(MENAFN- Ameliorate Digital Consultancy)
The medical foods market is there to witness a placid CAGR of 8.1% between 2018-2026 . Telehealth has turned out to be a boon – be it with remote monitoring or treating several patients at a distance simultaneously. The time as well stresses on the part of patients and physicians gets saved this way. Virtual follow-up also opens doors for multitasking by the healthcare personnel. This is the present and also would be the future of the healthcare vertical.
A new study by the company, titled 'Medical Foods Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026' , has listed out the key points being considered by companies and governing bodies involved in the medical foods market to stay sustainably profitable in the long run.
The North America medical foods market is a prominent market on a global level, with the adoption of medical foods comparatively high in the. Health practitioners present here prescribe medical foods over other routine foods to overcome diseases at a much faster pace.
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The market in Asia Pacific, which includes China, is expected to grow over the forecast period for medical foods, as most of the suited healthcare facilities for medical foods are operating in this region by setting up manufacturing units. This step provides quality products with affordable working labor that cuts operating expenses. With a rise in the population in Asia Pacific, it becomes a sure-shot opportunity space. However, increasing price and other therapeutic alternatives present in such developing regions are countering the growth of the medical foods market in this region.
Abbott Laboratories Alfasigma USA, Inc. Cerecin Inc. Danone S.A. Targeted Medical Pharma Inc. Primus Pharmaceuticals, Inc. Fresenius Kabi AG Metagenetics, Inc Reckitt Benckiser Group plc. Nestle S.A. Others.
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This report finds that, the medical foods market is not just for global manufacturers. There are minor companies present who focus on the improvement of medical foods, such as Targeted Medical Pharma. Companies like them show clear light for other interested players to get involved in the medical foods market, though it is a highly consolidated market with bigger companies occupying a majority of the share.
A diverse product range and a progressive marketing technique can help in establishing a mark in the medical foods industry. The U.S. is a frontrunner in the medical foods industry, since people in this region understand the entirety of medical foods. In most developing countries, the main barrier for medical foods is the lack of understanding such a concept, which leads to less adoption of medical foods.
The growing medical foods industry is most certainly taken as an 'emerging' market, where growth is because of new medical food manufacturers getting involved in the market. In most parts of the world, it is still a concept everyone is just trailing around. This industry's aspects are not well positioned in most parts of the world, due to socio-economic differences. For example – ORS is available in most parts of the world with provided schemes from world health bodies such as WHO. But this is not the case with other medical food categories due to many reasons that are better classified by manufacturers and government officials.
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For medical foods, nutritionally complete products are stated as complete formulation products, which consist of sufficient amounts of protein, fat, carbohydrates, vitamins, and minerals in their composition with suitable pharmaceutical compounds. This segment is more dominant than nutritionally incomplete formula and oral rehydration products. The adoption rate for complete formulation products as medical foods is more evident than other options. A number of medical foods present are also more nutritionally complete products, and this count will only grow.
Metabolic disorder was the prime application of medical foods, which has changed over a period, with recent products also suitable for different health indications such as cancer, depression, and Alzheimer's disease. Though the number of medical foods available for metabolic disorder is still high in number. This is more because patients with such disorders only depend on medical foods for complete nutritional benefits.
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