Market Trends of North America Clinical Nutrition Industry
This section covers the major market trends shaping the North America Medical Clinical Nutrition market according to our research experts:
Pediatric Segment Expects to Register a High CAGR in the North America Clinical Nutrition Market Over the Forecast Period
The pediatric segment is expected to witness significant growth in the North America clinical nutrition market over the forecast period owing to the factors such as rising metabolic disorders such as diabetes, cancer, and others in the pediatric population and growing demand for clinical nutrition.
For newborns and young children to grow and develop properly, they must receive adequate nutrition. A well-balanced diet boosts a child's immune system, supports healthy weight maintenance, and promotes bone and brain growth. Hence, pediatric clinical nutrition is an integral part of the market studied.
According to the data published by the American Cancer Society in July 2022, around 10,500 children in the United States under 15 were diagnosed with cancer in 2021. Childhood cancer rates rose slightly over the past few decades. Cancer patients are dependent on nutritional support even after treatment. Hence, with increasing cancer cases in pediatrics, nutritional support for the same will also show growth in the upcoming future.
Furthermore, the rising company's focus on developing nutritional products and growing product launches in the region is also contributing to the market growth. For instance, in November 2021, Abbott launched Similac 360 Total Care, the first and only infant formula in the United States with a blend of five different Human Milk Oligosaccharides (HMOs), previously only found together in breast milk. The product provides nutrition to support a baby's complete health and development, including the immune system, digestive system, and brain. Also, in June 2022, Else Nutrition was launched in Canada for the manufacture and distribution of its key products, super cereals, toddler nutrition and kid protein shakes.
Thus, owing to the aforementioned factors, the market is expected to grow significantly during the forecast period.
United States iss Expected to Have the Significant Market Share Over the Forecast Period
The United States is expected to witness significant growth in the North America clinical nutrition market over the forecast period. The factors attributing to the market growth are the increasing prevalence of metabolic disorders, rising spending on healthcare by the government, and the growing aging population.
In addition, the rising geriatric population who are more vulnerable to developing chronic diseases due to their weak immunity in the country is also expected to increase the market growth. For instance, according to the 2020 Profile of Older Americans published by the Administration for Community Living in May 2021, around 54.1 million people in the United States were above the age of 65 years. The numbers were projected to rise to 80.8 million in 2040 and 94.7 million by 2060.
Furthermore, the increasing awareness among the people about their health and the increasing expendable income leads to high expenditure on healthcare. For instance, according to the Organization for Economic Co-operation and Development (OECD), in June 2022, the United States and Mexico's healthcare spending in 2021 was 17.8% and 6.2% of the total GDP of the countries, respectively. Additionally, the data updated by the Centers for Medicare and Medicaid Services (CMS) in December 2021 reported that healthcare spending in the United States grew 9.7% in 2020 and reached USD 4.1 trillion or USD 12,530 per person. And as a share of the nation's Gross Domestic Product, health spending accounted for 19.7% share of the country's gross domestic product (GDP). Such equitable, responsive, and efficient health systems have greatly facilitated medical and nutritional needs awareness among the population. This is likely to have a positive impact on the growth of the market studied.
Moreover, the rising company activities in developing new products that mainly focused on parenteral nutrition are also contributing to the market growth in the country. For instance, in September 2021, American Regent launched Multrys which is indicated in neonatal and pediatric patients weighing less than 10 kg as a source of zinc, copper, manganese, and selenium for parenteral nutrition when oral or enteral nutrition is not possible, insufficient, or contraindicated. Due to such launches, the segment is expected to witness significant growth in the future.
Thus, owing to the aforementioned factors, the market is expected to grow significantly during the forecast period.
