Future Outlook of the Global Medical Foods Market 2024-2033: Size and Growth Rate Predictions
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Medical Foods Market: What is the Projected CAGR for 2024-2033?
The medical foods market has seen strong growth in recent years, expected to rise from $21.35 billion in 2023 to $23.07 billion in 2024, at a CAGR of 8.0%. The growth is fueled by the increasing prevalence of chronic diseases, advancements in medical and nutritional science, the growing aging population, and greater awareness of nutrition’s role in managing health conditions.
The medical foods market is expected to reach $31.23 billion by 2028, growing at a CAGR of 7.9%. The growth is driven by an increased focus on preventive healthcare, personalized nutrition, and advances in nutrigenomics. Trends include the development of condition-specific formulations, collaboration between the food and pharmaceutical industries, the expansion of e-commerce distribution, and an emphasis on clean-label, natural ingredients.
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What Are the Primary Drivers Supporting the Growth of the medical foods Market?
The medical foods market is growing due to the increase in the geriatric population. With one in six people expected to be 60 or older by 2030 and 2.1 billion people aged 60 or older by 2050, the geriatric population’s demand for medical foods to manage health is contributing to the market’s growth.
What Are the Core Segments of the Medical Foods Market?
1) By Type: Pills, Powder, Other Types
2) By Application: Alzheimer’s Disease, Diabetic Neuropathy, Nutritional Deficiency, ADHD, Other Applications
3) By Sales Channel: Retail Sales, Online Sales, Institutional Sales
What Trends Are Paving the Way for Change in the 115 Market?
Major companies in the medical foods market are innovating by developing products such as foods for special medical purposes (FSMP). FSMPs are specially formulated for individuals with specific medical conditions, disorders, or diseases. For instance, in July 2022, Nestle launched Si Yi Su, an FSMP designed for individuals dealing with tumor-related conditions. This product contains arginine, fish oil omega-3, nucleotides, and other essential nutrients to target inflammation and support compromised immunity in patients.
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Which Regions Are Leading the Charge in Medical Foods Market Development?
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
The Medical Foods Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the medical foods market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Medical Foods Market Include
1. Medical Foods Market Executive Summary
2. Medical Foods Market Segments
3. Medical Foods Market Size And Template Market Growth Rate
4. Key Medical Foods Market Trends
5. Major Medical Foods Market Drivers
……
25. Key Mergers And Acquisitions In The Medical Foods Market
26. Top Medical Foods Companies
27. Medical Foods Market Opportunities And Strategies
28. Medical Foods Market, Conclusions And Recommendations
29. Appendix
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