Collaboration Between Drug and Medical Food Manufacturers to Boost Market's Growth
Frost & Sullivan says the prevalence of lifestyle diseases and geriatric population drives demand for medical food globally
SAN ANTONIO, Oct. 17, 2022 /PRNewswire/ — Frost & Sullivan’s recent analysis, Global Medical Food Growth Opportunities, finds that the rising consumer awareness about the importance of nutrition in disease treatment and patients’ recovery pushes medical food product formulators to launch innovative products. The global market for medical food ingredients is expected to garner $7.73 billion in revenue by 2030 from $5.77 billion in 2021, an uptick at a compound annual growth rate (CAGR) of 3.3%.
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“The need for balanced nutrition that supports the human body’s built-in defense mechanism will prompt the demand for medical food over the next two to three years,” said Nimisha Dhomne, Chemicals, Materials & Nutrition Research Analyst at Frost & Sullivan. “Additionally, increasing physician awareness and medical adherence by patients in developing economies are expected to boost the growth of the global medical food market.”
Dhomne added: “Protein ingredients will dominate market share by 2030 as they contribute to the bulk of medical food composition and play a vital role in trauma and illness recovery. Similarly, rising consumer awareness of the role of prebiotics in immune and digestive health will boost the growth of the prebiotics segment over the forecast period.”
To reap the benefits of the expanding medical food industry, market participants should:
- Focus on establishing partnerships and M&As with technology-based, data- and algorithm-driven personalized nutrition platforms to boost market potential.
- Obtain a strong clinical trial base and scientific evidence to validate the effectiveness of medical food in combination with drugs.
- Keep up with the changing requirements of the pediatric health industry and offer ingredients that align with evolving product requirements.
Global Medical Food Growth Opportunities is the latest addition to Frost & Sullivan’s Chemicals, Materials & Nutrition research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
For over six decades, Frost & Sullivan has helped build sustainable growth strategies for Fortune 1000 companies, governments, and investors. We apply actionable insights to navigate economic changes, identify disruptive technologies, and formulate new business models to create a stream of innovative growth opportunities that drive future success. Contact us: Start the discussion
Global Medical Food Growth Opportunities
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Contact:
Nicole Ryder
Corporate Communications
E: Nicole.Ryder@frost.com
https://www.frost.com/
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