Medical Nutrition Products Segment is the largest segment driving the growth of U.S. Medical Foods Market
The global 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.
SWOT Analysis:-
· Strength: Specialized formulation addressing the underlying disease pathology.
· Weakness: Higher costs than conventional foods.
· Opportunity: Rising chronic diseases providing growth opportunities.
· Threats: Stiff competition from functional foods and dietary supplements.
Key Takeaways:-
The Global U.S. Medical Foods Market Growth is expected to witness high, exhibiting CAGR of 17.% over the forecast period, due to increasing incidence and prevalence of Crohn's disease. The market size for 2023 is US$ 22328.51 Mn. The western region currently dominates the U.S. medical foods market owing to higher awareness levels regarding preventive healthcare and nutrition. Key players operating in the U.S. Medical Foods Market include Nestle, Danone, Abbott, Targeted Medical Pharma, Primus Pharmaceuticals Inc., Mead Johnson & Company, LLC., and others. Increasing awareness regarding prebiotics and probiotic products are expected to provide lucrative opportunities for market players over the coming years.
Regional analysis:-
The western region is the fastest growing as well as the dominating region in the U.S. medical foods market. This can be attributed to higher disposable incomes and better access to healthcare facilities in states like California, Washington etc. The region is characterized by greater health consciousness and awareness about the role of specialized nutrition in management of diseases. These factors have been driving greater adoption of medical foods among individuals as well as care providers in the western U.S.
Key players:-
Key players operating in the U.S. Medical Foods Market include Nestle, Danone, Abbott, Targeted Medical Pharma, Primus Pharmaceuticals Inc., Mead Johnson & Company, LLC.
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