Global Medical Foods Market Value to Surpass US$ 17.5 Billion by 2028, finds Bekryl

According to the recently released report by Bekryl, Global Medical Foods Market (Food for Special Medical Purposes Market) was valued at US$ 11.2 billion in 2018 and will register 4.6% CAGR during the forecast period. It is estimated to reach US$ 11.7 billion by 2019 end. Demand for medical foods has heightened in the last three years owing to changing lifestyle and substantial increase in chronic illness such as Diabetes and Alzheimer’s disease to name a few. Moreover, patients prefer outpatient settings rather than inpatient environment. Many healthcare professionals prefer recommending medical foods to reduce heavy drugs intake and offer better quality of life. Medical foods popularity has led many companies to focus on launching range of products. The ecosystem is expected to hyper-competitive with further emergence of new entrants in the market. Majority of the industry players control a large set of value chain, thereby minimizing supply chain gap and generating higher profit margins on products.

Excerpts from the reports states North America to be the lucrative destination for companies in 2019. North America medical foods market accounted for 33% of global revenue share in 2018. Close to 60% of regional revenue was generated by Nestle and Abbott in 2018. The region has the highest per capita income and healthcare expenditure. Also, over 45% of the regional population is aged above 50 years – requiring special living treatment. These factors have substantially driven the growth of medical foods product in the region. Large pool of the revenue is concentrated to major players. These players are further strengthening market position by high patenting activities. There are over 60 FSMP companies operational in North America.

Asia Pacific is expected to register fastest growth during the forecast period driven by increasing sales in China and India market. According to the China State Administration for Market Regulation, a total of 34 medical food products has been approved till July 2019. Growth in the China medical foods market is significantly high. Foreign players accounted for the majority of the FSMP sales in the region.

Few key Trends from Global Medical Foods Market:

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Key companies covered in the report are:

  • Nestle
  • Primus Pharmaceutical
  • Mead Johnson Nutrition
  • Epitech
  • Grunbiotics
  • Belupo
  • Medifood
  • B.Braun
  • Danone
  • Norsa Pharma
  • Abbott
  • Glycemicon AG