SEATTLE–(BUSINESS WIRE)–#MedicalFood–According to Coherent Market Insights, the global Rx medical food market is estimated to be valued at US$ 19,387.3 million in 2020 and is expected to exhibit a CAGR of 6.8% during the forecast period (2020-2027).
Key Trends and Analysis:
Regulatory support, the increasing awareness about medical food in emerging economies, and advantages over drug therapies are expected to be the major factors driving growth of the global Rx medical food market during the forecast period.
Manufacturers are focused on developing medical food products with improved therapeutic effects and different dosage forms for ease of administration and patient convenience. For instance, Abbott laboratories launched science-based nutrition drinks such as Ensure Surgery Immunonutrition Shake and Ensure Pre Surgery Clear Nutrition in 2016, it is designed to support immune health, reduce insulin resistance and fasten surgery recovery time.
Moreover, in 2017, Cera Products, Inc. launched Ceralyte oral rehydration salt to treat dehydration and diarrhea. Furthermore, in 2017, Cambrooke launched Tylacti COMPLETE Bars, a nutritionally complete medical food for dietary management of Tyrosinemia (TYR). Cambrooke also launched the medical food line Phenactin AA Plus, Vilactin AA Plus, Isovactin AA Plus, Homactin AA Plus, and Promactin AA Plus for inborn errors of metabolism in 2015. Furthermore, Nutricia Metabolics launched Anamix Next for Tyrosinemia, Methylmalonic Acidemia, and Isovaleric Acidemia in 2015.
Key players are investing in research and development of pipeline products and novel medical food that can be used in treating various medical conditions. For instance, in 2015, Enzymotec Ltd announced investigator initiated clinical trial of Vayarin, which is capable of managing attention deficit hyperactivity disorder (ADHD) in children suffering from epilepsy. Moreover, scientists at Nestlé Institute of Health Science are studying human DNA for the development of personalized programs for epilepsy and intestinal disorders, thereby leading to development of medical food products that contain natural compounds.
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Key Market Takeaways:
The global Rx medical food market is expected to exhibit a CAGR of 6.8% during the forecast period (2020-2027) owing to the increasing prevalence of chronic diseases. For instance, according to the World Health Organization’s report of September 2019, around 50 million people across the globe have dementia, and there are nearly 10 million new cases every year. As per the same source, Alzheimer’s disease is the most common form of dementia and may contribute to 60–70% of the overall cases. Furthermore, the total number of people with dementia is projected to reach 82 million in 2030, and 152 in 2050 according to the WHO.
North America is expected to be the most lucrative region in the Rx medical food market as key players operating in the market are focusing on adoption of inorganic growth strategies such as acquisitions and collaborations to expand their product portfolio and increase their presence in the market. For instance, in 2017, Caret Pharma, a medical food company for intestinal conditions, announced the acquisition of Fiber Choice, a line of fiber supplements owned by a Sweden-based company, Moberg Pharma AB.
Competitive Landscape —
Abbott Laboratories, Danone S.A., Mead Johnson & Company, LLC, Fresenius Kabi AG, Nestle S.A., Primus Pharmaceuticals, Inc., Targeted Medical Pharma Inc., Pivotal Therapeutics Inc., VAYA Pharma, Inc., and AlfaSigma S.P.A.
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Global Rx Medical Food Market, By Product Type:
- Others (wafers, chewables, bars)
Global Rx Medical Food Market, By Therapeutic Application:
- Pain Management
- Sleep Disorder
- Neurological Disorder
- GI Disorder
- Pulmonary Disorders
- Metabolic Disorders
- Others (fibrosis, dialysis, AIDS, etc.)
Global Rx Medical Food Market, By Distribution Channel:
- Retail Pharmacies
- Online Pharmacies
Global Rx Medical Food Market, By Region:
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
- North America
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. Our client base includes players from across various business verticals in over 57 countries worldwide.
Senior Client Partner – Business Development
Coherent Market Insights
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