MEDICAL FOODS INDUSTRY: MARKET INSIGHT 2015

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Industry projected a 30% CAGR worldwide

MEDICAL FOODS INDUSTRYThe Food and Drug Administration’s “Orphan Drug Amendment” act of 1988 defined Medical Foods as foods that are specifically formulated and intended for the dietary management of a disease that has distinctive nutritional needs that cannot be met by normal diet alone. This kind of food consumption is prescribed by a doctor and is required to be consumed by patients suffering from chronic pain, metabolic stress, diabetics and people having allergic conditions.

Latest market research has indicated this specific industry of Medical Food to be a massive growing one worth $1.3 billion. Hence is has already proved to be a major part of the healthcare sector and is projected to grow further in the coming years. Researchers say that interest on the clinical nutrition and utilizing it for curing a disease; this automatically is raising the demands for medical foods worldwide.

Usage of medical foods is mostly witnessed in diabetics, chronic pain sufferers, oncology and metabolic disorders. Immunity and cardiovascular health industry is likely to increase their use in the coming years; thus raising the business bar to $13.8 billion by 2018.

Growing healthcare costs, increasing consciousness public health are vital drivers for global medical foods market

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Spreading social awareness about the medical food products mainly in the developing nations is the major hurdle for its producers. The industry is ought to achieve its true value once the manufacturers cover up the total of physicians and meet up the requirements of the end-user. However, in order to do this it is important that they reach up to them by aggressive marketing strategies.

The market for medical products is slowly but efficiently rising up and the main focus of companies making these nutritive items is the consumer from growing economies.

Vietnam and Philippines lead the use of the sub-optional medical food category and this market is spreading fast throughout Asia making it an essential contributor.

Manufacturers under this segment of producing medical foods are limited and they are indulged in constant research and development (R&D) processes for expanding the target disease list which in turn will expand the entire industry.