New York: No other aspect of demographics influences the demand for clinical nutrition as age does. As the demographic mix worldwide is in a state of churn, the effects are evident on the clinical nutrition market. According to a recent report by Persistence Market Research, the global clinical nutrition market stood at US$36.9 billion as of 2013, and will rise to touch approximately US$48.6 billion by the end of 2020, exhibiting a 4.1% CAGR between 2014 and 2020.
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An analysis of the historical data of the clinical nutrition market shows that regions with a high percentage of older people or those with a high birth rate exhibit a higher demand for clinical nutrition products and solutions. The Population Division of the UN-DESA states that in 2013, 841 million were aged 60 years or older. In 1950, this figure stood at 205 million. A massive gray wave is in the offing, as the number of people aged 60 years and older will soar to 2 billion by 2050, the same organization predicts. Those people who are a part of the baby boomers generation are fast aging, and they are expending more money on clinical nutrition products to maintain good health. Meanwhile, opportunities in the clinical nutrition market are also emerging from high birth rates, especially in developing countries where population growth is at an all-time high.
Here’s a regional analysis of the global clinical nutrition market:
- North America: This region contributed to about 22.6% of the global clinical nutrition market in 2013. However, between 2014 and 2020, the total market share occupied by North America will slide down to 21.3%. However, this market is subjected to several issues with reimbursements deterring people from purchasing clinical nutrition products. Moreover, the extremely stringent regulatory landscape in the United States is known to prolong or delay the launch of a number of pipeline products. However, the effects of these drawbacks will be mitigated to some extent by positive factors such as growing consumer awareness. The perception that clinical nutrition products help maintain good health and reduce dependence on healthcare expenses also bodes well for the clinical nutrition market globally.
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- Asia Pacific: The greatest opportunities in the market for clinical nutrition products will lie in the Asia Pacific region, where the birth rate is at an all-time high and where a large pool of graying population exists. The APAC region was the largest contributor to the global clinical nutrition market in 2013 with an impressive 41.5% share. The Asia Pacific clinical nutrition market is poised to register a 3.9% CAGR from 2014 to 2020 because of the high birth rates prevailing in India and China.
- Europe: About a third of all patients in hospitals in Europe were reportedly undernourished. This drives up the demand for clinical nutrition products in Europe. The region’s share in the global market will increase from 24.4% in 2013 to 25.4% by 2020. Countries such as the United Kingdom and France have the highest birth rates in the European region (13 per 1000), leading to increased demand for infant clinical nutrition.
Globally, the segment of infant clinical nutrition will be the most promising, as it is poised to reach US$27.1 billion in 2020.
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