Specialized Formula Medical Nutrition Market Size And Forecast
Specialized Formula Medical Nutrition Market size was valued at USD 9,844.76 Million in 2021 and is projected to reach USD 17,154.26 Million by 2030, growing at a CAGR of 6.36% from 2022 to 2030.
The Global Specialized Formula Medical Nutrition Market has witnessed strong growth owing to the increasing number of patients suffering from different diseases including cancers, autoimmune diseases, and the rest of the others. The growing scope of the e-commerce platform has a major impact on the specialized medical nutrition product market. The e-commerce platform is offering an online mode of distribution channel with convenience and efficiency. Thus, it is expected to drive the Global Specialized Formula Medical Nutrition Market during the forecasted period. The Global Specialized Formula Medical Nutrition Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Specialized Formula Medical Nutrition Market Definition
Medical nutrition refers to the nutritional formula or composition that can be formulated for fulfilling the nutritional needs of the patients. The medical nutrition helps the patients in maintaining the physical upkeep, treatment procedure, and symptom management. The geriatric population is growing around the world. Thus, medical nutrition could essentially provide essential nutrition to the large geriatric population globally.
The different types of diseases including cancers (brain, lung, breast, cervical, pancreas, and rest of the others), contagious diseases, auto-immune diseases, and various deficiency disorders, amongst others, are growing across the world population. Thus, people are becoming more aware and cautious about their health. Specialized formula medical nutrition is the combination of different nutritional components specifically formulated according to the disorders or the specific requirement of the patient’s body.
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Specialized Formula includes different nutritional components such as proteins, fats, carbohydrates, and vitamins (A, B, C, D, E, and K). It also contains some essential and quality factors including Lipids (Linoleic acid, α-Linolenic acid), minerals & trace elements (such as Iron, Calcium, Phosphorus, Magnesium, Sodium, Chloride, Potassium, Manganese, Selenium, and the rest of the others), and other substances (such as Choline, Myo-Inositol, L-Carnitine, Taurine Docosahexaenoic Acid, and Fluoride, amongst others). Specialized formula medical nutrition has potential applications across the pediatric population globally.
Global Specialized Formula Medical Nutrition Market Overview
The demand for Specialized Formula Medical Nutrition across the world is growing during the forecasted period, as the number of people suffering from various diseases is growing. It is forecasted that around 51% of men and 43% of women will develop cancer across Germany by 2030, according to the National Library of Medicine. According to the World Cancer Research Fund International, the cancer rate for men and women in Germany was 313.1 per 100,000 in 2018. In France, the UK, Italy, and Spain, it was 344.1, 319.2, 290.6, and 272.3 per 100,000 respectively. Also, Europe had the highest rate of lung cancer in 2018, according to the World Cancer Research Fund International. Death rates due to cancer are also increasing in the European continent as different types of cancers such as lung cancer, bladder cancer, colorectal cancer, and the rest of the others, amongst the European population.
Moreover, there is a growing number of Type 1 Diabetes amongst the European population. According to the International Diabetes Federation (IDF) Europe, in 2019, approximately 59 million of the European population, ages ranging from 20 to 79 years, were suffering from diabetes. Children and adolescents up to 19 years accounted for the highest number with Type 1 Diabetes. A total of 296,500 European children and adolescents were living with Type 1 Diabetes in 2019. Also, according to the International Diabetes Federation, India is one of the top ten countries around the world with the highest number of people under 20 years living with Type 1 Diabetes. More than 100,000 children have Type 1 Diabetes across India.
Furthermore, e-commerce platforms are booming across the world as the majority of the total population is inclined towards online shopping. The major e-commerce platforms across the globe including Amazon, Walmart, eBay, Home Depot, and Wayfair, amongst others are aiding the growth of the Specialized Formula Medical Nutrition Market.
The growing scope of the e-commerce platform has a major impact on the specialized medical nutrition product market. The e-commerce platforms are expected to drive the market for specialized formula medical nutrition. It is also expected to spread awareness regarding the uses of special medical nutrition for infants, adults, and geriatric populations across the world.
Moreover, the rising number of working women worldwide is expected to influence the market growth rate for the specialized formula medical nutrition market. Nowadays, problems such as lactose intolerance and hypoallergenic problems are considered to be common among infants which leaves the working mothers to rely upon specialized formula medical nutritional products. However, lack of medical awareness and inadequate reimbursement in some countries is a potential challenge for the Specialized Formula Medical Nutrition Market.
Global Specialized Formula Medical Nutrition Market: Segmentation Analysis
The Global Specialized Formula Medical Nutrition Market is segmented based on Product, Application, and Geography.
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Specialized Formula Medical Nutrition Market, By Product
• Infant Medical Nutrition Products
• Enteral Medical Nutrition Products
• Parenteral Medical Nutrition Products
Based on Product, the market is further segmented into Infant Medical Nutrition Products, Enteral Medical Nutrition Products, and Parenteral Medical Nutrition Products. In 2021, the Infant Medical Nutrition Products segment is dominating the market with the highest market share. Infant Medical Nutrition Products are formulated with different nutritional components such as proteins, fats, carbohydrates, and vitamins (A, B, C, D, E, and K), Lipids (Linoleic acid, α-Linolenic acid), minerals & trace elements (such as Iron, Calcium, Phosphorus, Magnesium, Sodium, Chloride, Potassium, Manganese, Selenium, and the rest of the others), and other substances (such as Choline, Myo-Inositol, L-Carnitine. Thus, these offer extensive and potential nutritional value for the infants. However, Enteral Medical Nutrition Products segment is growing with a higher CAGR during the forecasted period, as the demand for Enteral Medical Nutrition Products is growing.
Specialized Formula Medical Nutrition Market, By Application
• Adult
• Geriatric
• Pediatric
Based on Application, the market is segmented into Adult, Geriatric, and Pediatric. In 2021, the Pediatric segment has dominated the market accounting for the largest market share. This is owing to the rising demand for Infant Medical Nutrition Products due to the potential nutritional benefits to the Pediatric population. However, the Geriatric population around the world is growing rapidly. Several various diseases occur across this class of the world population. Thus, the Geriatric segment is growing with a higher CAGR during the forecasted period.
Specialized Formula Medical Nutrition Market, By Geography
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
Based on regional analysis, the Global Specialized Formula Medical Nutrition Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the leading region in the Global Specialized Formula Medical Nutrition Market and is predicted to grow substantially and dominate the Global Specialized Formula Medical Nutrition Market throughout the forecast period. The region is experiencing potential growth due to a rise in the number of patients with different types of cancers, and rare diseases across the region, rising demand from the healthcare industry, and the rest of others. However, the Asia-Pacific market is growing with a higher CAGR during the forecasted period due to various emerging factors in the region.
Key Players
The “Global Specialized Formula Medical Nutrition Market” study report will provide valuable insight with an emphasis on the global market. The major players such as NUTRICION MEDICA SL., Meiji Holdings, Medtrition, Baxter International, B. Braun Melsungen, Fresenius Kabi, Mead Johnson & Company, Abbott Laboratories, Danone Nutricia, and Victus, amongst others, are a few major companies operating in the Specialized Formula Medical Nutrition Market. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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