May 22, 2024
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The Growing Geriatric Population Is Driving The Medical Nutrition Market

Medical nutrition products are nutritional formulas designed to address specific health issues that are consumed orally in both liquid and powdered forms. These products are designed in formulations aimed at supporting medical requirements associated with chronic ailments like diabetes, gastrointestinal diseases, cancer, neurological disorders and more. They offer balanced nutrients tailored to specific medical conditions to ensure patients receive key macro and micronutrients their bodies need. As such, they assist in recovery from illnesses or surgery, help manage chronic diseases and support the nutritional requirements of patients who cannot consume regular food due to health issues. The global Medical Nutrition Market is growing rapidly due to the rising chronic disease incidence rates around the world and an aging global population susceptible to health declines requiring nutritionally fortified food.

The global Medical Nutrition Market is estimated to be valued at US$ 14.34 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends driving the Medical Nutrition Market is the rising prevalence of chronic metabolic diseases like diabetes. According to the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 globally with the number expected to rise to 643 million by 2030 and 783 million by 2045. Medical nutrition products are crucial for diabetes management since they help regulate blood sugar levels and provide adequate nutrition. Additionally, the World Health Organization projects the number of people aged 60 and above to double from 12% to 22% between 2015 and 2050 globally. As the geriatric population prone to chronic health issues increases, demand for medically tailored nutritional supplements will continue rising over the next decade and beyond. Moreover, growing awareness regarding the benefits of disease-specific medical nutrition is encouraging more people globally, especially in emerging nations to opt for these products.

Porter’s Analysis

Threat of new entrants: The threat is low to medium as the medical nutrition industry requires high research and development costs to bring new products to the market. Bargaining power of buyers: The bargaining power of buyers is medium as there are many established players in the market providing a variety of products to customers. Bargaining power of suppliers: The power of suppliers is medium as suppliers need to adhere to high manufacturing standards and regulations set by regulatory bodies. Threat of new substitutes: The threat of new substitutes is low as medical nutrition products are prescribed by healthcare professionals to meet patients’ clinical needs. Competitive rivalry: The competitive rivalry is high among the existing players to gain market share and sustain through continuous innovation.

Key Takeaways

The Global Medical Nutrition Market Demand is expected to witness high growth. With rising prevalence of chronic diseases worldwide due to changing lifestyle and rapidly ageing population, the demand for medical nutrition products is rising significantly.

North America dominated the global medical nutrition market in 2021 due to presence of major players, rising health consciousness among population and growing prevalence of chronic diseases in the region. Europe was the second largest regional market owing to increased focus on clinical nutrition. Asia Pacific is expected to exhibit fastest growth during the forecast period with China and India being major markets.

Key players operating in the medical nutrition market are Abbott Nutrition, Nestle, Danone, Mead Johnson Nutrition and Bayer. Abbott Nutrition dominated the global medical nutrition market in 2021 owing to robust product portfolio and strong geographic presence across North America and Europe. Nestle and Danone are other major players focusing on product innovation and expansion in emerging markets.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it