by Medical nutrition plays a crucial role in maintaining nutritional balance in patients with various medical conditions such as diabetes, cancer, and chronic kidney diseases. These medical nutrition products such as enteral, parenteral, and formula come in variety of forms and formulations to meet the nutrition needs of patients.
The global Medical Nutrition Market is estimated to be valued at US$ 14.34 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing prevalence of lifestyle diseases: Rising prevalence chronic diseases such as diabetes, cancer, cardiovascular diseases has emerged as one of the key driver for the medical nutrition market growth. According to WHO, diabetes was the 7th leading cause of death with an estimated 1.6 million deaths directly caused by diabetes in 2016. It is estimated that diabetic population will rise to 578 million by 2030. Moreover, as per CDC, about 6 in 10 adults in the United States have a chronic disease and 4 in 10 adults have two or more chronic diseases. Growing incidences of chronic diseases are prompting consumers to opt for appropriate medical nutrition in their diet to manage the diseases and maintain overall health, thus propelling the market growth.
SWOT Analysis
Strength: Medical nutrition have compounds that can enhance people’s health and manage various medical conditions. It provides balanced nutrition to those who cannot consume normal food.
Weakness: High costs associated with medical nutrition makes it unaffordable for some. Limited availability in certain regions also poses challenge.
Opportunity: Rising healthcare spending and growing aging population drives the demand. Increasing prevalence of chronic diseases further boosts the market growth.
Threats: Presence of alternative treatment options and homemade formulas can reduce sales. Stringent regulations around production also acts as a threat.
Key Takeaways
The Global Medical Nutrition Market Size is expected to witness high growth.
North America currently dominates the market owing to increasing healthcare spending and presence of major players. Asia Pacific is expected to be the fastest growing region owing to rising incidence of chronic diseases and improving access to healthcare services.
Key players operating in the medical nutrition market are Abbott Nutrition, Nestlé Health Science, Danone, Mead Johnson Nutrition, and Bayer. These players focus on new product launches and enhancing their distribution network to cater to growing demand. Partnerships with regional players also help them expand footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
