Global Oncology Nutrition Market Overview
According to the TechSci Research report titled "Oncology Nutrition Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028," the global Oncology Nutrition Market reached USD 2.10 billion in 2022. It is projected to grow at a compound annual growth rate (CAGR) of 9.01% during the forecast period from 2024 to 2028. This robust growth can be attributed to various factors that transcend geographical boundaries.
Expanding Global Reach
The global oncology nutrition market transcends geographical boundaries. With cancer being a worldwide health concern affecting individuals in both developed and developing countries, the importance of proper nutrition in cancer care has gained recognition. As awareness continues to grow, it expands the market's reach, creating opportunities for growth and development in various regions.
Interdisciplinary Collaboration
Collaboration among nutritionists, oncologists, researchers, and the food industry is expected to increase. This interdisciplinary approach is anticipated to lead to evidence-based nutritional interventions and the development of innovative products tailored to the specific needs of cancer patients.
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Impact of COVID-19
The onset of the COVID-19 pandemic brought the oncology nutrition market into focus, despite significant disruptions to healthcare systems. Research studies, such as one published in May 2021 by Nutrition and Cancer, focused on establishing nutritional guidelines to manage and prevent complications in cancer patients during the pandemic. The pandemic highlighted the need for comprehensive nutritional guidance due to the vulnerability of cancer patients to illnesses caused by weakened immune systems or the effects of anticancer treatments. As COVID-19 cases decreased, the market gradually stabilized, indicating the pandemic's substantial impact on the market during the forecast period.
Key Growth Drivers
The primary drivers behind the growth of the oncology nutrition market include:
- Increasing Global Cancer Prevalence: Germany is expected to witness a 20% increase in new cancer cases by 2030, according to an article by BioMed Central Ltd in April 2022. The United States has also seen a significant rise in the number of cancer survivors, reaching over 18 million as of January 1, 2022, as stated in the AACR Cancer Progress Report 2022. Nutritional products play a crucial role in supporting cancer patients during and after treatment, driving market growth.
- Government and Private Initiatives: Government and private agencies are raising awareness about the importance of nutrition in cancer care. For instance, the American Society of Clinical Oncology (ASCO) Cancer.Net recommends a healthy diet after cancer treatment, and the Agency for Healthcare Research and Quality reported a high prevalence of malnutrition among adult cancer patients in October 2021, driving demand for oncology nutrition.
Global Oncology Nutrition Market Segmentation
The global oncology nutrition market is segmented into various categories:
- Cancer Type: The lung cancer segment is expected to experience significant growth due to the high prevalence of lung cancer worldwide and the increasing use of nutritional supplements for lung cancer patients.
- Region: North America is projected to dominate the oncology nutrition market, driven by the increasing prevalence of cancer, advanced healthcare infrastructure, government initiatives, new product launches, and collaborations in the field of cancer nutrition supplements.
Major companies operating in Global Oncology Nutrition Market are:
- Abbott Laboratories Inc
- Nestle SA
- Fresenius Kabi AG
- B Braun SE
- Hormel Foods Corporation
- Danone SA
- MEIJI Holdings Co Ltd
- Global Health Products, Inc.
- Victus Inc
- Mead Johnson & Co LLC
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“The global oncology nutrition market is poised for significant growth and transformation, with emerging trends focusing on personalization, nutrigenomics, digital health solutions, functional foods, cancer prevention, sustainability, global accessibility, and collaborative research efforts. The upcoming trends underscore the importance of nutrition in cancer care and highlight the industry's commitment to improving the quality of life and outcomes for individuals battling cancer. As these trends continue to evolve, they promise to shape the future of oncology nutrition, offering hope and support to cancer patients worldwide,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Oncology Nutrition Market By Cancer Type (Lung Cancer, Head and Neck Cancer, Stomach and Gastrointestinal Cancers, Esophageal Cancer, Liver Cancer, Blood Cancer, Others), By Nutrition (Enteral Nutrition, Parenteral Nutrition), By Formula (Standard Formula, Elemental Formula, Specialized Formula), By Formula (Hospital Pharmacy, Online Pharmacy, Retail Pharmacy), By End User (Hospitals, Homecare, Specialty Clinics), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Oncology Nutrition Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Oncology Nutrition Market.
What Will You Get in the Sample Report?
The sample report provides comprehensive insights into the global oncology nutrition market. It covers market size, growth prospects, key drivers, and segments such as cancer type and region. Additionally, it explores the impact of COVID-19 on the market and the collaborative efforts among healthcare professionals and the food industry. The report aims to offer a holistic understanding of the market's dynamics and potential for growth.
Who Will Benefit from This Report?
- Business Stakeholders: Gain insights into the opportunities and growth potential within the oncology nutrition market.
- Researchers and Analysts: Understand the factors driving market growth and the impact of interdisciplinary collaboration.
- Healthcare Professionals: Stay updated on nutritional guidelines and recommendations for cancer patients.
- Investors: Identify investment opportunities in the expanding field of oncology nutrition.
- Nutritionists and Dietitians: Access information on evidence-based nutritional interventions for cancer patients.
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