Evolving Patient Lifestyle Anticipated to Boost the Global Medical Nutrition Market
Medical nutrition is considered as a revolutionary step in the healthcare industry. It aids in understanding the dietary needs of patients undergoing chronic diseases like cancer, diabetes, immune system disorders, and others. The emergence of new and rare diseases and the evolving lifestyle of patients have sparked a massive demand for medical nutrition over the years.
According to a recently published report by Market Research Future (MRFR), the global medical nutrition market is expected to register a 5% CAGR during the forecast period between 2018 and 2023. It is further stated that the global market valuation will reach USD 52,395.3 million from its previous valuation of USD 41,014.8 million.
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April 10th, 2019, it was announced that the National Kidney Foundation will be joining hands with Flavis to promote the advantages that are associated with consuming special dietary foods for patients with chronic kidney diseases.
The global medical nutrition market comprises of various leading players, including
- Mead Johnson Nutrition Company (U.S.)
- GlaxoSmithKline Plc (U.K.)
- Braun Melsungen AG (Germany)
- Sanofi (France)
- Danone Nutricia (France)
- Grifols S.A. (Spain)
- Nestlé Health Science (Switzerland)
- Danisco (Denmark)
- Baxter Healthcare Corporation (U.S.)
- Abbott Nutrition (U.S.)
- Pfizer Inc. (U.S.)
- Bayer AG (Germany)
- and Fresenius Kabi AG (Germany).
The growth of the market can be attributed to the rising awareness level of patients concerning the consumption of certain foods and their positive and negative impacts on their health. The market is also driven by the imperative need for increasing the survival rate among infants. It is reported that the number of malnourished patients coupled with the vast geriatric population are likely to influence the market positively.
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The changing lifestyle cycle directly impacts the general intake pattern. Over-reliance over fast foods and addiction to alcohol and narcotics causes a dip in the overall nutrition amount in the body. This has boosted the market for medical nutrition considerably.
The global medical nutrition market segmentation is based in terms of application, routes of administration, distribution channel, type, and region.
By type, the market includes elderly nutrition, pediatric nutrition, sports nutrition, and parenteral nutrition.
By product type, the market includes lipid emulsion, chamber bags, amino acid solution, trace elements, and multiple vitamins and antioxidants.
By routes of administration includes oral, parenteral, and others.
By application, the market includes renal failure, parenteral malnutrition, pulmonary diseases, diabetes, gastrointestinal diseases, neurological diseases, and cancer.
By distribution channels, the market comprises of compounding pharmacy, e-commerce websites, retail pharmacy, and hospitals.
By region, the medical nutrition market covers prominent regions like the Americas, Asia Pacific, Europe, and the Middle East and Africa.
The medical nutrition market is regionally spearheaded by North America. The regional market is expected to remain the leading contributor owing to the presence of an advanced healthcare industry and the growing prevalence of diseases. These diseases necessitate the need for medical nutritional therapies. Other factors aiding the regional market of North America are the widespread prevalence of lifestyle factors that lead to the occurrence of diseases like obesity, gastrointestinal disorders, and diabetes. The expanding population in the North American region can also emerge out to be an essential factor driving the medical nutrition market. Additionally, the growing geriatric population can also pose to be a major factor driving the market growth in this region.
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Asia Pacific is also anticipated to be one of the major regional markets in the global medical nutrition market during the forecast period. This is primarily due to the expanding population in this region. The rising prevalence of diabetes and cancer is countries like China, India, Indonesia, Japan, and the Philippines is projected to be a likely driver of the market in this region. Also, in recent years, there has been increasing efforts in curbing down the infant mortality rate in the underdeveloped areas of Asia Pacific. This is also expected to play a key role in steering the global market towards growth and expansion in the forthcoming years.
Nutritional products are getting traction from the infant category where parents are ready to shell out more money to keep their children better. Countries with high birth rate are expected to extend the limit of the medical nutrition market. Home care treatment is also getting momentum owing to a deliberate attempt to prevent money from fizzling out in costly hospital treatments. This could ensure further market growth for medical nutrition.
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