Health

Medical Foods Market Projects a Steady Growth Rate Of 4 % CAGR Through 2032

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.

The global market for medical foods is expected to top US$ 22 Bn by the end of 2022
“Growing prevalence of chronic ailments along with the dominance of coronavirus has accelerated the demand for medical foods. New product launches are playing a key role in the escalating demand for foods.” opines a Senior Research Analyst.

Competitive Landscape
The ever increasing demand for medical foods has compelled key manufacturers to consolidate their position in the market, relying on such strategies as offering new product formulations, collaborating with existing market players, or acquiring small or medium-scale manufacturers. Some notable developments in this space are as follows:
In October 2020, Nestle launched a ready-to-drink nutritional food in China for people suffering from indigestion and diarrhea.

The company focuses on providing solutions for gastrointestinal problems. In June 2018, VAYA Pharma launched Vaya plus, a medicine for ADHD patients weighing more than 97 lbs. the company is focusing on providing a solution for different ailments by extending its product portfolio.

This article was shared with Prittle Prattle News as a Press Release.
Must Read- The top 5 Lebanese
Follow Us: Facebook Instagram | Twitter YouTube | LinkedIn Pinterest Tumblr

What's your reaction?

Related Posts

1 of 839