U.S. Medical Foods Market has a large potential population for products that provide nutritional support for various conditions or diseases. Medical foods are formulated to be consumed or administered internally under medical supervision to treat a disease or specific nutritional requirements due to a disease or condition. They are intended for the dietary management of patients and must demonstrate their safety and effectiveness for their intended disease or health condition. Medical foods may be products such as dry powders or bars and are often used under medical supervision for conditions such as pulmonary hypertension, phenylketonuria (PKU), Celiac disease, and metabolic disorders.
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 Dynamics
The growing geriatric population in the U.S. poses a significant growth potential for medical foods market. As per the United States Census Bureau, there were approximately 59.1 Mn people aged 65 and above in 2020, accounting for about 17.1% of the U.S. population. By 2030, one in every five Americans will be of retirement age. Older adults are more prone to develop chronic and degenerative diseases, thus driving demand for specialized medical nutrition to manage health conditions. Age-related conditions such as arthritis, cancer, diabetes, heart disease, kidney disease, lung disease, and strokes are common among the elderly population. Medical foods play a crucial role in disease management and help improve quality of life of geriatric patients. This is expected to fuel market growth over the forecast period.
Additionally, advancements in medical food formulations targeted towards specific diseases is also supporting market growth. Companies are focusing on innovative formulations to provide nutrients tailored to a patient's disease condition or medical needs. Development of products compliant with disease management guidelines is increasing preference for medical foods over conventional foods. The ongoing R&D in the area of specialized nutrition is a major driver supporting adoption of medical foods among consumers and healthcare professionals.
SWOT Analysis
Strength: The U.S. Medical Foods Market has strong growth prospects due to rising geriatric population and increasing prevalence of chronic diseases in the country. The market is well regulated by FDA and CDRH regulatory bodies which ensures availability of quality products. Easy availability through retail stores and strong distribution network of key players further aids the growth.
Weakness: High costs associated with research and development limit new entrants in the market. Stringent regulations and approval procedures delay the time to market for new products. Lack of awareness regarding medical foods among general population restricts the growth potential.
Opportunity: Rising demand for dietary management of chronic diseases and increased adoption of preventive healthcare approaches offer lucrative business opportunities. New product innovations targeting specific health conditions will drive future growth. Developing medical foods for children and adolescents with nutritional deficiencies can boost the market size.
Threats: Threat from alternative treatment options such as medications, supplements limits the usage of medical foods. Reimbursement issues and absence of insurance coverage hampers demand from low income groups. Intense competition from existing and new market players poses pricing pressure.
Key Takeaways
The U.S. Medical Foods Market Size is expected to witness high growth during the forecast period of 2023 to 2030 supported by rising burden of chronic diseases, increasing health consciousness and favorable regulations. As per estimates, the market was valued at US$ 22328.51 Mn in 2023 and is projected to reach a valuation of US$ 38400 Mn by 2030, exhibiting a CAGR of 17%.
The Western region currently dominates the U.S. Medical foods market with over 35% share owing to high disease prevalence and access to quality healthcare infrastructure. States like California and Washington are major revenue generators. The Southern region is poised to grow at fastest pace on back of rising obesity rates and expanding medicare coverage in states including Texas and Florida.
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., Danone. Enterome SA and Abbott together control over 30% share due to widespread brand presence and diverse product portfolio targeting varied health conditions.
For more insights, Read- https://www.pressreleasebulletin.com/u-s-medical-foods-market-demand-share-analysis/
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