The global specialized formula medical nutrition market is expected to grow at a 6.84 % CAGR during the forecast period.
Specialized Formula Medical Nutrition: A Dietary Management of Patients with Chronic Illnesses
The market for specialized formula medical nutrition has been growing at an explosive CAGR of 6.84% and is expected to keep up with its high growth during the forecast period. Specialized formula medical nutrition is offered to patients suffering from malnourishment to improve their quality of life and outcomes. It is tailored and customized as per the specific nutritional needs of a particular patient concerning preferences, schedule, and abilities.
Ongoing research regarding the benefits of nutrition on the healing process and growing demand for products to deal with malnutrition, hospital nutrition management are providing opportunities to manufacturers. Nestlé, for example, has recently opened a new R&D center for maternal and infant nutrition in Ireland. Moreover, Fonterra, a global dairy nutrition company, has launched a medical nutrition and healthy aging division. This division will develop science-based nutritional solutions to help people suffering from malnutrition, cancer, and other diseases; and help people age with good health and live longer.
Factors such as a rising geriatric population, rising incidences of lifestyle and chronic diseases, increasing awareness about nutrition benefits in disease management, and accelerated demand for home healthcare are driving the specialized formula medical nutrition market. However, complications associated with specialized nutrition are expected to restrain the market growth during the forecast period. Additionally, the rising focus on personalized medicine would likely offer immense opportunities in the global specialized formula medical nutrition market in the coming years.
Growing Geriatric Population Supported by Rising Prevalence of LifestylePaddles the Wheels of Global Market
The geriatric population has been rising around the world. For instance, as per the World Health Organization (WHO) reports:
» The global population aged 60 years and above is expected to cross 2 billion by 2050, up from 900 million in 2015.
» By 2050, China alone is expected to be home to 120 million people aged 80 years and older, whereas the global geriatric population is expected to surpass 434 million.
Also, the elderly population is more prone to chronic diseases due to low immunity and age-induced declining health. The population in these age brackets can be traced to suffer from one or more chronic diseases, such as cancer, hypertension, among others. Additionally, there has been a general rising prevalence of chronic diseases across the world. For instance, as per WHO reports:
» Cancer is the second leading cause of death worldwide, and an estimated 9.6 million deaths in 2018 were due to cancer.
» Based on data from the Australian Bureau of Statistics (ABS) 2017–18 National Health Survey, an estimated 1.2 million adults 18 years and more suffered with one or more heart or vascular conditions, including stroke in Australia.
Thus, this generates a constant yet high demand for therapeutic and management options.
Increasing Awareness Regarding Nutrition Benefits in Disease Management
Over the past years, government initiatives, media influence, and exhaustive marketing campaigns have increased awareness about specialized nutrition by many folds. For instance, as per an article published by the British Specialist Nutrition Association Ltd in February 2021, Specialist nutrition industry groups, including Specialised Nutrition Europe (SNE) and The Medical Nutrition International Industry (MNI), jointly welcomed the publication of Europe’s Beating Cancer Plan. This includes measures contributing to faster recovery and a high rate of survival among cancer patients.
The plan concedes the importance of nutritional support, which is proven to help cancer patients to cope better with illness and treatment.
Additionally, rising disposable income in developing countries, including India and China, coupled with a surge in literacy rates are expected to influence the specialized formula medical nutrition market.
How Bigis the American Market in Terms of Revenue?
The analysis indicates that the Americas' regional market has the largest adoption of specialized formula medical nutrition for all applications. Thus, the market generates the highest revenue with a sizeable market share amongst all regions in the global market. The high prevalence of chronic conditions such as cancer, AIDS, diabetes, Crohn's disease, and gastrointestinal disorders has driven the demand for parenteral nutrition in recent years. Specialized diets during treatment have become a necessity for different purposes, such as restricting fat or lactose and adding nutrients, calcium, and potassium.
The number of new cancer cases is forecasted to grow by 70% during 2025 and 2035, as per WHO Statistics, 2019. Moreover, the rise in the women workforce is driving the demand for infant specialized nutrition products. In 2018, 75,978,000 women were present in the labor force, accounting for 46.9% of the total workforce in the U.S., according to the Catalyst organization. Lack of time to feed the infant and work lifestyle has compelled women to opt for high nutritional products for their children.
Further, according to the press release of Abbott Nutrition, the economic value of disease-associated malnutrition was estimated to be about USD 157 billion per year. This is expected to grow to focus on chronic disease management by policymakers. Overall, the presence of prominent market players in the U.S. and Canada with growing support from various private and public organizations to curb disease-associated malnutrition incidents is expected to drive the Americas specialized formula medical nutrition market.
Asia-Pacific Showcases the Most Accelerated Market Growth Projectile
Asia-Pacific market has been witnessing substantial growth on account of the high prevalence of childhood infectious disease and vitamin deficiencies. The World Hunger statistics revealed that approximately 512 million adults and children in Asia consume very few calories, accounting for 12% of the total population of Asia. Further, as per Global Data Plc, 2019, 710 metropolitan areas in the Asia-Pacific region will be home to more than 226 million aged 65 and over, accounting for 11.4% of the total population. Such a growing geriatric base susceptible to various chronic illnesses would drive the market growth during the assessment period.
Additionally, in Australia, an estimated 5,400 hospital-acquired cases of malnutrition occur every year. This requires patients to stay for 21.3 extra days in the hospital. As per the report of the Australian Commission on Safety and Quality Health Care, with every case in the hospital, an additional USD 44,176 cost arises. To deal with this crisis, the government developed comprehensive nutritional plans for the patients, in which, medical, nursing, pharmacy staff, and allied health workers collaborate and take care of the nutritional requirement.
Players operating in this specialized formula medical nutrition market include Cantabria Labs, Abbott Laboratories, AYMES International Ltd., B. Braun Melsungen AG., Baxter International Inc., Cambrooke Therapeutics, Inc., Danone Nutricia, Fresenius Kabi AG, GlaxoSmithKline plc, Kate Farms, Inc., Mead Johnson & Company, LLC, Medifood GmbH, Medtrition Inc., Meiji Holdings Co., Ltd., Nestlé S.A., NUTRICIÓN MÉDICA SL, Otsuka Pharmaceutical Europe Ltd., Perrigo Company plc, Pfizer Inc., Sichuan Kelun Pharmaceutical Co., Ltd., and Victus, Inc.
The market is filled with key strategies, researches, and developments, geographical expansions in the sector by major contributors. For instance, Danone, a world-leading food company, announced the official opening of its new NutriciaCuijk production facility in the Netherlands to meet the rising demand for specialized infant formula.
Specialized Formula Medical Nutrition Market: Segmentation
- Infant Medical Nutrition Products
- Enteral Medical Nutrition Products
- Parenteral Medical Nutrition Products
- Central and South America and the Caribbean
- The Middle East and Africa
Frequently Asked Questions (FAQs)
The rising geriatric population, rising incidences of lifestyle and chronic diseases, increasing awareness about nutrition benefits in disease management, and accelerated demand for home healthcare are the key factors expected to drive Specialized Formula Medical Nutrition Market during the forecast period.
The Asia Pacific is expected to hold the highest market share in Specialized Formula Medical Nutrition Market.
Cantabria Labs, Abbott Laboratories, AYMES International Ltd., B. Braun Melsungen AG., Baxter International Inc., Cambrooke Therapeutics, Inc., Danone Nutricia, Fresenius Kabi AG, GlaxoSmithKline plc, Kate Farms, Inc., LLC, Medifood GmbH, Medtrition Inc., Meiji Holdings Co., Ltd., Nestlé S.A are the top players in Specialized Formula Medical Nutrition Market.
The global specialized formula medical nutrition market is expected to grow at a 6.84% CAGR during the forecast period.
Geriatric Application Segment is expected to be the leading segment in Specialized Formula Medical Nutrition Market during the forecast period.
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