New York, April 19, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Foods Global Market Report 2023" - https://www.reportlinker.com/p06310828/?utm_source=GNW
, Medtrition Inc., Cerecin Inc., Entera Health Inc., Vaya Pharma Inc., Physician Therapeutics LLC, Alfasigma spA, and MicroBiome Therapeutics LLC.
The global medical foods market grew from $19.65 billion in 2022 to $21.04 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical foods market is expected to grow to $27.62 billion in 2027 at a CAGR of 7.0%.
The medical foods market consists of sales of oral rehydration products, amino acids, and probiotics.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Medical foods refer to a food that has been prepared to be ingested or given orally under the direction of a doctor and designed for the particular dietary.It is designed to help control an existing disease or condition through food.
Medical foods are exempt from the labelling requirements for nutrition content claims and health claims.
North America was the largest region in the medical foods market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the medical foods market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of medical food include pill, powder, and others.The medical food pills refer to a small pellet or a tablet often coated and consumed by swallowing whole or by chewing.
Medical food pills are specially formulated to meet nutritional requirements of patients with various medical conditions such as digression, ADHD, and others.They are used in treatment of Alzheimer’s Disease, Diabetic Neuropathy, Nutritional Deficiency, ADHD, and others.
They are sold through online, retail, and institutional channels.
The increase in the geriatric population is significantly contributing to the growth of the medical foods market.At the molecular and cellular level, aging is caused by the accumulation of a range of biomolecular damage throughout time.
This results in a gradual loss of functional capacity, as well as an increased risk of disease and eventually, death.These changes are not linear or continuous, and they have been only distantly related to a person’s chronological age.
As people get old, their dependency on certain nutritional foods increases especially medical foods to manage their health from chronic and age-related diseases. For instance, according to the US agency for international public health WHO, the global population aged 60 years and older will increase to 1.4 billion by 2030 from 1 billion in 2020. By 2050, the global population of adults aged 60 and up will have doubled (2.1 billion). Between 2020 and 2050, the number of people aged 80 and more is predicted to triple, reaching 426 million. Therefore, the increase in the geriatric population is expected to propel the growth of the medical foods market.
Constant innovations in product development is a key trend gaining popularity in the medical foods market.The companies operating in the medical foods sector are developing innovative products with greater efficacy to cater the demand from customers with specific niche diseases such as metabolic disorders, ADHD, and others.
For instance, In February 2020, Galen US Inc., an Ireland-based pharmaceutical company launched PKU EASY Microtabs, a palatable alternative to protein substitutes, and it helps patients above 8 years to manage incurable condition “inherited metabolic disorder, phenylketonuria”.
In September 2020, Nestle Health Science, a Swiss-based nutritional science company acquired IM HealthScience (IMH), along with its sister company, Physician’s Seal (PS) for an undisclosed amount.With this acquisition, Nestle Health Science aims to strengthen its personalized medicine portfolio and the acquisition fits its mission of empowering healthier lives through nutrition.
IM HealthScience (IMH) is a US-based firm that develops products to address overall health and wellness including medical foods.
The countries covered in the medical foods market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The medical foods market research report is one of a series of new reports that provides medical foods market statistics, including medical foods industry global market size, regional shares, competitors with a medical foods market share, detailed medical foods market segments, market trends and opportunities, and any further data you may need to thrive in the medical foods industry. This medical foods market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06310828/?utm_source=GNW
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