SAN FRANCISCO, Feb. 3, 2021
SAN FRANCISCO, Feb. 3, 2021 /PRNewswire/ -- The global medical foods market size is anticipated to reach USD 30.34 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.2% from 2021 to 2028. Factors such as the growing prevalence of chronic conditions along with the increasing geriatric population adopting medical foods are positively impacting the growth. Rising awareness regarding clinical nutrition among healthcare professionals and patients is projected to further bolster the growth over the forecast period.
Based on the route of administration, oral administration dominated the market in 2020. Factors contributing to the high share include high commercial viability of orally administered products and high preference for orally administered medical foods owing to ease in consumption. Oral supplements are available in various forms such as powders, pills, puddings, and pre-thickened products, thereby propelling the overall growth.
Key suggestions from the report:
Read 118 page research report with ToC on "Medical Foods Market Size, Share & Trends Analysis Report By Route Of Administration, By Product (Pills, Powder), By Application, By Sales Channel, By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/medical-foods-market
In 2020, based on product type, the others segment accounted for the highest revenue share. The others' segment comprises of liquid, semi-liquid, and semi-solid products. This growth is attributed to increasing application areas of medical foods, high commercial availability, and easy administration of these products. Owing to ease of consumption, liquid formulations are preferred by geriatric as well as pediatric populations, thereby increasing its overall revenue share.
Based on application, diabetic neuropathy dominated the market share in 2020. Rising diabetes prevalence and an increase in the number of patients that are at risk of developing some level of neuropathy are some of the factors boosting the overall growth. For instance, according to Healthline, around 60% to 70% of people suffering from diabetes have some or other form of neuropathy. The risk of suffering from neuropathy increases with an aging, unhealthy lifestyle, and change in diet which leads to an increased focus on nutritional management, thereby fueling the growth.
In 2020, based on sales channels, institutional sales accounted for the highest revenue share. This share is attributable to higher adoption and consumption of enteral and oral medical foods in healthcare institutions such as hospitals, clinics, and care centers. There is an increase in demand for such products in inpatient facilities. Hence, rising demand and consumption of these products under medical supervision are some of the factors contributing to the growth of the segment.
North America dominated the market with a revenue share of 29.9% in 2020 owing to the presence of key market players and high revenue generated by these players in this region. Strategic initiatives by players, increasing prevalence of chronic conditions, and rising adoption of medical foods by healthcare professionals and patients are other factors supporting the regional market growth.
Grand View Research has segmented the global medical foods market based on the route of administration, product, application, sales channel, and region:
List of Key Players of Medical Foods Market
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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