(PharmaNewsWire.Com, March 30, 2020 ) According to the new market research report “Oncology Nutrition Market by Cancer Type (Head & Neck, Stomach & Gastrointestinal, Liver, Pancreatic, Esophageal, Lung, Breast, Blood) - Global Forecast to 2023", published by MarketsandMarkets™, The oncology nutrition market was valued at USD 1.34 Billion in 2017 and is expected to reach USD 2.21 Billion by 2023, at a CAGR of 8.7% during the forecast period.
Factors such as the development of elemental formulas and product innovation in terms of non-GMO-based formulas present significant opportunities for the growth of oncology-based nutrition
“The study answers several questions for stakeholders, primarily which market segments to focus in the next five years for prioritizing efforts & investments and competitive landscape of the market.”
Oncology Nutrition Market segmented into :
> The report analyzes the oncology nutrition market by type of cancer and region. Based on cancer type, the head and neck cancers segment accounted for the largest share of the market in 2017. Patients with head and neck cancers suffer from severe problems associated with oral nutritional intake.
> Thus, the enteral route is used for nutrition support. With the increasing number of such cancers cases, the uptake of tube feeding formulas has increased. Also, conditions such as severe mucositis, xerostomia, dysgeusia, and nausea & vomiting limit nutritional intake, adding to the adoption of oncology nutritional feeding formulas.
Geographically, the oncology nutrition market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2017, North America accounted for the largest share of this market. However, the Asia Pacific region is expected to witness the highest CAGR during the forecast period of 2018 to 2023. The growth of this segment can be attributed to the increased awareness and accessibility to advanced healthcare facilities, rising healthcare spending, large population base, and rapid improvements in the health insurance sector.
Key Players and Strategies Adopted by Them:
Abbott Laboratories (US), Nestle S.A. (Switzerland), Danone (France), Fresenius Kabi AG (Germany), and B.Braun Melsungen AG (Germany). The other players in this market include Mead Johnson Nutrition Company (US), Hormel Foods (US), Meiji Holdings (Japan), Victus (US), and Global Health Products (US).
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