The Oncology Nutrition Market Size will be worth US$ 2.04 billion in 2022 and US$ 4.79 billion by 2032. Oncology Nutrition demand is expected to expand at an 8.9% CAGR during the forecast period.
Considerations such as the development of elemental formulae and technological innovation in non-GMO-based formulas offer significant opportunities for the growth of cancer nutritionist formulations.
According to GLOBOCAN 2018, the number of cancer cases in the United States in 2018 was 2,129,118, with that figure anticipated to climb to 3,096,944 by 2040.
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Lung cancer is the most frequent type of cancer, accounting for 2,093,876 new cases worldwide in 2018. As the number of cancer patients grows, so will the demand for Oncology Nutrition, because nutrition helps with disease prevention and offers power and stamina in the face of treatment side 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 popularity of homecare nutritional solutions is driving up global demand for Oncology Nutrition. Businesses are coming up with a variety of innovative ways to capitalise on the tremendous opportunities.
Oncology Nutrition products are commonly found in hospitals, retail pharmacies, and online pharmacies. With the growing number of cancer patients, hospitals now control the vast majority of the global Oncology Nutrition sector. To ensure timely treatment, certain well-known global healthcare providers are now constructing cutting-edge cancer detection and treatment facilities.
The advancement of elemental formulas and the introduction of new products for oncology patient nutrition, as well as rising cancer prevalence, increased emphasis on enteral nutrition, and an increase 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.
Additionally, the Oncology Nutrition market is predicted to grow during the forecast period due to increased clinical research on nutritional interventions and higher cancer patient nutrition awareness. The key restrictions that could slow market expansion, on the other hand, are tube feeding problems and restricted reimbursement associated with its use. Furthermore, the Oncology Nutrition market is likely to benefit from the industry’s quick product development and elemental formulation enhancement.
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Oncology Nutrition Market Key Takeaways:
- In the United States, the Oncology Nutrition market is expected to be valued US$ 412.6 million in 2021.
- China, the world’s second-largest economy, is expected to have a market worth US$ 165 million by 2026, representing a 10.6% CAGR throughout the research period.
- Germany is expected to increase at an annual rate of 8.4%, while the remainder of the European market (as defined in the study) is expected to reach US$ 182.4 million by the end of the analysis period.
- Oncology Nutrition enterprises in the United States have been deterred by stringent regulatory requirements and a lengthy FDA certification process.
Oncology Nutrition Market 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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Oncology Nutrition Market 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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