Medical nutrition products are formulated for the purpose of prevention and management of disease. It involves the use of enteral nutrition, parenteral nutrition, and related products that deliver a balanced supply of nutrients to meet the metabolic demands of the body during illness or recovery. The global medical nutrition market caters to meet the nutritional needs of adults and children with special nutritional needs, such as those with metabolic disorders, dysfunctional digestive system, cancer, wounds, and various other illnesses. Products under this category include enteral formulas, parenteral formulations, amino acids formulations, and protein supplements. The use of medical nutrition helps in managing malnutrition, speeding up recovery, preventing further complications, and reducing hospital costs and readmissions.
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.
Growing Geriatric Population (this driver is refered from heading): The increasing geriatric population is expected to boost the growth of medical nutrition market. As per UN projections, the number of people aged 65 years and above is expected to grow from 703 million in 2019 to 1.5 billion by 2050. Similarly, aged population 80 years and above is expected to increase from 143 million to 426 million within the same period. The older population is more prone to chronic health conditions that demand medical nutrition products to promote recovery and maintain health. Rise in elderly population globally thus serves as one of the major growth drivers for medical nutrition market.
Focus on Malnutrition Management: Malnutrition is a common problem among hospitalized patients as well as those suffering from chronic diseases. Medical nutrition therapy assists in preventing, treating, and managing malnutrition conditions. Rising focus on prevention and treatment of malnutrition is expected to drive the demand for various enteral and parenteral nutrition formulations over the forecast period. Additionally, companies are developing nutrition products tailored to address specific nutritional needs of diseases. These factors are propelling the growth of medical nutrition market.
The medical nutrition market is segmented into enteral and parenteral nutrition. Enteral nutrition is further segmented into standard formulas, fiber-containing formulas, disease specific formulas, and fiber-free formulas. The enteral nutrition segment dominates the market and is expected to remain the dominating segment during the forecast period. The enteral route is the preferred route of administration as it is cost effective and associated with fewer risks as compared to the parenteral route. The standard formulas sub-segment dominates the enteral nutrition segment as they are suitable for a broader population base.
Political: Regulations around medical foods and supplements are stringent. Regulations help ensure product quality and safety.
Economic: Rising healthcare spending due to increasing chronic diseases is driving market growth. However, high costs of therapeutic products can restrain growth.
Social: Changing lifestyles leading to more obesity and chronic diseases are increasing medical nutrition demand. Awareness about disease specific nutrition is also growing.
Technological: New formulations tailored to specific diseases are being developed using advanced research. Better monitoring and targeting of nutrients help improve outcomes.
The Global Medical Nutrition Market Size 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
North America dominates the global market due to the rising prevalence of chronic diseases. The Asia Pacific region is expected to exhibit the fastest growth during the forecast period due to increasing healthcare expenditure and growing awareness.
Key players operating in the medical nutrition market are Abbott, Baxter, Danone S.A., NestlÃ©, GSK Plc, Fresenius Kabi AG, Sun Pharmaceutical Industries Ltd, BASF SE, and DSM. Abbott dominates the market due its wide range of product offerings. Baxter is another leading player known for its parenteral nutrition products.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it