July 24, 2024
U.S. Medical Foods Market

The U.S. Medical Foods Market Is Driven By Rising Prevalence Of Chronic Diseases

Medical foods are specially formulated and processed products that are intended for the dietary management of a disease or condition. They are intended to be administered under medical supervision and are made to treat inborn errors of metabolism, impaired gastrointestinal absorption or certain impaired anatomical functions. Medical foods are designed to meet the distinctive nutritional requirements of patients suffering from chronic illnesses like diabetes, kidney failure, cancer, depression and gastrointestinal diseases. They address nutritional deficiencies, reduce symptoms, manage adverse effects of diseases and illnesses and enhance the health outcomes of patients. Medical foods come in the form of drinks, tablets, pills, capsules or powders and are clinically proven and rigorously developed to fulfill unmet medical needs of people with chronic conditions.

The global 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 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Rising prevalence of chronic diseases such as diabetes, cancer, neurological disorders, gastrointestinal disorders and others has emerged as a key growth driver for the U.S. medical foods market. According to estimates by the Centers for Disease Control and Prevention, in 2020 around 133 million Americans suffered from at least one chronic illness. Growing geriatric population susceptible to age-related health issues like malnutrition and cognitive decline has also augmented the demand for medical foods. Furthermore, increasing adoption of disease specific nutritional products due to growing awareness about benefits of targeted nutrition support in clinical management of chronic conditions is expected to propel the market growth over the forecast period. However, stringent FDA regulations and high costs associated with research and development of medical foods may restrain the market to some extent.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. While the market is growing at a fast pace, established brands have strong brand recognition and supply chain networks that make it difficult for new players to enter.

Bargaining power of buyers: The bargaining power of buyers is high given the number of established brands in the market. Buyers can negotiate on price and demand various promotions.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are multiple ingredient suppliers that players can source from.

Threat of new substitutes: The threat of substitutes is high as there are many alternatives like plant-based and organic foods available in the market.

Competitive rivalry: The competitive rivalry in the market is high given the presence of major brands. Players compete on the basis of product innovation, branding, and marketing.

Key Takeaways

The U.S. Medical Foods Market Growth is expected to witness high growth over the forecast period supported by increasing health consciousness among consumers and a rising prevalence of chronic diseases. The global 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 19% over the forecast period 2023 to 2030.

Regional analysis: The Western region dominates the U.S. medical foods market currently due to high consumer awareness. States like California and Colorado are major markets backed by busy lifestyles and high per capita income.

Key players: Key players operating in the U.S. medical foods market are Beyond Meat, Impossible Foods Inc., Maple Leaf Foods, Vegetarian Butcher, Conagra, Inc., Kellogg NA Co., Quorn, Amy’s Kitchen, Inc., Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods, Inc., Trader Joe’s, Yves Veggie Cuisine, Marlow Foods Ltd., Ojah B.V., Moving Mountains, Eat JUST Inc., LikeMeat GmbH, GoodDot, OmniFoods, No Evil Foods, Dr. Praeger’s Sensible Foods. These companies compete on the basis of product innovation, quality, pricing and distribution.

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