The clinical nutrition market is expected to grow at a rate of 7.2%, to reach USD 70.8 billion by 2030 as per a report by P&S Intelligence. This growth is ascribed to the rising elderly population, increasing malnutrition incidence, adoption of sports nutrition by athletes, rising incidence of lifestyle-related ailments, and a high birth and premature birth rate.
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Developing countries of APAC, LATAM, and MEA, for instance, Brazil and India, offer significant growth potential for the industry. Major players are investing in the expansion of their footprint in these regions. The need for clinical nutrition in these regions is rapidly growing, resulting in a growth opportunity for both new entrants and reputed firms.
Moreover, the increasing awareness regarding nutrition products and the increasing compliance with homecare medical services are driving the demand for the products.
In the pediatric population, the consumption of clinical nutrition is highest among newborns under the age of one. For parents, the well-being of their children is a priority. This has led the parents to spend more money on their children's treatment. Parents are looking for ways to keep their children healthy, and save unnecessary medical costs. These precautions will boost the industry.
The cancer category is significantly growing in the clinical nutrition market, because of the increasing incidence of cancer. Enteral nutrition products are regarded as the best solutions for cancer treatment, ensuring proper functioning of various organs and preventing nutritional deficiencies.
The incidence of metabolic diseases is rapidly increasing in adults and the elderly, along with the need for clinical nutrition. Nutrition is vital for the treatment of metabolic diseases. Additionally, the introduction of new products and the growing prevalence of metabolic disorders is boosting the industry's growth.
North America held the majority of product sales, approximately 40%, in recent years. This is credited to the existence of a large number of players, better reimbursement policies, and an inactive lifestyle. In addition, the developed healthcare facilities, high healthcare expenditures, and high disposable income are also boosting the demand for clinical nutrition.
Whereas, the APAC has the highest CAGR, of over 9% during the forecast period. This can be ascribed to the increasing elderly population, high rate of malnutrition, and increasing birth rate. As malnutrition treatment cases increase in the region, the demand for therapeutic nutrition products is also increasing.
In addition, the industry in APAC is expected to be boosted by the increasing healthcare costs, growing nutrition awareness, and rising disposable income.
Due to the increasing incidence of lifestyle-related diseases, high healthcare expenditures, and the increasing elderly population, the clinical nutrition industry will grow significantly in the coming years.
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