The North America And Europe Medical Foods Market size is expected to reach USD 16.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.3% from 2021 to 2028. The growing prevalence of chronic diseases, COVID-19 pandemic, increasing geriatric population adopting medical foods, and surge in awareness regarding clinical nutrition among patients and healthcare professionals are factors boosting overall growth. In addition, the rise in the number of researches claiming positive results associated with the adoption and usage of medical foods is further propelling the market growth. As per the research paper published in the Food Science and Human Wellness journal in 2019, medical foods have shown symptomatic advantages in Alzheimer’s disease. Axona, Souvenaid, and CerefoliNAC are some of the medical foods that have shown effects on people suffering from Alzheimer’s disease.
As of 2020, the oral route of administration segment
held the largest market share owing to a high preference for oral products over
enteral, high commercial availability, and growing investment by major industry
players. On the other hand, the enteral route segment is expected to register
the fastest growth during the forecast period owing to constant improvements in
enteral feeding formula and devices and the increasing prevalence of target
diseases. Growing awareness among the healthcare professionals and patient
population regarding the benefits of enteral medical foods is one of the
crucial factors anticipated to boost the overall market growth over the
forecast period.
The others segment, which includes liquid,
semi-liquid, and semi-solid, accounted for the majority of revenue share in
2020. Ease of administration and presence of a large product portfolio, which
cater to various medical conditions are among key factors that can be
attributed to its large revenue share. On the other hand, powder medical foods
are expected to be the fastest-growing segment during the forecast period.
Medical foods in the form of powdered formulae are suitable for patients of all
age groups, especially in the case of the oral route. This, in turn, is aiding
segment growth.
The non-reimbursed segment accounted for the largest
revenue share in 2020, owing to the shortage of reimbursement coverage from
healthcare payers in the U.S. and European Union. On the other hand, the
reimbursed segment is anticipated to register the fastest growth during the
forecast period. The growth is attributed to initiatives undertaken by the
government to improve reimbursement coverage. For instance, several U.S. states
passed legislation to limit out-of-pocket expenses for medical nutrition
therapy, limiting it to USD 100-500 per medication per month, depending on
insurance plan type to increase reimbursement coverage and boost adoption of
medical foods.
In 2020, other diseases segment, which includes
diseases and health conditions such as Parkinson’s disease, epilepsy, and
cancer-related conditions, held the largest revenue share of the market. Weight
loss is a major physical change observed among cancer patients. Various medical
foods are prescribed to supplement dietary requirements and enable faster
recovery of patients. On the other hand, the diabetic neuropathy segment is
anticipated to register the fastest growth during the forecast period. The
large diseased population and rise in risk for developing neuropathy among
diabetes patients are some of the key factors attributing to segment growth.
As of 2020, the institutional sales segment held the
largest revenue share owing to the high consumption of medical foods for
chronic disease management, primarily influenced by healthcare institutes such
as hospitals, clinics, and care centers. Moreover, key players majorly rely on
institutional sales channels through a group of sales representatives who sell
directly to the healthcare institutions and physicians. On the other hand, the
online sales segment is expected to register the fastest growth over the
forecast period. This is owing to the lockdown imposed by the COVID-19 pandemic
and the convenience offered by the sales channel for ordering products at the
comfort of their homes.
As of 2020, North America accounted for the highest
revenue share and is expected to exhibit the fastest CAGR over the forecast
period. This can be attributed to an increase in the prevalence of target
diseases such as diabetes, cancer, malnutrition, obesity, and cardiovascular
diseases in this region. The geriatric population is also significantly high in
this region. Moreover, the local presence of key market players such as Abbott,
Nestlé, Danone, and Fresenius Kabi and the high revenue generated by these
companies in North America are among the key factors that can be attributed to
the large market share.
Related Press Release@ North America And Europe Medical Foods Market Report
North America And Europe Medical
Foods Market Report Highlights
- The market is anticipated to grow well over the forecast period
owing to the increasing adoption of these products for fulfilling adequate
nutritional requirements
- The oral route of administration segment dominated the market in
2020 owing to increasing consumer preference for orally administered
medical foods due to ease in their consumption
- The others product type segment dominated the market in 2020 owing
to high commercial availability and increasing application areas of the
products included in the segment
- The non-reimbursed payment scheme segment dominated the market in
2020 majorly due to the shortage of relevant reimbursement coverage for
these products in the region
- The others application segment dominated the market in 2020 owing
to the increasing prevalence of diseases including epilepsy, Parkinson’s
disease, and cancer, and increasing demand for medical foods to fulfill
daily nutritional requirement
- The institutional sales channel segment dominated the market in
2020 owing to the high demand and consumption of oral and enteral medical
foods in healthcare institutions including clinics, hospitals, and care
centers
- North America dominated the market in 2020 owing to the increase in
healthcare spending and the presence of key market players in the region
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.
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Grand View Research, Inc
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