February 24, 2024
Medical Nutrition Market

The Medical Nutrition Market Is Expected To Be Flourished By Growing Geriatric Population

The medical nutrition market comprises nutritional products that deliver specific health benefits to patients. These include pediatric nutrition, parenteral nutrition, elderly nutrition, sport nutrition, and more. These products come in the form of healthy snacks, supplements, drinks, and foods that help manage diseases, support recovery from illnesses, and maintain overall wellness. The global medical nutrition market caters to patients suffering from chronic diseases like diabetes, cancer, cardiovascular disorders, gastrointestinal disorders, pediatric diseases, and more. It prevents undernutrition, helps recover from illnesses, lowers disease risk and healthcare costs.

The global medical nutrition Market is estimated to be valued at US$ 16.52 Mn 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 Dynamics:

The medical nutrition market is expected to be flourished by the growing geriatric population globally which is more prone to chronic diseases and conditions that require clinical nutrition. As per World Health Organization, the number of people aged 65 years and above is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050. Additionally, rising prevalence of chronic diseases such as diabetes, cancer, gastrointestinal disorders is also fueling the demand for clinical and medical nutrition products that help manage the diseases and support recovery. Furthermore, increasing health consciousness and awareness regarding benefits of disease-specific medical nutrition is propelling the market growth

Segment Analysis

The medical nutrition market is segmented into pediatric nutrition, parental nutrition, and clinical nutrition. Within clinical nutrition, the enteral nutrition sub-segment dominates with a share of over 60% in 2024. This is because enteral nutrition products are used extensively in hospitals to feed patients through tubes and are considered a more physiological route of feeding compared to parenteral nutrition.

PEST Analysis

Political: The market is regulated by various regulatory bodies that set guidelines and standards for development, formulation, and marketing of medical nutrition products. This ensures safety and efficacy of products.
Economic: Rising healthcare spending globally and increasing cases of chronic diseases are driving demand for medical nutrition products.
Social: Growing health awareness and preference for early disease diagnosis and prevention are supporting demand for specialized nutritional products tailored for clinical needs.
Technological: Advancements in formulations and delivery formats are expanding the scope of medical nutrition products and their adoption in clinical settings.

Key Takeaways

The Global Medical Nutrition Market Growth  is expected to witness high between 2024-2031 driven by increasing prevalence of chronic diseases, rising geriatric population, and growing awareness about clinical nutrition. The global medical nutrition Market is estimated to be valued at US$ 16.52 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.

Regional analysis: North America dominates the global medical nutrition market currently due to advanced healthcare infrastructure and high healthcare spending in the US. However, Asia Pacific is emerging as the fastest growing regional market supported by expanding healthcare facilities, rising discretionary incomes, and growing disease burden in major countries like China and India.

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. Innovation and expansion of product portfolios through mergers and acquisitions are some of the key strategies adopted by these players.

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