Increasing instances of chronic metabolic diseases along with growing geriatric population are prominently expected to drive the Global Medical Nutrition Market during the forecast period.
The Global Medical Nutrition Market was valued at USD 37.35 billion in the base year 2020, and is projected to reach USD 64.50 billion by 2027, with a CAGR of 8.1% during the forecast period (2017-2027).
The major factor attributing to the growth in global medical nutrition market is the rising incidences of metabolic and chronic diseases among individuals across the globe. Mounting cases of chronic diseases such as diabetes and cancer, along with, increasing obese population due to unhealthy eating habits and physical inactivity is reducing the nutrition level present in the body. Medical nutrition products aids in improving metabolism, digestion, absorption and discharge functions by providing several nutrients such as vitamins, proteins and minerals. In addition, the increase in the number of people preferring to diagnose metabolic disorders has also immensely created the demand for medical nutrition, thereby driving the global medical nutrition market growth. Owing to the benefits associated with medical nutrition products, many doctors and organizations strongly recommend the use of these products to meet the nutrition gaps in the individuals. For instance, the latest guidelines of European Society for Clinical Nutrition and Metabolism (ESPEN) published in 2019, has recommended the use of medical nutrition products to treat malnutrition in people.
Moreover, the growing problem of geriatric population in several nations such as Japan, Singapore is also offering an opportunity in the global medical nutrition market. According to World Ageing Population report, in 2020, the population aging 65 and above was estimated at 727 million and is projected to reach 1.5 billion by the year 2050. Older adults are more likely to have conditions such as, Parkinson's, anxious scatters, diabetes, organ system failure and atrial fibrillation. These prolonged conditions are majorly responsible for creating deficiencies of essential nutrients in the people and thereby creating a high demand for products which could meet these nutritional needs. Therefore, many stakeholders are investing in developing innovative products that are specifically designed to meet the nutritional requirements of geriatric population, thus, driving the global medical nutrition market. For instance, in July 2020, Goodmills Innovation launched its new product ''Spermidino EVO'' which is a wheat germ concentrate that is specifically designed for immunity-boosting in the elderly population. Hence, the increasing rate of the geriatric population along the development in medical nutrition products that are made to suit the aging population are expected to boost the global medical nutrition market growth.
Additionally, increasing instances of premature births is creating a demand for advanced medical nutrition. According to WHO, approximately 15 million babies are born preterm every year and this number is expected to rise in the coming years. Preterm infants and neonates are more vulnerable to nutrition deficits and have high risk of malnutrition. The presence of malnutrition affects overall growth and development process in the infants. Due to this, many companies are developing nutrition products to meet the nutritional needs in these premature babies. For instance, Dexolac Special Care Infant Formula offers a powdered milk substitute for premature and low birth weight babies. This product offer nutrients that support in brain development, immunity & digestive health and helps in catching up growth in preterm babies. Therefore, rising rate of preterm babies combined with increasing innovative product to meet their nutrition requirement is projected to drive the global medical nutrition market during the forecast period.
Global Medical Nutrition Market by Region Outlook (Revenue, USD Billion, 2017-2027)
Based on region, Asia-Pacific is expected to be the fastest growing market in the global medical nutrition market. This growth is mainly attributed to the rising geriatric population in major economies in this region such as China, India and particularly Japan. According to world bank, in 2020, an estimated 28.4% of the total population in Japan is older than 65, and is expected to rise to 40% by 2060. Geriatric population are more prone to diseases and often experience the ill effects of prohibitive food ingestion which creates deficiency of nutrients in their body. Due to this, there has been an increasing demand for parenteral medical nutrition by these economies to maintain their nutritional dimensions. In addition, growing cases of chronic diseases such as diabetes is also prominently influencing the demand for the medical nutrition market in this region. The data released by American Diabetic Association in 2016, shows that more than 60% of the people across the globe who have diabetes lives in Asia and almost half among these belongs to India and China. Therefore, the growing geriatric population combined with increasing instances of chronic diseases is expected to positively drive the medical nutrition market in this region.
The Global Medical Nutrition Market Segmentation:
Global Medical Nutrition Market Type Outlook (Revenue, USD Billion, 2017-2027)
Global Medical Nutrition Market Product Type Outlook (Revenue, USD Billion, 2017-2027)
Global Medical Nutrition Market Taste Outlook (Revenue, USD Billion, 2017-2027)
Global Medical Nutrition Market Route of Administration Outlook (Revenue, USD Billion, 2017-2027)
Global Medical Nutrition Market Application Outlook (Revenue, USD Billion, 2017-2027)
Global Medical Nutrition Market End-User Outlook (Revenue, USD Billion, 2017-2027)
Global Medical Nutrition Market Distribution Channel Outlook (Revenue, USD Billion, 2017-2027)
Company Profiles and Competitive Intelligence
The key players operating in the medical nutrition market are: