Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Elderly Nutrition Market – Novel Approach for Elder Patients
Elderly nutrition plays a major role in advance healthcare in geriatric segment, as it support healthy aging and prevents malnutrition and vitamin deficiencies. Elderly nutrition products consist of vitamin, protein, minerals, lipids, fibers, and other essential substance, which regulates the body functions and improves immunity.
The global elderly nutrition market size was valued at US$ 17,453.5 million in 2017, and is expected to exhibit a CAGR of 6.6 % over the forecast period (2018 – 2026).
Figure 1. Global Elderly Nutrition Market Value (US$ Mn), by Region, 2017
Source: Coherent Market Insights Analysis (2018)
Increasing incidences of nervous disorders and chronic diseases in geriatric patients is expected to propel growth of the elderly nutrition market
Elderly nutrition is recommended for geriatric patients who are highly susceptible to various conditions such as diabetes, obesity, renal failures, chronic diseases, and other. Moreover, high prevalence of age related disorders such as organ failures, nervous disorders and cardiovascular diseases in geriatric patients is expected to drive the market growth. For instance, the Alzheimer Association Report 2017, estimated around 13.8 million people to be diagnosed with Alzheimer’s dementia in the U.S., which is mostly observed in geriatric patients above 65 years. Moreover, in 2014, around 93,541 deaths registered from Alzheimer’s disease and reported the disease as fifth leading cause of death among Americans above 65 years.
Furthermore, rising geriatric population and shortage of nutritional intake through food is another factor for boosting growth of the elderly nutrition market over the forecast period. According to World Population Prospects in 2017, the global geriatric population was around 962 million, which is expected to reach around 2.1 billion by 2050.
The routes of administration such as oral, parenteral, and enteral are very important in consideration with administration of nutrition in the elder patients. However, parenteral route of administration has to be performed under medical supervision, to avoid side effects and complications, which burdens cost on geriatric patients. The incorrect use of this therapy from parenteral route can cause liver dysfunction, refeeding syndrome, and other side effects.
Figure 2. Global Elderly Nutrition Market Share (%), by Route of Administration, 2018 and 2026
Source: Coherent Market Insights Analysis (2018)
Increasing incidence of chronic diseases in Europe is expected to bolster the market growth
Europe holds dominant position in the elderly nutrition market, owing to high prevalence of chronic diseases such as cancer, cardiovascular diseases in the region. According to the European Heart Network, factsheet 2017, around 11.3 million new cases of cardiovascular diseases were registered in Europe and around 6.1 million cases of cardiovascular diseases were registered in European Union (EU).
Moreover, rise in geriatric population, majorly women, in this region is expected to propel demand for osteoporosis, which in turn is expected to bolster the market growth over the forecast period. According to the International Osteoporosis Foundation, estimated around 20 million cases of osteoporosis in population aged above 50 years in 2015. These problems are greater in women than men and have high prevalence in comorbid chronic disease and disability.
Key Players
Major players operating in the global elderly nutrition market include Allergan, Otsuka Pharmaceuticals Co., Ltd., Baxter International Inc., Danone, Fresenius Kabi AG, Abbott Laboratories, Pfizer, Inc., Mead Johnson & Company, LLC, and Sanofi.
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