by The U.S. medical foods market is primarily driven by growing prevalence of chronic diseases such as diabetes, cancer, gastrointestinal disorders, pulmonary diseases, and neurological diseases. Medical foods aim to manage chronic diseases through specialized formulations that address distinctive nutritional requirements. The global medical foods market is driven by growing geriatric population which is more prone to develop chronic ailments that require medical nutrition therapy. Medical foods industry is focused on developing clinical nutrition solutions that helps managing symptoms and progression of disease.
The global U.S. Medical Foods Market is estimated to be valued at US$ 25722.45 Bn in 2024 and is expected to exhibit a CAGR of 21.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing geriatric population is a key driver of the U.S. medical foods market. As per the United Nations, there were 52 million people aged 65 years or above in the U.S. in 2019. The geriatric population suffers from various chronic diseases such as diabetes, cancer, and neurological disorders that require medical nutrition therapy for effective management. Medical foods offer specialized formulations that helps managing symptoms and progression of disease in elderly population. Moreover, rising prevalence of chronic diseases due to changing lifestyle and increasing obesity is also fueling the demand for medical foods in the U.S. As per Centers for Disease Control and Prevention, chronic diseases affect about 60% of American adults. Medical foods aims to improve health outcomes for chronic disease patients through specialized nutritional support.
Segment Analysis
The U.S. Medical Foods market is dominated by the nutritional management sub segment. This sub segment accounts for over 60% of the market share as it focuses on customized nutritional needs of patients with specific diseases. The personalized formulations help manage patient health more effectively by complementing their dietary intake and medications.
PEST Analysis
Political: The government is consistently taking initiatives to improve healthcare infrastructure and facilitate research. Various programs support the growth of the medical foods industry.
Economic: Rising healthcare expenditure and growing elderly population suffering from chronic diseases are driving demand. High disposable incomes also contribute to market growth.
Social: Increased health awareness and focus on preventive management of diseases is benefitting the industry. People are willing to pay for food products that can aid their medical conditions.
Technological: Product innovation plays a key role in market expansion. Companies are developing advanced solutions tailored for specific diseases through extensive R&D.
Key Takeaways
The U.S. Medical Foods Market Growth is expected to witness high over the forecast period of 2024 to 2031 supported by initiatives to strengthen the healthcare system.
Regional analysis: The Western region currently dominates the U.S. market and is expected to maintain its leading position during the forecast period. Factors such as rising chronic disease prevalence and high spending capacity have propelled growth in this region.
Key players: Key players operating in the U.S. Medical Foods market are Magellan, Medipost Co., Ltd, Osiris Therapeutics, Inc., Kolon TissueGene, Inc., JCR Pharmaceuticals Co., Ltd., Anterogen Co. Ltd., Pharmicell Co., Inc., and Stemedica Cell Technologies, Inc. These companies have strong distribution networks and focus on new product launches catering to unmet needs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
