The medical food market is there to witness a placid CAGR of 8.1% between 2018 and 2026 . Telehealth turned out to be a great help, either with remote monitoring or treating multiple patients remotely simultaneously. Time is also stressed on the part of patients and doctors is saved in this way. Virtual follow-up also opens the door to multitasking by health personnel. This is the present and it would also be the future of the health vertical.
A new company study, titled ‘Medical Food Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026’ , has listed the key points that companies and governing bodies involved in the medical food market are considering. to maintain sustainable long-term profitability
The North American medical food market is a prominent market globally, with comparatively high medical food adoption in it. The health professionals here are prescribing medicinal foods over other routine foods to overcome illnesses at a much faster rate.
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The market in Asia Pacific which includes China is expected to grow during the forecast period for medical foods as most of the healthcare facilities suitable for medical foods are operating in this region by setting up manufacturing units. . This step provides quality products with affordable labor that reduces operating expenses. With an increasing population in Asia Pacific, it becomes a sure opportunity space. However, price increases and other therapeutic alternatives present in such developing regions are counteracting the growth of the medical food market in this region.
Company profiles:
- Abbott Laboratories
- Alfasigma USA, Inc.
- Cerecin Inc.
- Danone SA
- Targeted Medical Pharma Inc.
- Primus Pharmaceuticals, Inc.
- Fresenius Kabi AG
- Metagenetics, Inc.
- Reckitt Benckiser Group plc.
- Nestle SA
- Others.
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This report finds that the medical food market is not just for global manufacturers. There are smaller companies present that focus on improving medical foods, such as Targeted Medical Pharma. Companies like these shine a clear light for other interested players to get involved in the medical food market, although it is a very established market with larger companies holding the majority of the share.
A diverse range of products and a progressive marketing technique can help establish a brand in the medical food industry. The United States is a leader in the medical food industry, as people in this region understand the entirety of medical food. In most developing countries, the main barrier to medical foods is the lack of understanding of the concept, which leads to less adoption of medical foods.
The growing medical food industry is undoubtedly considered as an ’emerging’ market, where the growth is due to the participation of new medical food manufacturers in the market. In most of the world, it is still a concept that everyone continues to drag. Aspects of this industry are not well positioned in most parts of the world, due to socioeconomic differences. For example, ORS are available in most parts of the world with schemes provided by global health bodies such as the WHO. But this is not the case with other medical food categories due to many reasons that manufacturers and government officials rank better.
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For medical foods, nutritionally complete products are defined as products of complete formulation, consisting of sufficient amounts of proteins, fats, carbohydrates, vitamins and minerals in their composition with suitable pharmaceutical compounds. This segment is more dominant than nutritionally incomplete formula and oral rehydration products. The rate of adoption of fully formulated products as medical foods is more evident than other options. A number of the medical foods present are also more nutritionally complete products, and this number will only grow.
Metabolic disorder was the main application of medical foods, which has changed over a period, with recent products also suitable for different health indications such as cancer, depression and Alzheimer’s disease. Although the number of medical foods available for metabolic disorder remains high. This is more because patients with such disorders only rely on medical foods for full nutritional benefits.
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