Published On: March 2016
Global Medical Food Market
The basic necessity for a person is to get proper food. But if a person is suffering from any particular disease then he must require medical food to get proper nutrition to get over with the disease.
The purpose of medical food is to meet the basic nutritional deficiency for any specific diseases. People generally confused medical food as nutraceuticals and dietary supplements. Nutraceuticals are generally the food nutrients and ingredients of food which delivers health advantage and in battled diseases. Like dietary supplements are more beneficial to healthy adults, bodybuilders and consist of minerals, vitamins, botanicals and herbs.
According to Bruce P. Bennett, director of medical education and scientific and regulatory affairs at Primus Pharmaceuticals in Scottsdale, Arizona, “medical food can’t prevent or cure illness; they are meant only to manage the course of disease.
In the report of global medical food market, Market Research Future has investigated a detailed analysis on the current as well as future market scenario, new development, market trends, growth drivers and established and emerging key players.
Market Growth Influencer
As per the analysts of Market Research Future, the global medical food market has made a notable growth in the last decade. The reason behind this growth is that many key players and small players of food and health care industries are moving and concentrating into the areas of medical food. Considering North American market, United States is one of the major pioneer market for medical food where the term “medical food” is understood comparing to rest of the world. As per the analysis the major growth driver of global medical food market is the rising of ageing population across the globe. The large population is shifting towards enteral nutrition as it is much safer if comparing with parental options as it decrease the risk of being infected, physiological benefits. Another growth driver includes the region of North America, Western Europe, China, Japan, New Zealand, where the consumption of medical food is high as people are more aware about the products and higher demand of personalized medicine. Huge market size can also be considered as a major growth factor in the particular industry.
The medical food companies are much more advanced and offering the medical food in the form of capsules and tablets that can be easily taken the individual as prescribe by the doctor. Another trend is that the medical food products are much more recognized in developed regions.
Focusing on the opportunity side, there is potential scope to grow in the Middle East region particularly in African countries, where a huge pool of population is suffering from severe diseases, so here there are huge chances of medical food market growth. Although in the treatment of disease, some drug therapies are not able to cure and prevent, in this cases medical food can become a key factor to diagnose the treatment successfully. Even if comparing the prices of medical drugs to medical food, the production cost and price of medical food are much cheaper because of the difference in regulatory requirements. The ingredients which are used in the production of medical food generally has low toxicity so that it very much safety. In the countries such as China and India where the projected population of 2030 will be raise by 24.4% and 3.9%, so in this market there are immense opportunities to capture the market. The restraints and barriers to this market would be the lack of awareness and understanding. People generally do not understand the medical food in medical community. Even thesetypes of issues prevent doctorsto advice of using these products.
Medical Food Market: Market Segmentation
For the purpose of this study, Market Research Future segmented the global medical food market into product classification, applications and end users. In the market segment of global medical food market, the product is classified into nutritionally complete products, nutritionally incomplete products, formulas for metabolic (genetic) disorders and oral rehydration solutions. As the medical food products are consumed in several diseases, so our report has considered the major applications such as allergic disease, diabetes, orthopaedics, metabolism, wound healing, neurological and psychological dis-orders and others. The end users for this market would be infants, adults and aged.
Medical Food Market: Regional Analysis
For the purpose of this study, the global medical food market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific and Middle East & Africa. As per the estimations, the North American market along with Western Europe and other developed economies such as China, Japan and Australia has a huge potential to grow in the global medical food market as population is much more aware about health and growing ageing population. APAC and MEA region, where the population growth rate is high and so much of awareness is generating so here the medical food products have ample opportunity to grow and capture the market.
Medical Food Market: Prominent Market Players
Various key players present in global medical food market include Nutricia, Nestle, Abbott Laboratories, Targeted Medical Pharma, Primus Pharmaceuticals, Pamlab, and Accera
Market Research Future introduces about the global medical food market during the forecast period 2017-2027 which mainly includes the growth drivers, trends and restrains and how the market will grow in the future across the globe. In this report Market Research Future has focused on the current market scenario which includes market segmentation, market dynamics, and competitive landscape along with company profiles.
The reports also covers brief analysis of Geographical Region includes:
o Rest of LATAM
o Rest of Western Europe
· Asia – Pacific
o South Korea
o Rest of Asia
o New Zealand
· Middle East & Africa
o Rest of Middle East
o South Africa
o Rest of Africa
Every report of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report also gives a broad study of the different market segments and regions.