How Will The Medical Foods Market Grow In 2022?
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The medical foods market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 5%, as per The Business Research Company’s market report!
Read More On The Medical Foods Market Report 2022 – https://www.thebusinessresearchcompany.com/report/medical-foods-global-market-report
The Medical Foods Market Size In 2022 And Forecast
The global medical foods market is expected to grow from $18.36 billion in 2021 to $19.38 billion in 2022 at a compound annual growth rate (CAGR) of 5.59%. The global medical food market size is expected to grow to $24.11 billion in 2026 at a CAGR of 5.61%.
The medical foods market consists of sales of medical foods by entities (organizations, sole traders, and partnerships) that refer to foods, which are formulated to be administered or consumed under the presence of a physician, and it is intended to provide specific dietary management of a disease for which nutritional requirements are established by medical evaluation.
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Increase In The Geriatric Population Is Driving The Growth Of The Medical Foods Market
For instance, according to the US agency for international public health WHO, the global population aged 60 years and older will increase to 1.4 billion by 2030 from 1 billion in 2020. By 2050, the global population of adults aged 60 and up will have doubled (2.1 billion). Between 2020 and 2050, the number of people aged 80 and more is predicted to triple, reaching 426 million. Therefore, the increase in the geriatric population is expected to propel the growth of the medical foods market.
Competitive Landscape And The Regional Analysis Of The Medical Foods Market
Major players in the medical foods market are Nestle, Mead Johnson & Company LLC, Fresenius Kabi AG, Danone, Primus Pharmaceuticals Inc, Abbott Laboratories, Metagenics Inc, Targeted Medical Pharma Inc, Medtrition Inc, Cerecin Inc, Entera Health Inc., Vaya Pharma Inc., Physician Therapeutics LLC, Alfasigma spA, and MicroBiome Therapeutics LLC.
Additionally, as per TBRC’s research – North America was the largest region in the medical foods market in 2021 holding the largest market share and Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Medical Foods Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the medical foods market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the medical foods market.
Innovations In Product Development – A Key Trend In The Medical Foods Market
The companies operating in the medical foods sector are developing innovative products with greater efficacy to cater the demand from customers with specific niche diseases such as metabolic disorders, ADHD, and others.
Medical Foods Market Segmentation By The Business Research Company
1) By Type: Pills, Powder, Others
2) By Application: Alzheimers Disease, Diabetic Neuropathy, Nutritional Deficiency, ADHD, Others
3) By Sales Channel : Retail Sales, Online Sales, Institutional Sales
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