The
global medical foods market is expected to reach a value of USD 24.4 billion by
2025, according to a new report by Grand View Research, Inc. The medical foods
market is anticipated to grow at a CAGR of 6.9% over the forecast period. The
key factors supporting expansion include the growing awareness about medical
foods, improvement in patient healthcare outcomes, rise in prevalence of
several chronic diseases, increase in malnutrition, and continuous innovation.
The
use of medical foods to assist the patients during the treatment of chronic
diseases has been a prevalent practice. However, lack of awareness about the
proper usage, quality concerns, and overlapping claims about benefits
associated due to the usage of medical foods have restricted the growth of
medical foods market.
The
difference between functional foods, dietary supplements, and medical foods is
still not clear for several healthcare practitioners. Therefore, errors in
prescription or use of substitute products is a major trend observed in the
market. Furthermore, the regulatory uncertainty pertaining to the
classification of medical foods as a separate category has also affected the
market growth.
The
prevalence of chronic diseases such as diabetic neuropathy, Alzheimer’s,
Attention Deficit Hyperactivity Disorder (ADHD), and several metabolic diseases
is increasing rapidly The risk of neuropathy significantly increases with
increase in age, changes in diet, and adoption of an unhealthy lifestyle. Some
of the symptoms usually associated with neuropathy include numbness, tingling,
and pain in the feet, arms, & legs. Furthermore, some of the key products
used to treat this condition include Percura capsules, METANX, and Foltanx.
The
growing number of patients with Alzheimer’s disease is also increasing rapidly.
As per the estimates published by the Alzheimer’s Society, in the U.S., an
estimated 5.4 million Americans across all ages are suffering from this
disease. On further analysis of the data, it is observed that nearly 5.2
million people are aged 65 and above. Thus, rise in the geriatric population is
also a major factor driving the medical foods market.
In depth
research report on Medical Foods Market:
Further Key Findings from the Study Suggest:
·
In 2015, oral route held the highest
share as majority of the products are administered through the oral feeding
·
In 2015, powders category accounted for
nearly 79% of the market share
·
In 2015, diabetic neuropathy was the
largest application with a share of 34.3% owing to growing awareness about nutritional
requirements during the treatment of chronic diseases.
·
Asia Pacific is expected to lead the
growth with a CAGR of 7.8% from 2016 to 2025.
·
Some of the key players are Danone;
Nestlé; Abbott; Targeted Medical Pharma Inc.; Primus Pharmaceuticals Inc.; Mead
Johnson & Company, LLC.; and Fresenius Kabi AG.
Grand View Research has segmented the medical foods
market by route of administration, by product, by application, and by region:
Medical Foods Route of Administration Outlook (Revenue in
USD Million, 2014 - 2025)
·
Oral
·
Enteral
Medical Foods Product Outlook (Revenue in USD Million,
2014 - 2025)
·
Pills
·
Powder
·
Others
Medical Foods Application Outlook (Revenue in USD
Million, 2014 - 2025)
·
Diabetic Neuropathy
·
ADHD
·
Depression
·
Alzheimer’s disease
·
Nutritional Deficiency
·
Others
Medical Foods Regional Outlook (Revenue in USD Million,
2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
·
Asia Pacific
o
Japan
o
China
·
Latin America
o
Brazil
o
Mexico
·
Middle East and Africa
o
South Africa
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For more market
analysis reports, please visit: http://www.grandviewresearch.com/
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