Pune, India, March 07, 2023 (GLOBE NEWSWIRE) -- Increasing adoption of unhealthy lifestyles around the world is likely to be the key growth driver of the global food for special medical purpose market size in the forthcoming years. According to the World Health Organization (WHO), around 16 million disability adjusted life years (DALYs) and 2.8% of annual global deaths are caused by inadequate intake of fruits and vegetables. A sufficient consumption of fruits and vegetables prevents the risk of a vast spectrum of gastrointestinal disorders along with other chronic conditions. These numbers indicate that today people are at a much greater risk of contracting various lifestyle-related diseases and this will be one of the central food for special medical purpose market trends. Unhealthy diet regimes are compounded by a rising prevalence of smoking, especially among the working population around the world. As a result, a higher number of people are vulnerable to chronic metabolic disorders, heightening the need for FSMP products.
Key Industry Developments:
- Nestlé’s PreNAN infant milk formula for low birth weight and pre-term infants was included by the State Administration for Market Regulation of China in its Food for Special Medical Purpose list.
- Danone India introduced its renowned FSMP product, Neocate, in India. It is an amino acid-based formula and hypoallergenic food item to manage Cow’s Milk Allergy in young children as well as infants.
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Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Base Year | 2022 |
| Historical Data for | 2019 to 2021 |
Key Takeaways
- Nestle cited the rising demand for food for special medical uses in Asia Pacific as justification for its approximately US$ 152.0 Mn investment in the production of such food in China.
- The National Organization for Rare Diseases (NORD) was established to aid in and advance study into the dietary needs and restrictions for various diseases.
- Because of the high rate of malnutrition that causes so many diseases, Asia Pacific is anticipated to have a CAGR that is relatively higher during the forecast era.
- The lactose-free formula of Beingmate infant formula food has been approved for special medicinal use by Hangzhou Beingmate Maternal and Child Nutrition Co. Ltd.
Increased Global Spending on Healthcare to Favor Growth
Healthcare spending has become one of the highest priorities for governments across the globe, resulting in a collective effort to elevate the health status of populations, especially in underdeveloped and developing countries. The WHO revealed that in 2016, around USD 7.5 trillion were spent on healthcare, accounting for 10% of the world GDP. It also found that total healthcare expenditure grew at a faster rate in low and middle-income countries than in developed countries. Since high cost is one of the limiting factors for FSMPs, higher government spending on such items can make them more accessible to low income groups where malnutrition has given rise to complex gastrointestinal disorders. Thus, steadily climbing public expenditure on health will bode well for the FSMP market revenue in the coming decade.
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North America to Hold a Commanding Position; Asia-Pacific to Register Healthy Growth
North America is anticipated to dominate the food for special medical purpose market share mainly owing to growing prevalence of sedentary lifestyle among the people in the region. Furthermore, organizations such as the National Organization for Rare Diseases is promoting research into FSMP to meet the unusual dietary requirements of people living with severe metabolic disorders. High incidence of malnutrition in the developing nations of Asia-Pacific will be the main propeller of the FSMP market growth in the region.
The new Fortune Business Insights report, titled “Food for Special Medical Purpose (FSMP) Market Size, Share and Global Trend by Type (Nutritionally Complete Foods, Nutritionally Complete Foods with A Disease, Nutritionally Incomplete Foods), By Form (Oral, Injectable, Others), By End User (Hospitals, Clinics, Ambulatory Surgical Centers, Homecare Settings), and Geography Forecast till 2026”, provides valuable insights into the different aspects of the market, such as size, share, and revenue. The detailed research proceeds to delve into a microscopic analysis of the various factors, trends, and regional and competitive dynamics that will shape the future of this market during the forecast period.
According to the European Commission, food for special medical purpose (FSMP) are foods medically supervised and administered to individuals who are suffering certain recognized diseases or disorders. These foods are only meant for patients whose nutritional requirements cannot be met by regular food items, for example, amino acid metabolism disorder formula food for infants between the ages of 0 to 12 months.
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Product Diversification to Characterize Competition
Competition in this market is set to intensify on account of key players adopting strategies to strengthen their position. The prime measure undertaken by players for this purpose is the launching of new products in markets outside their territorial boundaries. This not only expands their geographical reach, but also widens their product offerings.
Prominent Players:
- Gruppo Farmaimpresa
- Danone India
- LENUS Pharma GesmbH
- Mead Johnson & Company, LLC
- Nestle
- Guangzhou New Health Biotechnology Co., Ltd
- Darman Ara Corporation
FAQs
What are foods for special medical purposes?
Foods administered to people with certain recognised illnesses or disorders are known as food for special medical purpose (FSMP) foods.
What is the full form of FSMP?
foods for special medical purposes.
Segmentation:
By Type
· Nutritionally Complete Foods
· Nutritionally Complete Foods with A Disease
· Nutritionally Incomplete Foods
By Form
· Oral
· Injectable
· Others
By End User
· Hospitals
· Clinics
· Ambulatory Surgical Centers
· Homecare Settings
· Others
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