Increasing population of baby boomers is a major factor driving the consumption of clinical nutrition products. With increasing age, digestion abilities of the human digestive system decreases, thus makes it difficult for the body to absorb all the required nutrients from food.
Albany, NY -- (SBWIRE) -- 09/29/2015 -- Increasing population of baby boomers is a major factor driving the consumption of clinical nutrition products. With increasing age, digestion abilities of the human digestive system decreases, thus makes it difficult for the body to absorb all the required nutrients from food. Loss of appetite is also a common problem among baby boomers. As a result, aging individuals do not get optimal amounts of nutrients. Hence, they resort to additional supplements for proper nourishment. In order to stay fit, their dependence on clinical nutrition increases. According to the Population Division of the United Nations Department of Economic and Social Affairs (UN-DESA), 841 million people were aged 60 years and above in 2013 compared to 205 million people in 1950. The population is projected to reach over 2 billion by 2050. With the increasing population of baby boomers, spending on clinical nutrition is expected to increase.
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Asia Pacific was the largest market for clinical nutrition in 2013, accounting for 41.5% of the global market share, followed by Europe and North America with market share of 24.4% and 22.6% respectively. From 2014 to 2020, the Asia Pacific clinical nutrition market is expected to grow at a CAGR 3.9%, owing to increasing demand from countries such as India and China. Increasing geriatric population is also expected to propel the growth of the Asia Pacific market. The market share of North America is expected to decrease to 21.3%, whereas that of Europe is expected to increase to 25.4% by 2020.
The clinical nutrition market is bifurcated into product type (infant nutrition, enteral nutrition, and parenteral nutrition), type of infant nutrition (milk-based, soy-based, organic, probiotic/prebiotic, and others), and type of enteral nutrition (standard, and enteral nutrition for chronic illnesses). Infant nutrition segment holds the largest share of overall market in 2013 at USD 21.1 billion; and is expected to reach USD 27.1 billion in 2020, at a CAGR of 3.8% for the period 2014-2020.
Under the infant nutrition segment, the milk-based segment (largest segment in 2013) increased by 4.2% CAGR during 2010 – 2013 to reach USD 8.1 billion in 2013. Under regional segment, the Asia Pacific clinical nutrition market (largest market in 2013) increased by 4.8% CAGR during 2010-2013 to reach USD 15.3 billion in 2013. The global clinical nutrition market is highly concentrated with four players accounting for approximately 69% of the market share. Nestlé SA led the market in 2013. Others major players operating in the global clinical nutrition market are Baxter International, Inc., Abbott Laboratories, B. Braun Melsungen AG, H. J. Heinz Company, Groupe Danone, Mead Johnson Nutrition Company, Fresenius Kabi AG, Hospira, Inc. and Perrigo Company Plc.
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