Vietnam Medical Nutrition Market- Growth, Trends, COVID-19 impact and Forecast (2021-2025)
Vietnam Medical Nutrition Market is segmented by Product type (Infant Nutrition, Enteral Nutrition and Parenteral Nutrition); Application (Intensive Care, Diabetes, Gastrointestinal Diseases, Cancer And Others).
Introduction
Medical nutrition addresses a group of medical food products that are used under the supervision of doctors or health practitioners for the nutritional management of a chronic condition or disease.
The major factors that contribute toward the growth of the clinical nutrition market include increasing number of people suffering from chronic conditions such as cancer and diabetes coupled with growing geriatric population base. However, lack of awareness of nutrition problems among Vietnamese is projected to hamper the market growth.
The COVID-19 pandemic has severely impacted healthcare industry. But the demand for medical nutrition market is likely to increase during this pandemic period. It playing a crucial role in prevention of the infection, treatment of infection-associated malnutrition, and possibly the infection itself in COVID-19 patients and suspected cases.
Table of Contents
Market Overview
Vietnam medical nutrition market is expected to grow to $283.40 million by 2025
Growth momentum is expected to accelerate during the forecast period with a 6.52% CAGR.
An increasing number of people suffering from chronic conditions such as cancer and diabetes coupled with a growing geriatric population is expected to boost the market growth.
Rising medical tourism in Vietnam is expected to offer remunerative opportunities for market players.
Key Trends
The booming e-Commerce sector around the world is another major factor anticipated to fuel the growth of the medical nutrition products market during the forecast period.
Rising medical tourism in Vietnam is also expected to aid in growth of the market
Evolving consumer trends, in terms of diet and consumption of various nutritional products, are one of the major factors expected to have a strong influence on the overall growth
Key Market Players
Some of the key players in the market are Abbott Laboratories, Fresenius, Baxter Healthcare, B. Braun Melsungen, Danone Nutricia, Mead Johnson.
The market is highly competitive owing to the rise in demand for medical nutrition. The market players are continuously engaged in growing their presence in the market through various inorganic strategies, such as acquisition, merger, strategic collaboration, and others, to gain significant market share and strengthen their product portfolios.
Growth Drivers and Challenges
Evolving industrialization in growing economies are resulting in the prevalence and early onset of chronic diseases. To overcome this situation, medical nutrition are helpful in the management of chronic diseases
Increasing rate of pre-mature birth & birth rate and growing geriatric population is driving the market.
Lack of awareness of nutrition problems among Vietnamese is a major restraining factor in the market.
Stringent regulations and reimbursement issues are expected to hinder growth of the market