Medical Foods Market Size To Hit USD 30.34 Billion By 2028

 San Francisco, 22 April 2021: The Report Medical Foods Market Size, Share & Trends Analysis Report By Route Of Administration, By Product (Pills, Powder), By Application, By Sales Channel, By Region, And Segment Forecasts, 2021 - 2028

The global medical foods market size is anticipated to reach USD 30.34 billion by 2028 according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.2% over the forecast period. Factors such as the growing prevalence of chronic conditions along with the increasing geriatric population adopting medical foods are positively impacting the growth. Rising awareness regarding clinical nutrition among healthcare professionals and patients is projected to further bolster the growth over the forecast period.

Based on the route of administration, oral administration dominated the market in 2020. Factors contributing to the high share include high commercial viability of orally administered products and high preference for orally administered medical foods owing to ease in consumption. Oral supplements are available in various forms such as powders, pills, puddings, and pre-thickened products, thereby propelling the overall growth.

In 2020, based on product type, the others segment accounted for the highest revenue share. The others' segment comprises of liquid, semi-liquid, and semi-solid products. This growth is attributed to increasing application areas of medical foods, high commercial availability, and easy administration of these products. Owing to ease of consumption, liquid formulations are preferred by geriatric as well as pediatric populations, thereby increasing its overall revenue share.

Based on application, diabetic neuropathy dominated the market share in 2020. Rising diabetes prevalence and an increase in the number of patients that are at risk of developing some level of neuropathy are some of the factors boosting the overall growth. For instance, according to Healthline, around 60% to 70% of people suffering from diabetes have some or other form of neuropathy. The risk of suffering from neuropathy increases with an aging, unhealthy lifestyle, and change in diet which leads to an increased focus on nutritional management, thereby fueling the growth.

In 2020, based on sales channels, institutional sales accounted for the highest revenue share. This share is attributable to higher adoption and consumption of enteral and oral medical foods in healthcare institutions such as hospitals, clinics, and care centers. There is an increase in demand for such products in inpatient facilities. Hence, rising demand and consumption of these products under medical supervision are some of the factors contributing to the growth of the segment.

North America dominated the market with a revenue share of 29.9% in 2020 owing to the presence of key market players and high revenue generated by these players in this region. Strategic initiatives by players, increasing prevalence of chronic conditions, and rising adoption of medical foods by healthcare professionals and patients are other factors supporting the regional market growth.

Access Research Report of Medical Foods Market @ https://www.grandviewresearch.com/industry-analysis/medical-foods-market

Medical Foods Market Report Highlights

• The oral segment accounted for the highest revenue share in 2020, owing to the high commercial viability of orally administered products and high preference for orally administered medical foods
• The others' segment dominated the market in 2020, owing to increasing application areas, high commercial availability, and easy administration of the products
• Diabetic Neuropathy dominated the market in 2020, owing to increasing diabetes prevalence and the rising number of patients that are at risk of developing some level of neuropathy
• Institutional sales accounted for the highest revenue share in 2020, owing to higher adoption and consumption of enteral and oral medical foods in healthcare institutions such as hospitals, clinics, and care centers
• North America dominated the market with a revenue share of 29.9% in 2020, owing to the presence of key market players and high revenue generated by these players in this region

List of Key Players of Medical Foods Market

• Danone
• Nestle Nutrition
• Abbott Nutrition
• Targeted Medical Pharma, Inc.
• Primus Pharmaceuticals, Inc.
• Mead Johnson & Company, LLC.
• Medtrition, Inc.
• Fresenius Kabi AG

Access Press Release of Medical Foods Market @ https://www.grandviewresearch.com/press-release/global-medical-foods-market