July 22, 2024
Medical Nutrition Market

The Global Medical Nutrition Market Is Driven By Increasing Prevalence Of Chronic Diseases

The global medical nutrition market involves products that are specifically formulated to manage diseases or health conditions. These products help patients recover from illnesses, support growth in children suffering from malnutrition, and manage conditions like diabetes, cancer, renal diseases, and gastrointestinal disorders. Key products include infant nutrition, parenteral nutrition, and enteral nutrition. Infant nutrition includes infant formula to fulfill the nutritional needs of babies. Enteral nutrition includes tube-feeding formulas to feed patients via a tube inserted into the digestive system. Parenteral nutrition involves supplying nutrients directly into the bloodstream through an intravenous route. These medical nutrition products assist in tissue repair, improve recovery from injuries and sickness, and support treatment of chronic diseases.

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 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The key trends driving growth in the medical nutrition market include rising incidence of chronic diseases, increasing adoption of home parenteral nutrition, and the advancements in formulas. Chronic diseases like cancer, diabetes, cardiovascular diseases, and gastrointestinal disorders affect millions worldwide. As per estimates, nearly 15 million new cancers are diagnosed each year globally. Similarly, over 463 million people suffer from diabetes globally. The growing burden of chronic diseases is driving demand for medical nutrition products that can manage the conditions and support treatment. Home parenteral nutrition allows stable patients dependent on intravenous feeding to receive nutrients at home rather than in clinical facilities.This has boosted market growth by improving convenience and reducing healthcare costs. Leading manufacturers are also incorporating new ingredients and formulations to address various metabolic requirements through stages of illness and recovery.

Porter’s Analysis

Threat of new entrants: The medical nutrition market requires significant R&D investments for developing new products and maintaining quality standards. This acts as a barrier for new companies to enter the market.

Bargaining power of buyers: The bargaining power of buyers is moderate as medical nutrition products have applications across different disease segments and end users like pediatric patients, patients recovering from illness or surgery and elderly population.

Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as raw material suppliers are fragmented and key suppliers depend on a limited number of medical nutrition manufacturers for business.

Threat of new substitutes: There are limited product substitutes for nutritional products designed for target patient population with specific medical conditions. Nutritional supplements are not considered as substitutes.

Competitive rivalry: The market comprises many global and regional companies offering diversified product portfolios. Companies compete based on brand, quality, product innovation and pricing.

Key Takeaways

The Global Medical Nutrition Market Demand is expected to witness high growth over the forecast period. The rising cases of chronic diseases and growing elderly population are major demand drivers for medical nutrition products globally. 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 5.8% over the forecast period 2023 to 2030.

Regional analysis: North America dominates the global medical nutrition market currently owing to advanced healthcare facilities, rising lifestyle diseases and focus on preventive healthcare. Asia Pacific is expected to grow at the fastest pace during the forecast period driven by increasing health awareness, growing incomes and rising prevalence of chronic diseases.

Key players: Key players operating in the medical nutrition market are Abbott, Baxter, Danone S.A., Nestlé, GSK Plc, Fresenius Kabi AG, Sun Pharmaceutical Industries Ltd, BASF SE, and DSM. These players are focused on new product launches, partnerships for expanding their regional presence and strengthening distribution networks across major markets.

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