The clinical nutrition market size stood at USD 37.8 billion in 2021, which is expected to reach USD 70.8 billion by 2030, advancing at a CAGR of 7.2% during 2021–2030, as per P&S Intelligence.
This growth can be ascribed to the growing elderly population, a lift in the frequency of lifestyle-associated illnesses, a high birth rate and a high number of premature births, surging number of malnutrition sufferers, and athletes’ acceptance of sports nutrition items because of their several benefits.
The constant growth in the economic value of major operating businesses provides them with a competitive edge, for the innovation of new solutions. Additionally, corporations are constantly working to advance their current product line to maintain their dominating position. Therefore, corporations’ new growth strategies and foray into undeveloped regions to widen their reach are projected to drive the market.
The developing countries of LATAM, APAC, and MEA, including Brazil and India, are projected to contribute significantly to the market growth, as the major players are investing heavily in order to establish their footprint in such countries. The requirement for clinical nutrition in such countries is expanding with the rising geriatric and patient populations.
The cancer category is growing at a considerable rate in the clinical nutrition market, because of the growing cancer frequency globally. Products for enteral nutrition are considered an important solution for cancer treatment, as they avert nutritional deficiencies in the body, thus guaranteeing the proper functioning of many organs.
Cancer patients require a healthy diet because the illness might vary rate at which their bodies process nutrients and the degree to which this happens. Patients should get constant nutrient feedings as they are prone to becoming malnourished and losing weight.
North America, was responsible for the majority of clinical nutrition items sales, generating approximately 40% of the worldwide revenue, in 2021. The high frequency of cancer and disorders related to lifestyles involving a 9-to-5 desk job, a huge number of participants, and better reimbursement guidelines in comparison to other regions are some of the major reasons propelling the market growth.
Moreover, the well-developed healthcare infrastructure in the continent, high per capita income, and high healthcare investment are major factors contributing to the rising demand for clinical nutrition.
The APAC market is projected to witness the highest CAGR, of above 9%, in the coming years. This can be credited to the mounting geriatric population, snowballing birth rate, and high malnutrition rates in the region.
Hence, with the rising count of patients, booming geriatric population, and high count of prematurely born babies, the demand for clinical nutrition products continues to increase.