foods production are also aiding the industry growth.
  • The rising investments in the healthcare industry are expected to further propel the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for medical foods for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the routes of administration, product types, applications, sales channels, and regions of medical foods.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global medical foods market are Danone S.A, Nestle S.A, Abbott Nutrition, Targeted Medical Pharma Inc., Primus Pharmaceuticals, Inc., and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players. 

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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