India medical nutrition Market is Estimated to Witness High Growth
Author : Sneha Biswal | Published On : 18 Jan 2024
Medical nutrition products plays vital role in treatment & management of diseases such as diabetes, malnutrition, cancer, gastrointestinal disorders and others. For instance, nutritional supplements helps in providing missing nutrients and calorie requirements for patient undergoing nutrition management. Moreover, nutritional products finds applications in treatment of various chronic diseases. Recently, medical nutrition market has witnessed surge in demand attributed to increase in prevalence of lifestyle diseases such as diabetes, cardiovascular diseases etc.
Market Opportunity:
The opportunity of growing geriatric population is expected to drive the growth of India medical nutrition market during the forecast period. As per WHO, India is considered to be one of the fastest aging countries globally. By 2050, India is expected to account for largest geriatric population worldwide. Aging leads to decline in physiological functions and increased prevalence of chronic diseases, thus propelling the demand for medical nutrition. For instance, senior citizens suffering from malnutrition or health issues require specialized nutrition products. In addition, growing base of elderly people undergoing treatment for diseases like cancer also presents lucrative prospects. Hence, rising geriatric population will necessitate medical nutrition as important part of treatment regime, thus lending traction to market growth over coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the India medical nutrition market is moderate. The market requires high investments and regulatory approvals for setting up manufacturing plants and introducing new products. However, low brand loyalty allowsscope for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of many substitutes and differentiated products from various companies in the market. Buyers can switch between brands easily based on offers and schemes.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. The presence of many raw material suppliers gives buyers an advantage during negotiations. However, suppliers also have some control due to proprietary ingredients and differentiated products.
Threat of new substitutes: The threat of substitutes is high as alternative treatment options and new delivery formats enter the market regularly. This allows easy switching between products.
Competitive rivalry: The competitive rivalry is intense due to the presence of many national and international brands competing on the basis of innovation, brand, and prices.
SWOT Analysis
Strengths: Wide product portfolio catering to various diseases and age groups. Established brands and relationships with hospitals and physicians.
Weaknesses: High customer acquisition costs. Vulnerable to supply chain disruptions.
Opportunities: Growing health awareness and rise in lifestyle diseases. Untapped rural markets. Potential in digital marketing and e-commerce.
Threats: Price wars among competitors. Stringent regulations for new products.
Key Takeaways
The India Medical Nutrition Market Size is expected to witness high growth over the forecast period. Rising incomes, healthcare reforms, increase in chronic diseases and focus on preventive healthcare are driving the demand for specialized nutrition products in India. The global India medical nutrition Market is estimated to be valued at US$ 476.59 million in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030.
Regional analysis: The western region of India currently dominates the medical nutrition market due to the presence of many metropolitan cities like Mumbai and Pune. However, the northern region is expected to grow at a higher pace due to rising healthcare infrastructure and expenditures.
Key players: Key players operating in the India medical nutrition market are Keith Prowse, RTR Sports Marketing, New Directions, Optimist, and Aspire. These players compete on the basis of brand value, recognition, specialty of products, and distribution network across India.
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