by The U.S. medical foods market is estimated to be valued at US$ 22328.51 Mn in 2023 and is expected to exhibit a CAGR of 17.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Medical foods are intended for use under the supervision of a physician for the specific dietary management of a disease or condition. Some common medical foods are used for the management of diabetes, obesity, cancer, gastrointestinal disorders, etc. Key products in the market include nutritional beverages, capsules/tablets, powder/granule, others. Increasing adoption of medical nutrition products for managing chronic diseases such as obesity, diabetes, neurological disorders, and metabolic syndrome will drive market growth.
Market Dynamics:-
The U.S. medical foods market is driven by the increasing incidence and prevalence of Crohn’s disease. According to the Crohn’s & Colitis Foundation, around 3.1 million Americans suffer from Crohn’s disease and ulcerative colitis. Medical foods such as prebiotics and probiotics provide an effective treatment option. Furthermore, increasing awareness regarding prebiotics and probiotic products for managing gastrointestinal disorders is another major factor boosting market growth. Manufacturers are launching innovative products in the form of nutritional shakes, snacks, and supplements to cater to changing customer preferences. However, stringent regulations for new product launches and limited insurance coverage for medical foods may restrain market growth.
SWOT Analysis:-
- Strength:
- Growing geriatric population in the U.S. creates demand for medical foods
- Rising prevalence of chronic diseases such as diabetes, cancer etc. increases need for disease-specific medical nutrition.
- Growing awareness about benefits of medical nutrition therapy boosts the market.
- Weakness:
- High costs associated with developing and marketing new medical food products.
- Lack of awareness in some developing regions restricts market growth.
- Opportunity:
- Untapped growth opportunities in developing countries offer scope for market expansion.
- Innovation of foods for rare and orphan diseases presents lucrative prospects.
- Threats:
- Stringent regulatory framework delays product approval and launches.
- Threat of substitutes like nutraceuticals and dietary supplements.
Key Takeaways:-
The Global U.S. Medical Foods Market Demand is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period, due to increasing incidence and prevalence of chronic diseases. Regional analysis
The North America region dominates the global medical foods market with a share of over 80%, due to growing geriatric population and increasing prevalence of chronic & lifestyle-related diseases. Asia Pacific region is expected to grow at the fastest rate, exhibiting a CAGR of around 25% during the forecast period.
Key players operating in the U.S. Medical Foods Market are Increasing incidence and prevalence of Crohn€TMs disease, Increasing awareness regarding prebiotics and probiotic products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
