Medical Foods Market by Product Type, Application and Forecast to 2030 – TMR

TMR

4 years ago

Growth in Demand for Health Foods Boosts Market Growth amidst COVID-19 Pandemic

Since consumers have become conscious about their health amidst the coronavirus (COVID-19) pandemic, companies in the medical foods market are increasing efforts to market their products that assure immunity boost. Since several medical foods are commercially available, it has become easier for manufacturers to promote their products through advertisements. On the other hand, analysts at the Transparency Market Research opine that China’s import and export of health foods will remain constant in the upcoming months.

The China Chamber of Commerce for Import & Export of Medicines & Health Products (CCCMHPIE) claims that the demand for medical foods is expected to register a slight growth in 2020. However, insufficiency in raw materials might temporarily affect supply chains in China. Manufacturers are hoping for the COVID-19 pandemic to subside so that global supply chains resume at a normal pace and the medical foods market can grow.

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Innovative Protein Substitutes Gain High Demand in Pediatrics Domain

The high prevalence of patients with metabolic disorders in the U.K. have become a growing concern for medical insurance companies due to a rise in insurance claims. Hence, companies in the medical foods market such as leading pharmaceutical company Galen announced the launch of PKU EASY Microtabs for patients with metabolic disorders in February 2020. Such product offerings are bolstering the growth for the medical foods market, which is estimated to reach a value of ~US$ 33.3 Bn by 2030.

The revenue of metabolic disorders is projected for exponential growth in the market for medical foods. Hence, pharmaceutical companies are introducing palatable alternatives to conventional protein substitutes available in the market. These innovative protein substitutes are targeting toward children aged eight and above in order to manage incurable medical conditions such as phenylketonuria. Since high number of babies every year are born with inherited metabolic disorders, companies are increasing their focus to innovate in new protein substitutes.

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Companies Target Nutritionally Complete Medical Foods to Prevent Malnutrition in Individuals

Apart from metabolic disorders, companies in the medical foods market such as producer of functional nutrition solutions SternLife, is acquiring proficiency to produce supplementary medical foods for the prevention of malnutrition. The demand for nutritionally complete medical foods is surging in patients suffering from malnutrition. As such, companies in the medical foods market are increasing their production capabilities in bars, powders, and thickening agents. This is evident since the revenue of powdered products is expected to register aggressive growth in the market for medical foods.

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Emerging pharmaceutical companies are collaborating with key market players to help the latter expand their private label clinical nutrition offerings. They are increasing efforts to provide full service assistance by gaining efficacy in the formulation of medical food supplements.

Companies Invest in Innovation Centers Aiming to Introduce Locally Manufactured Products

Leading company Nestlé Health Science is advancing in the domain of nutritional therapy and has announced to invest in a product innovation center in the Taizhou, Jiangsu province of China, to tap into opportunities in the clinical nutrition sector. This explains why the revenue of Asia Pacific is predicted to take an aggressive leap in the medical foods market. As such, innovation centers in China are collaborating with clinical nutrition centers of the U.S. in order to advance in core R&D technologies.

Companies in the medical foods market are innovating to develop localized product offerings that resonate with China’s national standards and consumer needs. They are increasing efforts to comply with regulations involved with Foods for Special Medical Purposes (FSMPs) in China. As such, companies are capitalizing on the growing demand for locally manufactured products, whilst high approval rates for infant and baby formula products are generating incremental opportunities for companies in China.

Post Market Enforcement Tools Help Increase Availability of Quality Products

The medical foods market is slated to progress at a robust CAGR of ~6% during the forecast period. However, stringent regulations regarding medical foods such as prevention of adulteration and compliance with Current Good Manufacturing Practice (CGMP) regulations are posing as a barrier for product approvals. Hence, companies in the medical foods market are increasing efforts to refer published guidelines issued by the FDA (Food and Drug Association) that highlight some of the frequently asked questions of manufacturers. Such FAQs and other guidelines are helping manufacturers to gain better understanding of regulations.

Since the FDA uses tools such as adverse event report monitoring for post market enforcement, consumers can be assured of quality product consumption. Hence, manufacturers are adopting post market enforcement strategies in order to comply with food safety regulations.