U.S. Medical Foods Market Propelled by Increasing Prevalence of...

U.S. Medical Foods Market Propelled by Increasing Prevalence of Chronic Diseases

Posted 2024-01-03 09:51:23

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 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: The U.S. Medical Foods Market has seen significant growth in recent years due to rising chronic disease prevalence and increased awareness about specialty diets. The market offers a wide variety of foods tailored for patients with specific health conditions like diabetes, PKU, cancer, and Alzheimer’s. Moreover, increasing adoption of medical foods for disease management offers improved health outcomes and lowers healthcare costs compared to medication alone.

Weakness: Medical foods have shorter shelf lives than conventional foods due to specialized formulation. Strict FDA regulations also make new product development and approval processes lengthy and expensive. Additionally, medical foods have limited mainstream consumer appeal and market potential due to orientation towards clinical use under medical supervision.

Opportunity: Growing geriatric population susceptible to chronic diseases creates robust demand opportunities. Technology advancements may help reduce production costs and enable development of novel formulations. Favorable regulatory frameworks expanding approved conditions and reimbursement coverage can stimulate market expansion. Rising focus on preventive healthcare also provides opportunities to promote medical foods use in pre-disease risk management.

Threats: Economic downturns may negatively impact healthcare budgets and insurance coverage for medical foods. Alternative treatment options and generic versions of associated medications poses pricing and market share threats. Lack of physician awareness about qualified products limits uptake in clinical practice. Global trade policies and supply chain disruptions due to pandemics present disruptive threats as well.

Key Takeaways

The Global U.S. Medical Foods Market Growth is expected to witness high over the forecast period owing to rapid chronic disease prevalence and associated economic burden. 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.

The regional analysis indicates North America dominates currently due to strong insurance coverage and regulatory approvals. However, Asia Pacific is anticipated to grow at the fastest pace due to rising healthcare investment, westernization of diets, and increased focus on specialized clinical nutrition in major countries like India and China.

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, and OmniFoods, No Evil Foods, Dr. Praeger’s Sensible Foods. Beyond Meat and Impossible Foods are pioneers in the plant-based substitutes domain. Maple Leaf Foods and Kellogg are well-established brands with extensive product portfolios. Meanwhile, smaller companies are extensively innovating formulations focused around specific health conditions like Amy’s for gluten-free products.

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https://www.insightprobing.com/u-s-medical-foods-market-share-and-demand-analysis/

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https://diveintoinsights.blogspot.com/2023/11/medical-nutrition-products-segment-is.html