The Medical Nutrition Market is estimated to be valued at USD 13.91 Bn in 2024, growing at a CAGR of 5.4% over the forecast period (2024-2031). The demand for medical nutrition is increasing due to the rising prevalence of chronic diseases like diabetes, obesity, cardiovascular diseases, etc. Moreover, the growth in the geriatric population worldwide who are more prone to chronic illnesses is also pushing the need for nutritional supplements and diet modification. The availability of customized formulas for conditions like liver diseases, renal failure, and cancer is further expanding the scope of medical nutrition products.
Market Dynamics:
The medical nutrition market is primarily driven by the increasing prevalence of chronic and lifestyle diseases globally. Chronic diseases like diabetes, obesity, and cardiovascular diseases pose a major burden on healthcare systems globally. As per the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide. Medical nutrition helps in managing the symptoms and treatment outcomes of such chronic diseases. The growing elderly population also acts as a key driver as nutritional requirements vary with age and seniors are more susceptible to deficiencies. As per United Nations data, the population aged 60 years and above is projected to reach nearly 2.1 billion by 2050 from 1 billion in 2020. Moreover, increasing awareness about relationship between diet and health also promotes the demand for specialized clinical nutrition products.
Increasing Prevalence of Chronic Diseases is Driving the Market Growth
One of the major drivers for the growth of the medical nutrition market is the rising prevalence of chronic diseases globally. Diseases like diabetes, cancer, neurological disorders, etc. require specialized medical nutrition products and formulas. As people are living longer due to improvements in public health, chronic diseases have become more common. This is increasing the demand for dietary supplements, enteral formula, parenteral formula and other medical food products used for the clinical dietary management of various chronic conditions.
Government Initiatives, Investments, & Funding for Medical Nutrition Research
The rising number of government initiatives focused on medical nutrition and diet are expected to boost the medical nutrition market growth during the forecast period. For instance, in December 2021, the government of Australia, announced the development of National Preventive Health Strategy 2021–2030, which aims to improve the health and wellbeing of all Australians at all stages of life, through a systems-based approach to prevention that addresses the wider determinants of health, reduces health inequities, and decreases the overall burden of disease.
Stringent Regulatory Environment Restrain Market Potential
Regulations governing the medical nutrition industry are quite rigorous as these products have an impact on human health and treatment outcomes. Receiving approval for new formulas and getting manufacturing/marketing clearances involves significant time and cost hurdles. Frequent changes in regulations also create compliance challenges for companies. Moreover, differing regulatory standards across countries pose barriers to international expansion. This stringent regulatory environment acts as a restraint on the market.
Growth in Emerging Economies
The opportunities for the medical nutrition market are immense in the emerging economies of Asia Pacific, Latin America, Middle East, and Africa. These regions are witnessing rapid economic development and rising affluence which is improving access to healthcare and nutritional therapies. Growing disease burdens coupled with expanding health insurance coverage will drive the uptake of medical food products in developing countries going forward.
Innovation of New Formulas
Constant innovation in formulations tailored to specific health conditions presents substantial opportunities for medical nutrition companies. Some areas offering scope are pediatric nutrition, sports nutrition, nutrition for brain health, formulas for inborn errors of metabolism, and formulas addressing micronutrient deficiencies. Companies investing in R&D to develop cutting-edge products have brighter prospects of success in this dynamic market.
*Link: https://www.coherentmarketinsights.com/market-insight/medical-nutrition-market-925
Key Development
- In November 2023, Nestlé, a medical nutrition company, announced the launch of N3 milk in China with new nutritional benefits. To develop the N3 milk, Nestlé used a proprietary technology to reduce lactose - a sugar found in cow's milk - through specialized enzymes thereby generating beneficial prebiotic fibers.
- In September 2022, Sodexo, a France-based food services and facilities management company, announced a new enterprise-wide partnership with Ardent Health Services, a company investing in quality health care. Through this strengthened partnership, over 1,500 Sodexo employees will provide food and nutrition services and environmental services at over 50 ardent locations across six states in the U.S. Previously, Sodexo provided patient nutrition and environmental services at four growing locations of the U.S.
- In February 2022, Kate Farms, a company offering plant-based shakes and formulas based in California (North America), announced the launch of its newest shake, Glucose Support 1.2. This first-of-its-kind plant-based, organic nutrition shake is designed to help manage blood sugar as part of a balanced diet. As the newest addition to the Kate Farms nutrition portfolio, Glucose Support 1.2 is created to deliver plant-based nutrition to patients living with diabetes.
- In February 2022, Guardion Health Sciences, Inc., a nutrition company that develops clinically supported nutrition, medical foods, and supplements, announced the launch of Viactiv Omega BOOST gel bites. The 1,200 mg Omega-3 gel bites are designed to provide total body support, including cardiovascular, joint, brain, and eye health.
Key Players: Abbott, Danone S.A., Baxter, Nestlé, GSK plc., Sun Pharmaceutical Industries Ltd., Sanofi, DSM, BASF SE, Fresenius SE & Co. KGaA, Leprino Foods Company, Kate Farms, and Guardion Health Sciences, Inc.
