by The Canada clinical nutrition market has emerged as one of the most lucrative verticals over the recent past, majorly gaining from the increased emphasis on preventive care and nutrition management across the country. Clinical nutrition products play a pivotal role in the treatment and management of various chronic and acute conditions, helping patients recover faster and limit the risk of complications. Growing obesity rates, rising predominance of metabolic disorders and the augmenting geriatric population have further augmented the need for specialized nutrition in Canada.
Clinical nutrition products provide optimal nourishment to patients who are unable to meet their dietary requirements through normal food intake. These include infant formula, enteral nutrition, parenteral nutrition and specialized protein drinks & supplements. The growing uptake of polymeric and other enteral formulas for tube feeding is a key factor propelling the industry growth. Moreover, parenteral nutrition is gaining widespread acceptance for delivering nutrition to patients who cannot tolerate the oral or enteral route.
The Canada clinical nutrition market is estimated to be valued at US$ 751.73 Bn in 2024 and is expected to exhibit a CAGR of 54.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Canada Clinical Nutrition Market Growth are Audi AG, Ballard Power Systems Inc., BMW Group, Daimler AG, General Motors Company, Honda Motor Co., Ltd., and Hyundai Motor Group. These players are focusing on new product launches and facility expansion to gain a competitive edge.
The market provides significant opportunities for industry players in the form of rising health awareness, growing elderly demographic and increasing prevalence of chronic disorders. Moreover, technological advancements in enteral feeding devices and parenteral nutrition solutions are aiding the industry expansion.
Emphasis on preventive healthcare through specialized nutrition and entry of innovative enteral and parenteral feeding systems will majorly propel the Canada clinical nutrition industry over the coming years.
Market drivers
The increasing instances of malnutrition owing to various medical conditions is a prime factor augmenting demand for clinical nutrition products in Canada. According to a study, over 2 million Canadians suffer from some form of malnutrition annually. This widespread prevalence is prompting the increased adoption of tailored nutrition plans and supplements. Besides, the surging healthcare costs and economic burden of malnutrition on the country are further strengthening the market growth curve.
Current challenges in Canada Clinical Nutrition Market
The Canada clinical nutrition market is facing few challenges which are hindering the market growth. Some of the major challenges are increasing preference towards alternative therapies, lack of awareness amongst consumers, stringent regulatory framework and high cost of clinical nutrition products. Alternative therapies like homeopathy, Ayurveda and acupuncture are gaining popularity in Canada and people are preferring them over clinical nutrition. Lack of awareness amongst general population about nutritional requirements during illness is another challenge. Many people are still not fully aware about role of nutrition during treatment and recovery. The regulatory framework for new product approvals and claims in Canada is very stringent which increases compliance cost and delays new product launches. Additionally, clinical nutrition products have significantly high costs which limits their adoption.
SWOT Analysis
Strength: Growing healthcare expenditure and focus on preventive healthcare in Canada is driving the demand. Wide range of products with disease specific formulations is helping address the needs of patients.
Weakness: Limited awareness and preference for alternative therapies are major weaknesses. Lack of coverage under provincial drug plans increases the cost burden for consumers.
Opportunity: Rising incidence of chronic diseases presents an opportunity. Growing focus on home healthcare and tube feeding presents an opportunity to supplement nutrition in home care.
Threats: Stringent regulatory approvals and infrastructure delays new product entries. Threat from private label brands and regional players on pricing.
Geographical Regions
North America region currently accounts for the largest share in terms of value in Canada clinical nutrition market. Rising prevalence of chronic diseases, growing elderly population and robust healthcare infrastructure are some factors supporting the market growth. United States represents the largest clinical nutrition market in North America region.
Asia Pacific is expected to exhibit the fastest growth during the forecast period in Canada clinical nutrition market. Emerging economies like China and India are expected to spearhead the market growth owing to improving healthcare facilities, rising medical tourism and growing middle class population. Increasing focus of global players on expanding their distribution and manufacturing footprint in Asia Pacific economies will further aid the regional market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
