June 17, 2024
Medical Nutrition Market

The Advent Of Personalized Nutrition Is Driving Growth In The Medical Nutrition Market

The medical nutrition market has witnessed significant growth in recent years on account of the rising prevalence of chronic diseases worldwide coupled with the advent of personalized nutrition. Medical food products are being increasingly utilized for disease management and symptom relief for conditions including diabetes, pulmonary diseases, malnutrition, cancer, rare and inherited diseases, neurological disorders, kidney diseases, intestinal diseases, and hepatic and pancreatic disorders. These products are specially formulated and intended for the dietary management of diseases or health conditions under medical supervision. Personalized nutrition through genetic testing services is revolutionizing the industry by enabling individuals to understand how their own DNA may influence their nutrition needs. Based on their genetic profile, patients can obtain tailored diet and lifestyle recommendations.

The global medical nutrition market is estimated to be valued at US$16.52 billion in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends

One of the key trends gaining traction in the medical nutrition industry is the growing demand for disease-specific formulas. Manufacturers are focusing on developing medical foods tailored to meet the unique nutritional requirements of patients suffering from complex diseases. For example, formulas are being specially formulated for disorders such as pulmonary diseases, kidney diseases, diabetes, and cancer. Disease-specific formulas offer better management of the condition by combating deficiencies and supporting treatment interventions. They enable meeting biochemical abnormalities and nutrient demands resulting from the underlying disease or its medical treatment. The customized compositions ensure optimal clinical outcomes. This focus on condition-centric formulas is expected to drive market revenues over the coming years.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established buyers limit the threat of new entrants in the medical nutrition market.
Bargaining power of buyers: Large buyers in the medical nutrition market such as hospitals have significant bargaining power due to the availability of substitutes.
Bargaining power of suppliers: A few major companies supply medical nutrition products, giving them significant bargaining power over buyers.
Threat of new substitutes: New alternate therapies and delivery methods pose a threat of substitution in the medical nutrition market.
Competitive rivalry: The medical nutrition market experiences high competition due to the presence of numerous global and regional players.

Key Takeaways

The Global Medical Nutrition Market Demand is expected to witness high growth over the forecast period. The global medical nutrition market is estimated to be valued at US$16.52 billion in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.

North America is projected to dominate the global medical nutrition market during the forecast period due to the increasing prevalence of chronic diseases. Europe is also expected to hold a significant share in the medical nutrition market owing to rising elderly population and increasing healthcare spending. This is mainly attributed to the increasing incidence of chronic diseases such as diabetes, cancer, and gastrointestinal disorders in the region. Moreover, growing elderly population and increasing healthcare expenditure in countries like the US and Canada are also contributing to the market growth in North America.

Key players

Key players operating in the medical nutrition market are Aprea Therapeutics, Novartis AG, Rocket Pharmaceuticals, Inc., GeneDx, BioMarin Pharmaceutical Inc., AbbVie Inc., Bristol Myers Squibb, Pfizer Inc., Vertex Pharmaceuticals Incorporated, CRISPR Therapeutics, Editas Medicine, Fate Therapeutics, Inc., Regenxbio Inc., and Orchard Therapeutics, uniQure N.V. Key players are focusing on new product launches and obtaining regulatory approvals to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it