The Oncology Nutrition Market sales is predicted to be valued at US$ 2.04 billion in 2022, rising to US$ 4.79 billion by 2032. During the projection period, demand for Oncology Nutrition is expected to expand at an average CAGR of 8.9%.
Considerations such as the development of elemental formulae and technological innovation in terms of non-GMO-based formulas present significant opportunities for the growth of cancer nutritionist formulas.
According to GLOBOCAN 2018 predictions, there were 2,129,118 cancer cases in the United States in 2018, with that figure estimated to climb to 3,096,944 by 2040.
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Lung cancer is the most frequent type of cancer, with 2,093,876 new cases reported globally in 2018. As the number of cancer patients grows, so will the demand for Oncology Nutrition, as nutrition supports in the fight against disease and offers strength and stamina in the face of treatment adverse effects.
Factors such as the shift from parenteral to enteral nutrition, the rising incidence of cancer, the growing demand for nutritional feeding in the homecare sector, the increasing number of patients treated for malnutrition, and the improving quality of clinical research on nutritional interventions are driving the Oncology Nutrition market.
The increased popularity of homecare nutritional solutions is driving up global demand for Oncology Nutrition. In order to capitalise on the tremendous potential, businesses are developing a wide range of novel ways.
Hospitals, retail pharmacies, and online pharmacies are the primary end users of Oncology Nutrition products. Because of the growing number of cancer patients, hospitals now control the majority of the global Oncology Nutrition market. Several renowned global healthcare providers are now constructing cutting-edge cancer detection and treatment facilities to ensure timely treatment.
The advancement of elemental formulas and the launch of new products for the nutrition of oncology patients, as well as the rising prevalence of cancer, increased focus on enteral nutrition, and a surge in demand for nutritional food from the home care sector, are all contributing to a positive outlook for the Oncology Nutrition market in the coming years.
Moreover, the Oncology Nutrition market is predicted to grow over the forecast period due to an increase in clinical research on nutritional interventions and an increase in cancer patient nutrition awareness. Tube feeding-related difficulties and limited reimbursement connected with its use, on the other hand, are the key limitations that could slow the market’s growth. Furthermore, the Oncology Nutrition market is likely to benefit from quick product development and enhancement of elemental formulae in the industry.
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Key Takeaways
- The Oncology Nutrition market in the United States is anticipated to be worth US$ 412.6 million in 2021.
- China, the world’s second-largest economy, is estimated to have a market size of US$ 165 million by 2026, indicating a 10.6% CAGR during the study period.
- Germany is predicted to grow at an annual rate of 8.4%, with the rest of the European market (as defined in the study) reaching US$ 182.4 million by the end of the analysis period.
- Stringent regulatory requirements and a lengthy FDA clearance process have deterred Oncology Nutrition businesses in the United States.
Competitive Landscape
In terms of revenue, the Oncology Nutrition products market is currently dominated by a few significant competitors.
Some major firms are aggressively acquiring and forming joint ventures with other companies, as well as launching new goods, to strengthen their market positions around the world. Abbott Laboratories, Nestle S.A., Fresenius Kabi AG, B.Braun Melsungen AG, and Hormel Foods Corporation are some of the market leaders at the moment.
Regulatory approvals, technologically enhanced goods, the launch of new products, and acquisitions and collaboration agreements with other companies are all priorities for key competitors in the worldwide Oncology Nutrition market. These leading players’ strategies are likely to fuel the global Oncology Nutrition market’s expansion.
Nestle bought Allergan in January 2020 to expand its medical nutrition business.
Smartfish AS partnered with B. Braun to launch Remune, a medicinal nutrition product, in September 2019. During 2019 and 2020, B. Braun will launch Remune in nearly 20 countries, with other markets in Europe, Asia, and South America to follow.
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KEY SEGMENTS
By Cancer Type:
- Head & Neck Cancer
- Stomach & Gastrointestinal Cancers
- Blood Cancer
- Breast Cancer
- Lung Cancer
- Other cancers
By End Use:
- Hospitals
- Home Care
- Others
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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