Medical foods will be worth $13.34bn by 201811 Dec 2014
Medical foods are often confused with dietary supplements and functional foods that are neither targeted for specific disease conditions nor require medical supervision for product administration, according to Frost & Sullivan. While regulations in the United States (US) and Europe clearly defined medical foods, those in other parts of the world are still under development. […]
Medical foods are often confused with dietary supplements and functional foods that are neither targeted for specific disease conditions nor require medical supervision for product administration, according to Frost & Sullivan. While regulations in the United States (US) and Europe clearly defined medical foods, those in other parts of the world are still under development. Recently, however, the company notes that medical foods have begun to be regulated in Australia and New Zealand (ANZ) through Standard 2.9.5 of the Food Standards Code, urging other markets to improve their regulatory environment. With strong regulatory efforts under way, Frost & Sullivan believes the Asia-Pacific (APAC) region holds huge untapped market potential. To penetrate the market, participants must have a robust R&D set-up, invest in regional product differentiation, and focus on product innovation.
New analysis from Frost & Sullivan, Global Medical Foods Market, finds that the global medical foods market earned revenues ofUS$9.36 billion in 2013 and estimates this to reach US$13.34 billion in 2018. The study covers the application segments of critical care and trauma as well as oncology, diabetes, metabolic, digestive, immune, cardio-vascular, musculo-skeletal, and cognitive and CNS health.
Growing healthcare expenditure and rising public health consciousness are driving the global medical foods market, the company said. With life expectancy, along with disease incidence rates also going up, the cohort of people receiving medical attention is expanding, boosting the volume base of the medical foods market.
“Interest in clinical nutrition as a means to treat diseases is gaining pace, fuelling the demand for medical foods in many countries,” said Frost & Sullivan chemicals, materials & food senior research analyst Aparna Balasubramanian. “While diabetes, oncology and metabolic health are currently the most significant application areas, immune and cardiovascular health are promising segments for future growth.”
However, drug-based therapies are still the dominant form of disease treatment and supplementing them with medical nutrition is yet to gain prominence in many parts of the world. Low medical adherence among patients is also a challenge. In particular, medical foods for non-fatal diseases such as diabetes are ignored by many sections of the population. Comparatively, compliance in the usage of medical foods for life-threatening conditions such as cancer is higher.
Another challenge for market participants in many developing countries other than the Philippines and Vietnam is physician’s sub-optimal awareness on medical nutrition’s ability to accelerate recovery or augment the well-being of patients. Once manufacturers start focusing on building physician and end-user awareness on medical foods, the market will inch towards its true value.
“The global medical foods space is well-consolidated, with the top few participants holding a majority of the market share partly due to the prevalence of regional participation in the US, Europe and Asia,” noted Balasubramanian. “The leading medical food manufacturers have been engaging in R&D, which is driving advances in food technologies and increasing the number of disease targets for medical foods.”
Global Medical Foods Market is part of the Chemicals & Materials Growth Partnership Service program. Frost & Sullivan’s related studies include: ANZ Nutraceuticals Market, Functional Beverages Market in ANZ, Global Omega-3 Pharmaceutical Market, and Global Animal Feed Ingredients Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
Glanbia announces performance nutrition ingredients
25 May 2018
Glanbia Nutritionals has announced what it describes as two new pioneering and innovative performance nutrition ingredients for formulation in functional beverages in Europe, the Middle East and Africa.Read more
Ecotrophelia UK shortlist announced
24 May 2018
The growing trend for plant-based diets has inspired the teams that have entered this year’s student food innovation competition – Ecotrophelia UK. All five of the shortlisted products are meat-free and four are also vegan.Read more
Healthcare continuum drives Lonza growth
10 May 2018
Lonza has reported what it describes as a positive start to 2018 with businesses along the healthcare continuum as growth drivers.Read more
Arla enters breakfast food-to-go market
9 May 2018
Arla Foods is set to launch into the breakfast food-to-go market with the introduction of its new Milk & Oats range of ready to drink beverages.Read more
Eurofins to acquire Covance Food Solutions
7 May 2018
Global life sciences company LabCorp has announced that it has entered into a definitive agreement under which Eurofins Scientific will acquire the Covance Food Solutions business from LabCorp for $670 million.Read more
Engaging with the Instagram generation
3 May 2018
Colourful, exotic and unusual foods are on the rise as a growing number of consumers look for food experiences they can share on social media.Read more
New shake makes children taller
1 May 2018
Nutritional Growth Solutions is introducing Healthy Height, a kids’ protein shake the company says is clinically shown to improve children’s height, to the European market.Read more
Mintel: Europe leads on private label launches
27 Apr 2018
Europe accounted for over half (57%) of all private label launches with premium claims globally in 2017, according to new research from Mintel Global New Products Database (GNPD).Read more
Ohly launches maple syrup powder
1 Aug 2016
Ohly has launched a new Maple Syrup Specialty Powder. The latest addition to the ProDry range is said to deliver authentic maple syrup flavour and sweetness in a free flowing powder form.Read more
Welch's extends FruitWorx
8 Jul 2016
Welch’s Global Ingredients Group has launched FruitWorx Concord Grape Juice Powder, extending a range that already includes a range of Concord and Niagara grape-based fruit pieces, flakes and pastes.Read more
Are you a supplier
Here's what we can do for you
- Generate quality leads for your business
- Stay visible for 365 days of the year
- Receive product inquiries and respond to meeting requests directly
- Improve company online presence through Search Engine Optimisation