The medical food market has experienced a significant growth, and is expected to grow considerably in next few years. Since consumers have become conscious about their health amidst the coronavirus (COVID-19) pandemic, companies in the medical foods market are increasing efforts to market their products that assure immunity boost. Since several medical foods are commercially available, it has become easier for manufacturers to promote their products through advertisements. On the other hand, analysts at the Transparency Market Research opine that China’s import and export of health foods is anticipated to remain constant in the upcoming years.
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COVID-19 Impact Analysis
- Key factors for the rising adoption of medical foods in the COVID-19 pandemic are increasing demand for dietetic care and nutritional support.
- The upsurge in the use of medical foods during a pandemic is projected to balance in the coming years; however, the adoption will increase due to its substantial role in the rehabilitation and recovery process of patients.
Key Market Players:
Nestlé S.A., Danone S.A., Abbott Laboratories, Fresenius SE & Co., KGaA, Targeted Medical Pharma, Inc., Primus Pharmaceuticals, Inc., Reckitt Benckiser Group plc, Meiji Holdings and Co., Ltd., Cerecin Inc.,, Metagenics, Inc
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Top Impacting Factors
- Providing adequate nutritional support is a central component for the care of prolonged or chronically ill patients. Hence, demand for clinical nutrition is constantly increasing among patients with chronic disorders such as gastrointestinal disorders, short bowel syndrome, ischemic bowel disease, Crohn’s disease, and renal failure. Rise in prevalence of these diseases drives the demand for medical foods.
- Oncology patient groups are at high risk of malnutrition. Multiple studies have found that malnutrition is a considerable financial drain on healthcare systems, as it affects 70% of hospitalized patients across the world. The high-cost burden is caused due to frequent hospital visits, extended hospital stays, and a greater risk of complications.
- Parenteral nutrition plays a significant role in cases where malnourished patients need to be administered nutrition; however, enteral nutrition is inadequate to meet their body nutritional requirements. Rise in prevalence of malnutrition coupled with an increased use of nutrition for cancer treatment is expected to propel the global market.
Market Trends
Companies Invest in Innovation Centers Aiming to Introduce Locally Manufactured Products
Leading company Nestlé Health Science is advancing in the domain of nutritional therapy and has announced to invest in a product innovation center in the Taizhou, Jiangsu province ofChina, to tap into opportunities in the clinical nutrition sector. This explains why the revenue of Asia Pacific is predicted to take an aggressive leap in the medical foods market. As such, innovation centers in China are collaborating with clinical nutrition centers of the U.S. in order to advance in core R&D technologies.
Companies in the medical foods market are innovating to develop localized product offerings that resonate with China’s national standards and consumer needs. They are increasing efforts to comply with regulations involved with Foods for Special Medical Purposes (FSMPs) in China. As such, companies are capitalizing on the growing demand for locally manufactured products, whilst high approval rates for infant and baby formula products are generating incremental opportunities for companies in China.
Key Benefits of the Report
- This study presents the analytical depiction of the Medical Food industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Medical Food market share.
- The current market is quantitatively analyzed to highlight theMedical Foodmarket growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Medical Food market analysis based on competitive intensity and how the competition will take shape in coming years
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