by Medical foods are specially formulated and intended for the dietary management of a disease or condition for which distinctive nutritional requirements, based on recognized scientific principles, are established by medical evaluation. Medical foods include nutrients, such as proteins, carbohydrates, vitamins, and minerals that are intended for the specific dietary management of diseases such as ulcerative colitis, Alzheimer’s disease, lung disease, hepatic and renal disease. These products help in managing symptoms, provide nutrition support, and help maintain or improve patients’ quality of life. The global Medical Foods market is estimated to be valued at US$ 22328.51 Mn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The rising prevalence of chronic diseases such as diabetes, cancer, gastrointestinal disorders and neurological diseases is increasing the demand for medical foods. These diseases require specialized nutrition support to manage the symptoms and maintain patient’s quality of life and well-being. According to Centers for Disease Control and Prevention, 6 in 10 adults in the United States live with at least one chronic disease, while 4 in 10 adults have two or more chronic diseases. Increasing prevalence of chronic diseases is expected to fuel the demand for disease-specific medical foods over the forecast period. Advancements in formulations to expand indications of existing medical foods is another key trend witnessed in the market. Key players are focused on developing innovative formulations to expand the therapeutic applications of existing medical foods.
Porter’s Analysis
Threat of new entrants: The threat is moderate as the medical foods market requires extensive R&D and licensing to develop specialized products for different health conditions.
Bargaining power of buyers: The bargaining power is high as buyers have several options from different manufacturers to choose from.
Bargaining power of suppliers: The bargaining power of suppliers is moderate given the specialized ingredients required in manufacturing medical foods.
Threat of new substitutes: The threat is low as medical foods are prescribed by healthcare professionals to address specific health needs.
Competitive rivalry: The competition is high among the major players to expand their product offerings and market share.
Key Takeaways
The global U.S. Medical Foods Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global U.S. Disinfecting Cap Market is estimated to be valued at US$ 534.1 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
The western region currently dominates the market owing to higher awareness and growing prevalence of chronic diseases like diabetes. The northeast region is expected to witness fastest growth owing to increasing health consciousness.
Key players
Key players operating in the U.S. Medical Foods Market are Enterome SA, Yakult Honsha Co., Ltd., Abbott, ExeGi Pharma, LLC, VSL Pharmaceuticals, Inc., Entera Health, Inc., Meiji Holdings Co., Ltd. Enterome SA specializes in developing microbiome-based therapeutics for patients with metabolic and inflammatory diseases. Yakult Honsha Co., Ltd. offers a wide range of medical food products for gut health.
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Source: Coherent Market Insights, Public sources, Desk research
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