The global U.S. Medical Foods Market Growth Accelerated by Rising Awareness
Medical foods are specialty foods formulated to be consumed or administered enterally under medical supervision to manage a disease or a specific medical condition. They aid in the management of diseases like GI/bowel diseases, diabetes, cancer, depression, Alzheimer's disease and others, providing nutritional support to patients. Rising prevalence of chronic diseases has fueled demand for disease-specific medical foods designed to aid in managing medical conditions. Further, growing awareness about specialized nutrition's role in managing medical ailments has accelerated adoption.
The global U.S. Medical Foods Market is estimated to be valued at US$ 22328.51 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 key trends:
The increasing demand for medical foods can be attributed to the growing awareness among healthcare professionals and patients regarding medical nutrition therapy. Various disease advocacy organizations play a major role in enhancing awareness on the appropriate use of medical foods through conferences, workshops and patient engagement initiatives. Additionally, innovations in formulations by manufacturers focused on developing niche formulations for rare diseases is helping address critical unmet needs.
Segment Analysis
The U.S. medical foods market is dominated by the enteral nutrition sub-segment due to the increasing prevalence of chronic diseases that require tube feeding and oral nutrition supplementation. Enteral nutrition products like formula and supplements hold the largest share in the market as they provide crucial nutrients to patients suffering from Alzheimer's, diabetes, cancer and other chronic conditions through oral or tube feeding.
Key Takeaways
The global U.S. Medical Foods Market Size is expected to witness high growth. The South region is expected to be the fastest growing region due to increasing healthcare spending and rising chronic diseases.
Regional analysis
The South region is projected to grow at the highest CAGR during the forecast period. This is attributed to growing elderly population, increasing awareness about medical nutrition and rising healthcare expenditure in this region. States like Texas and Florida are expected to be the major revenue generators for the medical foods market in the South.
Key players
Key players operating in the U.S. Medical Foods market are Enterome SA, Yakult Honsha Co., Ltd., Abbott, ExeGi Pharma, LLC, VSL Pharmaceuticals, Inc., Entera Health, Inc., Meiji Holdings Co., Ltd. These players are focused on new product launches and strategic collaborations to expand their market share.
For more insights, Read- https://perfectinsights.blogspot.com/2023/12/us-medical-foods-market-posing.html
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