The global sales of medical foods to surpass US$ 32.6 Bn by registering a CAGR of 4% in the forecast period 2022-2032. An increase in the geriatric population across the globe, along with the prevalence of diabetes and cancer in North America and the Asia Pacific, is upsurging the demand for medical foods.
Historically, from 2015 to 2021, the sales of medical foods exceeded US$ 20 Bn by the end of the aforementioned period. Although the COVID-19 pandemic affected the sales and distribution supply across the globe, the demand increased. This is due to the increasing awareness of health care and the need for boosting immunity to stay healthy.
Furthermore, manufacturers of medical foods are focusing on targeting different age groups and innovating products that would increase the strength of patients. In addition, chemotherapy-induced diarrhea has augmented the sales of foods. Moreover, the growing inclination towards seeking treatment from hospitals has accelerated the sales of medical foods.
- Key Takeaways from the Market Study
- By application, chemotherapy-induced diarrhea is expected to account for more than 18% market share for medical foods.
- By distribution channel, institutional sales are expected to hold more than 45% market share of the medical foods market.
- The industry is expected to possess nearly 35% market share throughout North America.
- The industry is expected to possess nearly 30% market share throughout the Asia Pacific.
