The global oncology nutrition market is poised for substantial growth, with projections indicating an increase from USD 2.07 billion in 2023 to an estimated USD 4.87 billion by 2033. This remarkable surge, driven by a heightened focus on medical nutrition therapy tailored for cancer patients and an escalating demand for innovative oncology nutrition solutions, reflects a pivotal shift in cancer care.
Recent market analysis reveals a robust Compound Annual Growth Rate (CAGR) of 8.9% throughout the forecast period, highlighting the essential role of oncology nutrition in enhancing physical resilience, aiding patients in managing cancer treatments, and ultimately improving overall quality of life.
A primary driver behind the growth of the oncology nutrition market is the increasing need for nutritional interventions among cancer patients, especially those facing declining tolerance to cancer therapy. This trend is expected to significantly boost the adoption of oncology nutrition products as companies strive to meet the evolving dietary requirements of this demographic.
Additionally, the market is experiencing a notable shift towards the development of elemental formulations and innovative non-GMO-based products designed to cater specifically to the dietary needs of cancer patients. A growing preference for enteral nutrition over parenteral nutrition also highlights a broader trend toward more patient-friendly and effective nutritional delivery methods.
The rising incidence of cancer cases, along with an increasing number of patients receiving treatment for malnutrition, underscores the critical importance of oncology nutrition in contemporary healthcare practices. Furthermore, the homecare sector is witnessing a surge in demand for nutritional feeding solutions, expanding the oncology nutrition market into new segments.
As the market evolves, there is a growing emphasis on enhancing the quality of clinical research on nutritional interventions, aimed at improving treatment outcomes and patient satisfaction.
In summary, the oncology nutrition market is on the brink of significant expansion, fueled by a growing recognition of the importance of nutritional therapy in cancer care. With ongoing innovative product developments and a commitment to meeting the diverse needs of cancer patients, businesses in this sector are well-positioned to seize emerging opportunities and make a meaningful impact on patient outcomes.
Key Takeaways: Oncology Nutrition Market
- The region leads the market due to high cancer rates and advanced healthcare facilities, with the US market valued at around USD412.6 million.
- This region is expected to see the fastest growth due to an increasing number of cancer cases and rising awareness about oncology nutrition.
- The European market is projected to reach USD0.55 billion by 2033, driven by government initiatives, new product launches, and partnerships.
- The US holds nearly 30% of the global market share, with demand further fueled by increasing cancer treatment spending and technological advancements.
- China’s oncology nutrition market is expected to reach USD165 million by 2026, reflecting a strong CAGR of 11.9%.
- Japan and Canada show promising growth rates of 7.4% and 7.1% respectively.
- Latin America’s Expansion this region is anticipated to grow at a steady CAGR of 7.6%.
- The Asia Pacific oncology nutrition market is expected to reach USD19.2 million, driven by growth in Australia, India, and South Korea.
Soaring Demand for Market Information: Uncover Detailed Trends and Insights in Our Report!
Competitive Landscape of the Oncology Nutrition Market:
The primary focus of top oncology nutrition firms globally lies in securing regulatory approvals, innovating cutting-edge products, launching new offerings, and engaging in strategic partnerships and acquisitions. These strategies are expected to drive expansion in the global oncology nutrition market. Here are some expansion tactics employed by companies in this sector:
- Nestle bolstered its presence in medical nutrition by acquiring the Allergan business in January 2020.
- Smartfish AS and B. Braun collaborated to introduce Remune, a medicinal nutrition solution, in September 2019. By 2020, B. Braun had successfully launched Remune in over 20 countries across Europe, Asia, and South America, with further market expansions underway.
Key Players in the Oncology Nutrition Market:
- FMC Corporation
- Danone India
- Abbott
- Aceto
- B. Braun Melsungen AG
- Baxter
- Fresenius Kabi AG
- Global Health Products, Inc.
- Hormel Foods Corporation
- Mead Johnson & Company, LLC
- Meiji Holdings Co., Ltd
- Nestlé S.A.
- BioSig Technologies, Inc.
- Auris Health, Inc.
Key Segments:
By Cancer Type:
- Head & Neck Cancer
- Stomach & Gastrointestinal Cancers
- Blood Cancer
- Breast Cancer
- Lung Cancer
- Other cancers
By End Use:
- Hospitals & Clinics
- Home Care
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
