Medical nutrition improves metabolic outcomes, provides appropriate energy to maintain desirable body weight, and helps in the development of overall health through optimal nutrition. The overall goal of medical nutrition is to assist and facilitate lifestyle and behavior changes that will lead to improved metabolic control.
The global medical nutrition market is estimated to be valued at US$ 12.2 billion in 2020 and is expected to exhibit a CAGR of 5.5% during the forecast period (2020-2027).
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Product launches are expected to propel the market growth during the forecast period.
The increasing number of product launches through manufacturers are expected to drive the global medical nutrition market growth during the forecast period. For instance, in July 2019, Baxter international Inc. launched Finomel, a ready-to-use triple-chamber bag for parenteral nutrition (PN) in Europe. Finomel has expanded the company’s portfolio of premixed PN formulations and is offering healthcare providers additional options to meet adult patients’ nutritional needs.
Partnerships among market players are expected to drive the market growth during the forecast period.
Companies are focused on partnerships and collaborations which is expected to drive the market growth during the forecast period. For instance, in October 2019, DSM and Wellmetrix, a personal health testing developer, announced a research partnership to explore the use of Wellmetrix's diagnostic platform to perform non-invasive and point-of-need measurements of key health biomarkers as part of a nutrition intervention using combinations of DSM's nutritional solutions.
Global Medical Nutrition Market – Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic is affecting clinical trials drastically. According to a survey conducted by Medidata Solutions, Inc. (an American technology company which develops and markets software as a service for clinical trials), on April 23, 2020, 63% of survey respondents reported that they have stopped recruiting new patients for ongoing clinical trials and 43% of the respondents have postponed their studies.
Furthermore, ongoing clinical trials need to be conducted by healthcare facilities and researchers by adhering to the following safety measures:
• Healthcare providers are obtaining patients' consents over the phone or through video conferences. According to a survey conducted by Medidata Solutions, Inc., on April 23, 2020, 45% of the respondents opted for virtual/telemedicine for consultancy.
• The patients receive a phone call for screening of COVID-19 symptoms before the scheduled in-person visits.
• Assessments of the studies are being done in single outpatient areas.
Global Medical Nutrition Market: Restraints
The major factors restraining growth of the medical nutrition market are side effects and complications caused by products indicated for medical nutrition. For instance, according to a study published in the scientific journal, Annals of Internal Medicine in December 2013, regular vitamin use increased with increase in income. Moreover, majority of the population earning less than US$ 24,000 per year were did not take vitamins, whereas 55% of the population earning more than US$ 60,000 and more per year took vitamins regularly.
Lack of awareness regarding healthcare, diet, and proper nutrition balance in low-and middle income economies is another major factor, which is expected to hinder growth of the global medical nutrition market over the forecast period. Rural areas in low-and middle income economies such as Africa and Asia Pacific has very low awareness about nutritional products and diseases associated with the nutritional deficiencies , which is expected to be a major reason leading to slow adoption of medical nutritional production in such regions, thereby hindering the market growth
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Key Players
Major players operating in global medical nutrition market are Abbott, Baxter, Danone S.A., Nestlé, GlaxoSmithKline Plc, Fresenius Kabi AG, Sun Pharmaceuticals Inc., BASF SE and DSM amongst others.
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