by The U.S. Medical Foods Market is estimated to be valued at US$ 22,328.51 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 the specific dietary management of diseases or health conditions. These products aim to meet the distinctive nutritional requirements of a patient with special needs. Medical foods include disease-specific formulations such as formulas for diabetes, cancer cachexia, digestive health, cognitive health, and others. They provide nutritive support to patients recovering from acute or chronic diseases.
Market key trends:-
The increasing incidence and prevalence rates of gastrointestinal (GI) disorders, including inflammatory bowel disease (IBD), gastroesophageal reflux disease (GERD), and Crohn’s disease are expected to boost the demand for medical foods. According to Crohn’s & Colitis Foundation, 3.1 million Americans are suffering from IBD. Hence, the increasing prevalence of Crohn’s disease is anticipated to drive the U.S. medical foods market growth over the forecast period. Additionally, factors such as rising awareness regarding the nutritional benefits of prebiotics and probiotic products, growing elderly population, and product innovation are also expected to fuel the market growth.
Porter’s Analysis:-
- Threat of new entrants: The U.S Medical Foods Market requires high capital investment and stringent regulatory conditions which pose significant entry barriers for new players.
- Bargaining power of buyers: Individual buyers have moderate bargaining power due to availability of substitutes. However, large healthcare providers and hospitals have high bargaining power due to their larger purchase volumes.
- Bargaining power of suppliers: The presence of a large number of raw material suppliers with sufficient availability of resources reduces the bargaining power of suppliers in this market.
- Threat of new substitutes: Alternatives like nutritional supplements, OTC drugs and prescription drugs pose a threat of substitution.
- Competitive rivalry: Stiff competition from existing players restricts profits in this market.
SWOT Analysis:-
- Strength: Increasing incidence and prevalence of chronic diseases like Crohn’s which necessitates the need for medical foods.
- Weaknesses: High costs associated with research and development as well as marketing of specialized food items for medical purposes. Lack of awareness among consumers.
- Opportunities: Increasing awareness regarding benefits of prebiotics and probiotic products. Growing aging population susceptible to medical conditions.
- Threats: Strong competition from substitute products threatening market share. Stringent regulatory framework for new product approval.
Key Takeaways:-
The U.S Medical Foods Market Growth is expected to witness high at a CAGR of 17% over the forecast period due to increasing prevalence of chronic diseases. The market size is projected to reach US$ 37,236 Mn by 2030 from US$ 22,328 Mn in 2023.
Regional analysis: The Western United States generates the highest demand for medical foods currently dominating over 35% of the market share due to large customer base and higher healthcare spending. The market is witnessing fastest growth in the central United States exhibiting a CAGR of 20% 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. These players are focusing on new product launches and partnerships with healthcare providers to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
