According to the latest report published by Credence Research, Inc. “Medical Foods Market – (Therapeutic Type – Pain Management, Sleep Management, Obesity and Hypertension, Cognitive Disorders, Viral Infections, Neuro-Degenerative Disorders, and Inborn Errors of Metabolism); (Application – Diabetic Neuropathy, ADHD, Depression, Alzheimer’s Disease, Nutrition Deficiency, and others): Market Growth, Future Prospects and Competitive Analysis, 2017-2025,” the market was valued at US$ 9,857.2 Mn in 2016, and is expected to reach US$ 20,023.9 Mn by 2025, expanding at a CAGR of 8.1% from 2017 to 2025.
Medical foods are specialized formulations intended as dietary supplement for specific diseases with unique nutritional needs, which cannot be met with the usual dietary pattern. Medical foods are custom made and are administered enterally. These products are majorly used to treat patients with post-traumatic stress syndrome, osteoporosis, end stage renal disease, infants with NEC, cancer, Alzheimer’s disease and others.
Browse the full report Medical Foods Market: Market Growth, Future Prospects and Competitive Analysis, 2017-2025 report at http://www.credenceresearch.com/report/medical-foods-market
The overall strength of this market lies in the growth in patent awards and growth in recognition of medical foods. Market players are protecting their products with patenting on ingredients or formulation methods. Significant patent activity is being observed in the U.S. market. Nestec, incorporating the R&D of Nestle has filed almost twice as many patents in this field. Other companies such as Abbott Nutrition and Nutricia also significantly feature in this area. Strong market drivers such as growing prevalence of chronic diseases, increasing geriatric population and demand for enteral nutrition and personalized medicine further strengthens the market position of medical foods.
In terms of therapeutic area, inborn errors of metabolism segment was observed as the largest market because medical food is the only recognized therapy for many inborn errors of metabolism identified on newborn screening. It is observed that more than 3000 children born per year require the use of medical foods in the U.S. It is estimated that, due to the rising number of target population and increasing demand for alternate therapies medical foods for neurodegenerative disorders will show fastest market growth during forecast period. Application segment was dominated by diabetic neuropathy due to rampant increase in the prevalence of diabetes worldwide. It is predicted that the number of people with diabetes worldwide will double between 2000 and 2030, almost reaching a pandemic level of 366 million people. The fastest growing segment is Alzheimer’s disease in the global medical foods market for the forecast period 2017-2025, due rising incidence of Alzheimer’s disease.
In the base year 2016, North America dominated the global medical foods market which was followed by Europe. The key market drivers assisting in the growth of North America medical food industry comprises rise in aging population, shifting trend towards enteral nutrition, and increasing demand for personalized medicine. Thus, North America medical food market is expected to maintain its growth throughout the forecast period due to increasing support from nutritionist and physicians as a supplement to drug treatment. Asia Pacific is expected to be the fastest growing region due to growing acceptance towards supplements and enteral nutrition. Moreover, large population of diseases such as diabetes, age related disorders in the region is further fueling the market growth in Asia Pacific.
Market Competition Assessment:
The prenatal vitamin supplements market currently have numerous companies having their products marketed. However, most of the companies are located in the North America and others developed regions. The companies have untapped opportunities in the developing regions of Asia Pacific and Latin America. Companies are coming up with various products in the developed nations due to high acceptance and accessibilities of these products. Packaged foods giant Nestlé S.A. is expanding its footprint in the global nutrition sector by tapping into market for medical foods with prescription-based powders and drinks intended to meet specific nutritional requirements to treat diseases. The major companies in the medical food market include Abbott Laboratories, Nestle S.A., Danone S.A., Fresenius Kabi, Valeant Pharmaceuticals, Entera Health, Metagenics, Inc., Mead Johnson & Company and Others.
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