Medical Food Market accounted for US$ 21.05 billion in 2020 and is estimated to be US$ 35.14 billion by 2030 and is anticipated to register a CAGR of 5.30%. Medical foods are complex formulated products requiring sophisticated and exacting technology like that utilized in the manufacture of infant formulas and medicines. Moreover, the populations that consume such foods are often extremely vulnerable, like pediatric patients at periods of growth and development or the elderly. For these reasons, the FDA published its Medical Foods Compliance Program for domestic and imported products as a part of the agency’s Compliance Program Guidance Manual. This program, which the FDA has explicitly stated may be a “high priority” due to the “susceptible population that the products are intended,” remains in effect.
The report “Global Medical Foods Market, By Route of Administration (Oral and Enteral), By Product (Pills and Powders), By Application (Retail, Online, and Institutional), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030”
Key Highlights:
· In 2021, The Minister for Agriculture, Food and the Marine, Charlie McConalogue T.D., and the Minister of State, Martin Heydon T.D., have launched the Code of Good Practice regarding the responsible use of antimicrobials on poultry farms. This Code has been developed collaboratively by farming and veterinary stakeholders of the iNAP animal health committee under the chairmanship of the Animal and Plant Health Association.
Analyst View:
Increase in geriatric population as well as rise in burden of chronic diseases around the globe is the major driving factor for the target market growth. For instance, according to a data published by Partnership to fight chronic disease in 2017, 60% had at least one chronic condition and 42% had more than one chronic condition in 2014. However, shifting trend of direct selling to customer via e-commerce platform is anticipated to hinder the target market growth over the forecast period.
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Key Market Insights from the report:
The Global Medical Food Market accounted for US$ 21.05 billion in 2020 and is estimated to be US$ 35.14 billion by 2030 and is anticipated to register a CAGR of 5.30%. The Global Medical Food Market report segments the market on the basis of route of administration, product, application, and region.
· By Route of administration, the Global Medical Food Market is segmented into oral and enteral.
· By product, the Global Medical Food Market is segmented into pills and powder.
· By application, the Global Medical Food Market is segmented into retail, online and institutional.
· By region, the Global Medical Food Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America market dominates the Global Medical Food Market with higher market share.
Competitive Landscape:
The Key players operating in the global medical foods market include, Danone, Nestle, Abbott, Targeted Medical Pharma Inc., Primus Pharmaceuticals Inc., Mead Johnson & Company LLC, and Fresenius Kabi AG.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
