Global Rx Medical Food Market, by Product Type (Pills, Powder, Liquid, Others (Wafers, Chewable, and Bars)), by Therapeutic Application (Pain Management, Neurological Disorders, Gastrointestinal Disorders, Pulmonary Disorders, Metabolic Disorders, Others (Fibrosis, Dialysis, AIDS, etc.)), by Distribution Channel (Retail Pharmacies, Hospital Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 22,012.5 Million in 2022 and is expected to exhibit a CAGR of 7.1% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing inorganic strategies such as product launch by key market players is expected to drive the global Rx medical market over the forecast period. For instance, in June 2018, VAYA Pharma, Inc., a pharmaceutical company, announced that they had launched a Vayarin plus, a medical food product for the dietary management of attention deficit hyperactivity disorder (ADHD) that helps the adults to improve and manage their of attention deficit hyperactivity disorder (ADHD) by giving them a new, safe and efficacious and non-drug option.
Global Rx Medical Food Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been significantly impacted by the COVID-19 pandemic.
However, the COVID-19 pandemic had a positive impact on the global Rx medical food market. For instance, in August 2020, according to the data published in National Center for Biotechnology Information, underlying malnutrition impairs the immune system and make people more vulnerable to infections such as COVID-19 and impact there recovery. Patients recovering from severe illness are likely to have muscle weakness and may require protein needs. Thus, individuals who have been discharged from hospital may need ongoing nutritional rehabilitation. The range of COVID-19 symptoms such as loss of taste, respiratory issues, fatigue and weakness can be reduced by with proper dietary supplements and nutritional management.
Global Rx Medical Food Market: Key Developments
For instance, in April 2018, Abbott Laboratories, a medical device and health care company, announced that they had launched Ensure max protein, a 150-calorie nutrition drink with 30 grams of protein and 1 gram of sugar. This new nutrition drink provides the adults all the perks of protein, from maintaining or rebuilding muscle mass and help to satisfy hunger, in an easy, on-the-go option for their busy day.
Browse 35 Market Data Tables and 34 Figures spread through 170 Pages and in-depth TOC on “Global Rx Medical Food Market”- Forecast to 2030, Global Rx Medical Food Market, by Product Type (Pills, Powder, Liquid, Others (Wafers, Chewable, and Bars)), by Therapeutic Application (Pain Management, Neurological Disorders, Gastrointestinal Disorders, Pulmonary Disorders, Metabolic Disorders, Others (Fibrosis, Dialysis, AIDS, etc.)), by Distribution Channel (Retail Pharmacies, Hospital Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/rx-medical-food-market-909
Key Takeaways of the Global Rx Medical Food Market:
- The global Rx medical food market is expected to exhibit a CAGR of 7.1% during the forecast period due to the increasing inorganic strategies such as agreement by the key players in the market over the forecast period. For instance, in May 2022, Abbott, a medical device and healthcare company announced that they had entered into an agreement with the U.S. Food and Drug Administration. Under this agreement, they will reopen baby facility in Michigan. As Abbott is the biggest supplier of milk formula and due to this agreement they will provide Similac and other baby formula made at the Michigan facility. Similac is a spray dried milk substitute created especially for infants between 0 and 6 months of age.
- Among therapeutic application, pain management is estimated to hold a dominant position in the global Rx medical food market over the forecast period. For instance, in April 2021, according to the data published in Springer Nature, various nutraceuticals and medical food products plays a vital role in pain management and relief due to their multiple antioxidant and anti-inflammatory properties. Apart from this properties, vitamins, amino acids, fatty acids and trace elements may have a role in the modulation of pain signals to the nervous system
- Among regions, North America is estimated to account for the largest market share in the global Rx medical food market over the forecast period. For instance, in August 2022, Mead Johnson & Company, LLC., a nutrition company, announced that they had received approval from the U.S. Food and Drug Administration to import specialty infant formula to the U.S. PurAmino is special formula base powder for infants and toddlers who cannot digest other types of formula due to multiple food allergies or cow’s milk protein allergy. This PurAmino formula will be distributed primarily through hospitals and other healthcare settings to ensure access to this medically critical product for the babies who need it
- Major players operating in the global Rx medical food market include Abbott Laboratories, Danone S.A., Mead Johnson & Company, LLC, Fresenius Kabi AG, Nestle S.A., Primus Pharmaceuticals, Inc., Targeted Medical Pharma Inc., Pivotal Therapeutics Inc., VAYA Pharma, Inc., Lanfam and AlfaSigma S.P.A.
