As the awareness of a healthy lifestyle is increasing among people, the market for medical foods is growing. Market Research Future (MRFR) has published a report about the global medical foods market that predicts growth for this market between 2017 and 2023.
The key factors that support the global medical foods market growth are growing consumer requirements and their awareness about dietary supplements as well as other medical foods that are required for nutrition as well as prevention of chronic disorders. Other factors augmenting the market growth include increased growth of the organized retail sector, increasing chronic ailments among the growing population, increasing geriatric population, and nutritional deficiency.
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The global virtual reality for the consumer market can be segmented on the basis of ailment, form, nutritional ingredients, and lastly, region. Based on the ailment, this market has been segmented into Alzheimer’s disease, depression, diabetic neuropathy, and nutritional deficiency. The diabetic neuropathy is a type of nerve damage that diabetic people are prone to. The four types of diabetic neuropathy are autonomic neuropathy, mononeuropathy, peripheral neuropathy, and radiculoplexus neuropathy.
The form-based segmentation segments the market into pills, powders, and others. On the basis of nutritional ingredients, this market has been segmented into isoflavones, minerals, phytosterols, proteins, Omega-3, and vitamins. Isoflavones are defined as the substituted derivatives of isoflavone, a type of naturally occurring isoflavonoids. Many isoflavones act as phytoestrogens in mammals. Phytosterols are defined as a group of naturally occurring compounds that are found in plant cell membranes.
The regional segmentation of the global medical foods market has segmented the market into regional markets namely Europe, North America, Asia Pacific, and the rest of the world (RoW). North America has been estimated to hold and retain the major market share in the global market throughout the forecast period. In this region, the United States of America (USA) is the biggest country-specific market. The reasons for market growth in the USA and the whole of North America, in general, are the presence of established market players in medical food products and product promotions via celebrity endorsements. Advanced medical research also has a bright future in North America. Other important country-specific markets in this region are Canada and Mexico. Regenacy Pharmaceuticals, LLC, a clinical-stage biopharmaceutical company developing breakthrough treatments for diabetic and other peripheral neuropathies, has got the patent covering the use of ricolinostat (ACY-1215), that is useful for the treatment of diabetic peripheral neuropathy (DPN).
After North America, Europe holds the largest market share due to the availability of government funding for medical research, regular launches of new medicines, investment by food brands in medical foods, increasing geriatric population, the presence of some key market players, and health-conscious lifestyle among consumers. The major chunk of revenue in Europe market comes from France, Germany, Italy, and the United Kingdom (UK), followed by the remaining countries in Europe.
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In the Asia Pacific region, factors leading to the market growth include escalating consumption of dietary supplement for enhanced body metabolism, growing awareness campaigns, the presence of multi-national companies involved in the production of medical foods, and rising per capita disposable income of the consumers. In this region, the vital country-specific markets are China, India, and Japan, followed by the remaining countries in the Asia Pacific region. The RoW segment in this report covers Argentina, Brazil, South Africa, and other countries in this world.
The key players in the global medical foods market include Abbott (USA), Danone (France), Fresenius Kabi AG (Germany), Mead Johnson & Company LLC (USA), Nestlé (Switzerland), Primus Pharmaceuticals Inc. (USA), and Targeted Medical Pharma Inc. (USA).