February 21, 2024
Medical Nutrition Market

India Medical Nutrition Market is Estimated To Witness High Growth Owing To Rising Geriatric Population

The India Medical Nutrition Market is estimated to be valued at US$ 466.5 million in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Medical nutrition products include disease-specific formulas that provide complete or partial nutrition to help manage diseases or improve general well-being. Products including nutritional drinks and foods are used to manage conditions like diabetes, cancer, obesity, pediatric malnutrition, chronic kidney disease etc. These products help support medical treatment by providing the necessary nutrients to the body.

Market key trends:

The India Medical Nutrition Market is expected to witness significant growth owing to the rising geriatric population in the country. As per United Nations Population Fund (UNFPA) data, the population aged 60 years and above in India is projected to grow to around 300 million by 2050 from over 138 million in 2020. Older people are more prone to various health conditions like chronic diseases, malnutrition etc. that require medical nutrition support to manage symptoms and supplement essential nutrients. According to Ministry of Social Justice and Empowerment, nearly 10% of elderly Indians suffer from malnutrition which signals the need for increased adoption of specialized nutritional products. Therefore, the increasing pool of elderly demographic presents notable opportunities for players in the India Medical Nutrition Market.

Porter’s Analysis

Threat of new entrants: New players find it difficult to enter the market due to the presence of well-established players and the requirement of high initial capital investment.

Bargaining power of buyers: Buyers have low bargaining power due to the lack of substitutes and requirement of medical nutrition products.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes.

Threat of new substitutes: Substitutes have low threat due to unique properties and advantages of medical nutrition products.

Competitive rivalry: High competition.

SWOT Analysis

Strengths: Growing aging population and prevalence of chronic diseases in India.

Weaknesses: Lack of accessibility in rural areas and high costs.

Opportunities: Increasing health awareness and growing disposable income.

Threats: Stringent regulatory framework and supply chain disruptions.

Key Takeaways

India Medical Nutrition Market Size is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of chronic diseases. The growing cases of diabetes, cancer, gastrointestinal disorders are expected to drive the demand for medical foods and nutritional drinks in India.

Regionally, western India holds the largest share in the India Medical Nutrition Market owing to developed healthcare infrastructure and higher disposable income. States like Maharashtra and Gujarat are expected to be the major revenue generators.

Key players operating in the India Medical Nutrition Market are Abbott Laboratories, Baxter International Inc., Danone S.A., Nestlé S.A., GlaxoSmithKline plc., Sun Pharmaceutical Industries Ltd., Fresenius Kabi AG, BASF SE, Zeon Lifesciences Ltd., Mead Johnson & Company, LLC., B. Braun Melsungen AG, Nutrimed Healthcare Pvt. Ltd, Zenova Bio Nutrition, Bionova Lifesciences, Healthy Life Pharma Pvt Ltd, Nutra Healthcare, Lifecare Neuro and Stabicoat Vitamins. The players are focusing on new product launches and expansion strategies to strengthen their market presence.

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