U.S. Medical Foods Market is Estimated to Witness High Growth Owing to Increasing Demand for Therapeutic Medical Foods
Medical foods broadly refer to formulations developed from clinically prescribed products utilized for the therapeutic administration of medical or health conditions. These specialized nutritional products aid in the management and mitigation of health-related issues resulting from chronic illness or diseases. Medical foods serve as a critical tool in the dietary management of diseases like diabetes, intestinal diseases, neurological or brain diseases, inherited metabolic disorders, and others. They are intended for oral or enteral consumption and are formulated to be consumed or administered enterally under medical supervision.
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 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing demand for therapeutic medical foods and rising prevalence of chronic diseases are expected to drive growth of the U.S. medical foods market over the forecast period. Therapeutic medical foods are used in the clinical dietary management of several chronic diseases including diabetes, diarrhea, intestinal diseases, neurological or brain disorders, and inherited metabolic disorders. According to the American Diabetes Association in 2017, over 30 million people in the U.S. were suffering from diabetes. Such high prevalence of chronic metabolic disorders has increased the demand for disease-specific medical foods to manage dietary needs of patients effectively. Furthermore, growing geriatric population who are more prone to develop chronic metabolic disorders also supports market growth. However, stringent regulations pertaining to approval and labeling of medical foods may restrain market growth to some extent.
SWOT Analysis
Strength: The U.S. medical foods market has high growth potential over the forecast period. The rising prevalence of chronic diseases such as diabetes, dental care issues, digestive health conditions will drive market growth during 2023-2030. Demand for specialized nutritional products designed for patients with specific medical disorders is increasing.
Weakness: Medical foods are generally more expensive than conventional foods. The high prices of these products can negatively impact mass adoption. Also, lack of awareness about medical foods among consumers pose a challenge to companies.
Opportunity: Development of new innovative food products tailored for chronic disease management presents a lucrative opportunity for market players. Growing geriatric population prone to medical conditions is another growth driver. Partnerships and promotional initiatives can help raise awareness of medical foods' benefits.
Threats: Stringent regulations from FDA regarding formulation, marketing and labelling of medical foods could increase compliance costs for companies. Substitute products like nutritional and herbal supplements also compete for the same set of consumers.
Key Takeaways
Global U.S. Medical Foods Market Size is expected to witness high growth. 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 19% over the forecast period 2023 to 2030.
Regional analysis related content comprisesThe Western region currently dominates the U.S. medical foods space accounting for over 35% value share in 2023. High prevalence of chronic illnesses and rising health consciousness are driving market revenues. The South region follows closely and is growing at a CAGR of 21% during the forecast period owing to rapid population aging and focus on preventive healthcare.
Key players related content comprises
Key players operating in the U.S. medical foods market are Beyond Meat, Impossible Foods Inc., Maple Leaf Foods , Vegetarian Butcher, Conagra, Inc. , Kellogg NA Co. , Quorn, Amy's Kitchen, Inc., Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods, Inc., Trader Joe's, Yves Veggie Cuisine, Marlow Foods Ltd. , Ojah B.V., Moving Mountains, Eat JUST Inc., LikeMeat GmbH, GoodDot, OmniFoods, No Evil Foods, Dr. Praeger's Sensible Foods. Companies are focusing on new product launches, capacity expansions and M&A activities to gain market share and profitability in this rapidly emerging space.
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