The Europe Medical Foods Market size is anticipated to hit USD 7.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 2.9% from 2022 to 2030. The ever-increasing burden of chronic diseases and the growing geriatric population across Europe are primary reasons for the market to flourish. In 2021, the oral route of administration accounted for the largest revenue share of 69.5%. Ease of use and high availability of medical foods in this form has contributed to the high revenue. The enteral route of administration is expected to register the fastest growth. This can be attributed to the growing geriatric population suffering from chronic diseases who are unable to consume food orally. The enteral route of administration seems to be the preferred way of administrating nutrients through medical foods to the specific needs of geriatric patients.
In the product type, the powder formulations held the
largest revenue share in 2021. Owing to the vast product portfolios available
in this formulation this segment has grown to a large extent. Powder
formulations include nutrient mixes, protein shakes, and infant feeding
formulas. The highest growth was registered by the liquid formulations due to
the diversification of product portfolios of the key players in the medical
foods industry. Chemotherapy-induced diarrhea had the largest revenue share in
2021 in the applications segment. Nutritional deficiency in cancer patients is
a major concern and can be managed through proper nutrient management via
medical foods and is a major factor in its growth. The fastest-growing
sub-segment is diabetic neuropathy, high prevalence, and has been a key driver
for its fast growth.
The largest sales channel for 2021 was institutional
sales, owing to the dependency of key players on representatives who directly
provide products to physicians and clinicians at hospitals and clinics has
accounted for the growth. The fastest-growing sales channel is online sales due
to the ease of use of this channel, consumers can directly purchase specific
needs FSMP products from the company websites or third-party websites reducing
the number of visits to care centers and hospitals. The pandemic has made
people realize the importance of good health and nutrition. Even though the
supply chain of almost every business was affected, the market is expected to
recover at a fast pace owing to the surge in demand for medical foods. An
increase in demand for immunity-boosting foods and an increase in the number of
people suffering from chronic illnesses have had a positive impact on the
market.
Related Press Release@ Europe Medical Foods Market Report
Europe Medical Foods Market
Report Highlights
- Based on route of administration, the oral segment accounted for
the largest revenue share of 69.5% in 2021 owing to high product type
availability and ease of administration
- In 2021, the powder formulation segment accounted for the largest
revenue share of 35.4% owing to the majority product portfolio available
in the market
- By application, the diabetic neuropathy segment is expected to
witness the fastest growth over the forecast period owing to the high
disease burden of the disease across Europe
- The institutional sales channel had the largest share, but the
online sales channel is expected to grow at a steady rate owing to the
preference of consumers and key player initiatives for sales through
online channels
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