The medical foods global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Medical Foods Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The medical foods market size has grown strongly in recent years. It will grow from $21.35 billion in 2023 to $23.07 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to increased prevalence of chronic diseases, advances in medical and nutritional science, growing aging population, rise awareness of the role of nutrition in managing health conditions, regulatory support for medical foods.
The medical foods market size is expected to see strong growth in the next few years. It will grow to $31.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to growing focus on preventive healthcare, increasing demand for personalized nutrition, expansion of applications in metabolic disorders, advances in nutrigenomics and personalized medicine, rising consumer interest in functional foods. Major trends in the forecast period include development of condition-specific medical food formulations, collaboration between food and pharmaceutical industries, expansion of distribution channels, including e-commerce, integration of digital technologies for personalized nutrition, emphasis on clean-label and natural ingredients in medical foods.
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Scope Of Medical Foods Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Medical Foods Market Overview
Market Drivers –
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, in October 2022, according to a report published by the World Health Organization (WHO), a Switzerland-based agency responsible for international public health, one in six people is expected to be 60 or older by the year 2030, in the entire world. By 2050, there will be 2.1 billion people worldwide who are 60 years old or older. Therefore, the increase in the geriatric population is expected to propel the growth of the medical foods market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The medical foods market covered in this report is segmented –
1) By Type: Pills, Powder, Other Types
2) By Application: Alzheimers Disease, Diabetic Neuropathy, Nutritional Deficiency, ADHD, Other Applications
3) By Sales Channel : Retail Sales, Online Sales, Institutional Sales
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Regional Insights –
North America was the largest region in the medical foods market in 2023. 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, Africa
Key Companies –
Major companies operating in the medical foods market report are Nestlé SA, Danone SA, Fresenius Kabi AG, Mead Johnson & Company LLC, Primus Pharmaceuticals Inc., Abbott Nutrition Inc., Accera Inc., Ajinomoto Cambrooke Inc., Applied Food Sciences Inc., Axcan Pharma Inc., Cambrooke Therapeutics Inc., Danone Nutricia North America Inc., Health and Happiness (H&H) Group Limited, RFI Ingredients LLC, Scientific Hospital Supplies Ltd, Solace Nutrition LLC, Synthetic Biologics Inc., Targeted Medical Pharma Inc., VAYA Pharma Inc., Baxter Healthcare Corporation, Braun Melsungen AG, DuPont Nutrition & Biosciences, Enteral Nutrition Holdings Inc., Fresenius Medical Care AG & Co. KGaA, Hill’s Pet Nutrition Inc., Hollister Incorporated, Intensive care unit Medical Inc., Medtronic plc, Nestlé Health Science S. A., Nutricia North America Inc., Otsuka Pharmaceutical Co. Ltd., Pfizer Nutrition Inc., Koninklijke DSM NV, Stryker Corporation, Total Parenteral Nutrition Solutions Inc.
1. Executive Summary
2. Medical Foods Market Report Structure
3. Medical Foods Market Trends And Strategies
4. Medical Foods Market – Macro Economic Scenario
5. Medical Foods Market Size And Growth
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27. Medical Foods Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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