According to the latest research report by the Transparency Market Research, the global medical foods market was evaluated at US$ 18 billion in 2019. The report also predicts that the global medical foods market will foresee a substantial growth rate of 6 % over the forecast years i.e. 2020 to 2030. It also predicts that the global medical foods market will surpass the evaluation of US$ 33.3 billion by the end of the forecast period i.e. 2030.
The increase in the cases of malnutrition are propelling the demand for effective products and healthcare solutions in the global medical foods market. Furthermore, the increasing demand for enhanced and pure patient nutrition is also bolstering the demand within the global medical foods market. On the other hand, stringent regulations and guidelines pertaining to medical foods, put in place to prevent adulteration as well as comply with current good manufacturing practice regulations are anticipated to hamper the development within the global medical foods market in coming years.
Rising Instances of Metabolic Disorders Create High Demand in Medical Foods Market
The types of products offered by the manufacturers and players functional within the global medical foods market include powders, liquids, and pills, among others. Some of the leading applications for the products and solutions provided by the manufacturers and players operating within the global medical foods market include cancer, metabolic disorders, gastrointestinal disorders, diabetes, psychological and neurological disorders, pain management, and ophthalmology, among others. The rising instances of metabolic disorders is providing manufacturers and players in the global medical foods market will various revenue grab opportunities. Players in the global medical foods market are focusing on innovating their protein substitute products in order to meet this increasing demand from population living with various metabolic disorders.
Few of the major distribution channels for the products in the global medical foods market are pharmacies and drug stores, online channels, and supermarkets and hypermarkets, among others. Major regions evaluated in the research report on the global medical foods market include Europe, Latin America, North America, Middle East and Africa, and Asia Pacific. The rising incidence of chronic diseases in various developed economies around the world is also likely to emerge as one of the most significant driving factors, influencing high growth within the global medical foods market in coming years. Furthermore, the rising usage of nutrition intended for treatment of cancer is also expected to foster the expansion of the global medical foods market over the next few years.
Players in the Medical Foods Market Focused on New Product Launches
Some of the leading incumbent manufacturers and players working in the global medical foods market include Danone S. A., Fresenius SE & Co. KGaA, Primus Pharmaceuticals, Inc., Meiji Holdings and Co. Ltd., Metagenics, Inc., Nestle S. A., Abbott Laboratories, Targeted Medical Pharma, Inc., Reckitt Benckiser Group, PLC, and Cerecin, Inc., among others. Players and manufacturers operating in the global medical foods market are focused on developing and marketing new and innovative products that can aid healthcare professionals and providers in offering enhanced patient care to their clients. Moreover, certain new entrants in the global medical foods market are also engaging in strategic collaborations with well-trenched players in the industry in order to expand their combined portfolio of product offerings.
For instance, Galen, a major pharmaceutical player in the United Kingdom, launched new suite of Microtabs in February of 2020, called ‘PKU EASY Microtabs’ intended for utilization by the patients suffering from metabolic disorders. Furthermore, several players in the global medical foods market, such as a leading producer of functional nutrition called Stern life, is engaged in production of supplementary medical food products that can aid in preventing malnutrition. These trends are likely to work out well for the development of the global medical foods market in coming years.
Author Bio:
Pavan Ishi is a specialist in search engine optimized (SEO) content with a wealth of experience gathered from working in leading market research firms. Currently, she is the Editor at Transparency Market Research. In the said role, she has actively contributed to building a winning content strategy leveraging right keywords, link building, market research and analysis, and competitor analysis