DUBAI, United Arab Emirates, March 23, 2022 (GLOBE NEWSWIRE) — Despite the COVID-19 crisis, the global oncology nutrition market share, which is expected to be worth US$1.1 billion in 2021, is expected to increase to US$1.7 billion by 2026, with a 8.9% CAGR over the analysis period.
For the rise of oncology nutritionist formulas, considerations such as the development of elemental formulas and technological innovation in non-GMO formulas present considerable prospects.
According to GLOBOCAN 2018 estimates, there were approximately 2,129,118 cancer cases in the United States in 2018, and this number is expected to increase to 3,096,944 cases by 2040.
|CAGR of Oncology Nutrition Market (2022-2032)||8.9%|
|Oncology Nutrition Market (2027)||$3.14 billion|
|Attraction of the oncology nutrition market||The market is growing due to improving quality of clinical research on nutritional therapies.|
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Lung cancer is the most common type of cancer, accounting for 2,093,876 new cases worldwide in 2018. As more people are diagnosed with cancer, the demand for oncology nutrition will also increase, as nutrition helps to fight disease and provides strength and endurance. dealing with the side effects of treatment.
The oncology nutrition market is driven by factors such as the shift from parenteral nutrition to enteral nutrition, rising incidence of cancers, growing demand for nutritional food in the home care sector, growing number of patients treated for malnutrition and improving the quality of clinical research on nutritional interventions.
The global demand for oncology nutrition is growing rapidly, due to the growing popularity of home nutritional products. Companies are inventing a wide range of new methods in order to capitalize on the available potential.
The main end users of oncology nutrition products are hospitals, retail pharmacies and online pharmacies. Due to the ever-increasing number of cancer patients, hospitals now hold the majority of the global oncology nutrition market. Various leading health care providers around the world are building high-end cancer diagnostic and care facilities to ensure timely treatment.
The oncology nutrition market outlook is turning positive with the advancement of elemental formulas and the launch of new products for the nutrition of oncology patients, along with the increasing prevalence of cancer, increased focus on enteral nutrition and increased demand for nutritious foods. of the home care sector in the years to come.
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|Attributes||Oncology Nutrition Market||Interventional Oncology Market||Nutritional Analysis Market|
|CAGR (2022 – 2032)||8.9%||6.9%||8.5%|
|Oncology Nutrition Market Value (2026)||US$2.88 billion||US$2.9 billion||US$7.9 billion|
|Growth factor||The growing need for nutritional products for home care.||The major drivers for the growth of the interventional oncology market are technological improvements and increased prevalence of oncology.||Changing consumer tastes, greater health awareness, growing millennial population, and growth in incremental income among consumers are all driving the industry.|
|Opportunity||The need to meet the nutritional needs of cancer patients is increasing.||The interventional oncology market has plenty of room for expansion for both established and new product companies.||The nutritional analysis market will benefit from the growing favorable attitude towards sports nutrition.|
|Key trends||The transition from parenteral nutrition to enteral nutrition, increasing incidence of cancer, and growing demand for nutritional requirements are all driving the market expansion.||In several emerging economies, such as China, India, Brazil, and Mexico, rapid economic development and rising health spending are expected to improve access to high-quality health care.||The need for nutritional analysis is driven by changing lifestyles and a high frequency of chronic diseases.|
Additionally, the oncology nutrition market is expected to grow over the forecast period owing to an increase in clinical research on nutritional interventions and an increase in nutrition awareness among cancer patients. The difficulties related to tube feeding and the limited reimbursement related to its use are on the other hand the main constraints which could slow down the growth of the market. In addition, the oncology nutrition market is likely to benefit from rapid product development and improved elemental formulas in the industry.
Key points to remember
- In 2021, the oncology nutrition market in the United States is expected to be worth US$412.6 million.
- China, the world’s second largest economy, is expected to reach a market size of US$165 million by 2026, representing a CAGR of 10.6% over the study period.
- Germany is expected to grow at an annual rate of 8.4%, while the rest of the European market (as defined in the study) is expected to reach $182.4 million by the end of the analysis period .
- Oncology nutrition manufacturers in the United States have been deterred by strict regulatory requirements and a lengthy FDA clearance process.
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In terms of revenue, the oncology nutrition products market is currently dominated by a few major competitors.
Some large companies are aggressively acquiring and forming joint ventures with other companies, as well as launching new products, to strengthen their positions in markets around the world. Abbott Laboratories, Nestlé SA, Fresenius Kabi AG, B.Braun Melsungen AG and Hormel Foods Corporation are currently among the market leaders.
Regulatory approvals, technologically enhanced products, new product launches, acquisitions, and collaboration agreements with other companies are all priorities for major competitors in the global oncology nutrition market. The strategies of these prominent players are likely to fuel the expansion of the global oncology nutrition market.
Nestlé acquired 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. In 2019 and 2020, B. Braun will launch Remune in nearly 20 countries, followed by other markets in Europe, Asia and South America.
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