Global Clinical Nutrition Market - Segmented by Route of Administration, Disease, End-Users and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global clinical nutrition market has been estimated at USD 44,554 million in 2017. The market is expected to register a CAGR of 5.8% during the forecast period, 2018 to 2023. Asia-pacific accounted for the largest market, while North America is the next to Asia-Pacific in the clinical nutrition market.
High Spending on Healthcare
Healthcare spending continues to grow faster than economic growth in most countries, maintaining a trend observed over decades. The presence of equitable, responsive, and efficient health systems across the countries of North America, Europe, United Kingdom, and Asia-Pacific has also contributed to the maximum share of GDP for healthcare expenditure. The United States Government spends the largest in healthcare. In 2014, the United States spent nearly USD 3 trillion on healthcare, with advanced healthcare facilities, high cost of treatments and high healthcare awareness being the major reasons. As the healthcare spending increases worldwide among major countries of the world, along with the prevalence of metabolic disorders, rising aging population and rise of middle class in the emerging economies are driving the clinical nutrition market.
Due to Lack of Awareness
Marketing of clinical nutrition products is one major hurdle for the growth of the clinical nutrition market. The general perception about clinical nutrition poses a big challenge in communicating the nutritional products developed to treat or prevent diseases like diabetes, Alzheimer’s and obesity, among others, as people perceive that nutritional products are only for malnourished people and not for prevention or treatment of diseases. Marketing for these disease-specific nutritional products is challenging for the marketers in the clinical nutrition market. Along with the factors such as lack of awareness among the people and the nature of government coverage/reimbursement across countries are restraining the market.
Asia-Pacific to Dominate the Market Growth
Asia-Pacific is the largest geographical market, which is currently valued at USD 18,614 million in 2017 and is also expected to grow at a highest CAGR of 6.94%. China is the largest market segment of the Asia-Pacific region, valued at USD 7,290 million in the year 2017. However, India is the fastest growing segment of this region. And North America region is the next to the Asia-Pacific region.
Key Developments in the market
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