North America And Europe Medical Foods Market size is expected to reach USD 16.1 billion by 2028

 North America And Europe Medical Foods Industry Overview

The North America and Europe medical foods market size is expected to reach USD 16.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.3% from 2021 to 2028. The growing prevalence of chronic diseases, COVID-19 pandemic, increasing geriatric population adopting medical foods, and surge in awareness regarding clinical nutrition among patients and healthcare professionals are factors boosting overall growth. In addition, the rise in the number of researches claiming positive results associated with the adoption and usage of medical foods is further propelling the market growth. As per the research paper published in the Food Science and Human Wellness journal in 2019, medical foods have shown symptomatic advantages in Alzheimer’s disease. Axona, Souvenaid, and CerefoliNAC are some of the medical foods that have shown effects on people suffering from Alzheimer’s disease.

North America And Europe Medical Foods Market Segmentation

Grand View Research, has segmented the North America and Europe medical foods market on the basis of route of administration, product type, payment scheme, application, sales channel, and region:

Based on the Route of Administration Insights, the market is segmented into Oral and Enteral

  • In 2020, the oral route of administration segment dominated the market and accounted for the largest revenue share of 70.4%. Increased preference for orally administered products, commercial viability, and supportive initiatives are key factors driving the demand for orally administered medical foods.
  • The enteral segment is anticipated to register the fastest growth during the forecast period. The rising prevalence of target diseases and technological advancements in allied markets, such as enteral feeding devices, are expected to propel the demand for enteral medical foods.
  • Moreover, key players are launching new products that can be administered through an enteral route, thereby propelling the growth of the market for medical foods in North America and Europe.

Based on the Product Type Insights, the market is segmented into Pills Powders and Others

  • In 2020, the others segment dominated the market for medical foods in North America and Europe and held the largest revenue share of 51.8%. The segment includes liquid, semi-liquid, and semi-solid products, and its highest market share is attributed to factors that include high commercial availability of the products, new product launches, and increasing preference for liquid formulations among pediatric and geriatric population owing to ease of swallowing offered by these products. 
  • On the other hand, the powder segment is anticipated to register the fastest growth during the forecast period. Its rapid growth can be attributed to the growing preference for these products owing to ease of administration and convenience in consumption. The product is intended for the management of Phenylketonuria (PKU) and became the company’s first Glycomacropeptide (GMP)-based medical food that contains a balanced mix of amino acidsand GMP.

Based on the Payment Scheme Insights, the market is segmented into Reimbursed and Non-reimbursed

  • In 2020, the non-reimbursed payment scheme segment dominated the market for medical foods in North America and Europe and held the largest revenue share of 83.3%. Although the demand for medical foods is significantly growing in North American and European countries, there is a prominent shortage of reimbursement coverage from healthcare payers in the U.S. and European Union. 
  • However, the reimbursed payment scheme segment is anticipated to register the fastest growth during the forecast period. The introduction of effective reimbursement policies, especially in-home healthcare centers, is expected to boost the adoption of medical foods.

Based on the Application Insights, the market is segmented into Chronic Kidney Disease, Minimal Hepatic Encephalopathy, Chemotherapy Induced Diarrhoea, Pathogen Related Infections, Diabetic Neuropathy, ADHD, Depression, Alzheimer's Disease, Nutritional Deficiency, Orphan Diseases, Wound Healing, Chronic Diarrhea, Constipation Relief, Protein Booster, Dysphagia and Other Diseases

  • In 2020, the other diseases segment including Parkinson’s disease, Epilepsy, pain management, and other cancer-related treatments held the largest revenue share of 21.6%. The increasing prevalence of these health disorders is driving the adoption of medical foods to supplement dietary requirements and enable faster recovery of patients. 
  • The diabetic neuropathy segment is anticipated to register the fastest growth during the forecast period. An increase in the prevalence of diabetes and a rise in the number of patients that are at risk of developing some level of neuropathy are key factors contributing to the largest revenue share.

Based on the Sales Channel Insights, the market is segmented into Online Sales, Retail Sales, and Institutional Sales

  • The institutional sales channel segment dominated the North America and Europe medical foods market and held the largest revenue share of 42.0%in 2020. This is owing to the high consumption of medical foods for chronic disease management, primarily influenced by healthcare institutes such as hospitals, clinics, and care centers.
  • The online sales channel is anticipated to witness the fastest CAGR during the forecast period. The rise in the preference for online purchasing of medical foods owing to the COVID-19 outbreak coupled with the convenience offered by this sales channel leading to consumer dependency on these sales channels to avoid traveling is aiding segment adoption. 


Key Companies Profile & Market Share Insights

The key players are adopting several strategies for increasing their market shares. Geographic expansion, mergers and acquisitions, development of new products, and high investments in R&D to develop disease-specific formulas are some of the strategies being implemented by market players.

Some of the prominent players in the North America and Europe medical foods market include:

  • Danone
  • Nestle
  • Targeted Medical Pharma, Inc.
  • Abbott
  • Primus Pharmaceuticals, Inc.
  • Medtrition, Inc.
  • Mead Johnson & Company, LLC
  • Fresenius Kabi AG

 

Order a free sample PDF of the North America And Europe Medical Foods Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

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Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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