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The Global Medical Nutrition Market Growth Accelerated By Disease Prevalence And Aging Population

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Leena Shedmake
The Global Medical Nutrition Market Growth Accelerated By Disease Prevalence And Aging Population

Medical nutrition products such as powdered nutritional drink mixes, protein-rich nutritional bars and meal-replacement shakes, help individuals in meeting their daily nutritional requirements. With rising cases of chronic diseases such as cancer, diabetes, and malnutrition due to unhealthy diet and aging, the need for dietary supplements is increasing.

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 2023-2030, as highlighted in a new report published by Coherent Market Insights.



Market key trends:


The rising prevalence of diseases and aging population are the major factors driving the demand for medical nutrition products. As per the World Health Organization (WHO), by 2020, chronic diseases will account for almost three-quarters of all deaths worldwide. In addition, according to the United Nations, the number of people over 60 years is expected to double from current 12% to 22% by 2050. The growing geriatric population is more susceptible to chronic diseases and needs nutritional support. This has accelerated the demand for specialized medical foods for disease management. The manufacturers are focusing on new product innovations and formulations tailored for specific medical conditions to leverage this opportunity.


Segment Analysis



The global medical nutrition market is segmented based on route of administration into oral and parenteral. The oral segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. Oral medical nutrition products are preferred over parenteral due to their ease of administration and convenience. They do not require trained professionals for administration.



Key Takeaways



The Global Medical Nutrition Market Demand  is expected to witness high growth over the forecast period. The market is driven by factors such as the increasing prevalence of chronic diseases, growing aging population, rising health care spending, and technological advancements. 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 2023-2030.


Regional analysis: North America dominated the global market in 2023 and is expected to continue its dominance during the forecast period. This is attributed to the increasing healthcare spending and rising prevalence of chronic diseases in the region. Asia Pacific is expected to be the fastest growing market owing to the improving healthcare infrastructure and increasing spending on medical nutrition products in countries like China and India.


Key players: Key players operating in the medical nutrition market are Abbott, Baxter, Danone S.A., Nestlé, GSK Plc, Fresenius Kabi AG, Sun Pharmaceutical Industries Ltd, BASF SE, and DSM. Abbott dominated the global market in 2023 owing to its wide product portfolio and strong global presence. Nestlé and Danone S.A. held a significant share of the market due to their large product offerings tailored for disease-specific nutrition needs.

 

Explorer more information on this topic, Please visit-

https://www.marketwebjournal.com/medical-nutrition-market-growth-and-trnds-analysis-share-size-demand-forecast/

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