Medical Nutrition Market driven by Aging Population
The medical nutrition market comprises nutritional supplements designed to meet specific medical needs arising due to chronic illnesses or aging. Products in this space include infant formula, enteral formula, parenteral formula, and supplements targeting specific conditions like diabetes, chronic kidney diseases, depression and more. These finds applications in pediatrics, sports & weight management, and general well-being. The products ensure proper nutrition absorption and support recovery from illnesses.
The Global Medical Nutrition Market is estimated to be valued at US$ 13.91 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Medical Nutrition market are Abbott, Danone S.A., Baxter, Nestl;, GSK plc., Sun Pharmaceutical Industries Ltd., Sanofi, DSM, BASF SE, Fresenius SE and Co. KGaA, Leprino Foods Company, Fresenius Kabi Ltd, Esperer Onco Nutrition, Kate Farms, and Guardion Health Sciences, Inc. The key players are focusing on developing innovative products to cater to the specific needs of various chronic diseases.
The growing prevalence of chronic diseases and disorders worldwide is generating high Medical Nutrition Market Demand for specialized nutritional products. According to WHO estimates, chronic diseases accounted for over 70% of all deaths globally in 2020. Protein-based dietary supplements are gaining popularity for supporting recovery from illnesses and slowing disease progression.
The global medical nutrition industry is expanding rapidly with several key players exploring opportunities in developing economies. Companies are investing in R&D to innovate products suitable for patients in Asia Pacific and Latin America. Partnerships with local manufacturers are helping establish supply chains and improve accessibility in emerging countries.
Market drivers
Aging population is a major driver for the medical nutrition market globally. The number of people aged 60 and above is expected to double to nearly 2.1 billion by 2050 according to the UN. Older adults are more prone to chronic conditions like cardiac diseases, diabetes which require medically formulated nutritional support. The growing focus on preventive healthcare and diet modifications to manage diseases will further propel the demand.
Impact of geopolitical situation on the growth of Medical Nutrition Market
The current geopolitical situation across various regions is impacting the growth of the medical nutrition market. Rising conflicts and political instability in certain parts of the world is disrupting supply chains and export-import activities. It is leading to price fluctuations and shortages of critical raw materials used in nutritional products. Manufacturers are facing challenges in ensuring an uninterrupted supply to customers. The market is also witnessing demand fluctuations due to changes in consumer spending patterns amid economic uncertainties caused by geopolitics. To counter such issues, companies need to diversify their supplier networks, locally source raw materials, and establish flexible production facilities across different geographies. Long-term strategies should focus on developing politically neutral and globally distributed supply infrastructure. Collaborations with local players can help gain insights into regional market dynamics and reduce dependency on volatile overseas markets.
Geographical regions with high concentration of Medical Nutrition Market value
North America accounts for the largest share of the Medical Nutrition Market Regional Analysis in terms of value. This can be attributed to the rising prevalence of chronic diseases, growing elderly population, and advanced healthcare infrastructure and systems in the region. According to estimates, the North America medical nutrition market is valued at over US$ 6 billion currently. Europe is another major regional market with a large consumer base and availability of customized nutritional solutions. Countries like Germany, France, and the UK are major revenue generators for companies operating in Europe. Asia Pacific is emerging as the fastest growing market for medical nutrition globally due to increasing health awareness, disposable incomes, and expanding healthcare spending in nations such as China, India, and Japan.
Fastest growing region in the Medical Nutrition Market
Asia Pacific region is poised to witness the fastest growth in the medical nutrition market during the forecast period from 2024 to 2031. This can be accredited to improvements in public healthcare frameworks, rising lifestyle diseases, growing medical tourism industry and expansion of healthcare access across both rural and urban regions in the Asia Pacific market. Rapid economic development and rising affluence of the middle class are also contributing to increased health expenditure in the region. Further, low manufacturing and labor costs are encouraging leading medical nutrition brands to set up production facilities in countries like India, China and Indonesia, boosting regional supply. Overall, the APAC medical nutrition industry is estimated to grow at a CAGR above 7% over the next 7 years.
Get More Insights on Medical Nutrition Market
Choose preferred language for better understanding-
About Author-
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)