Latin America Specialized Formula Medical Nutrition Market
Latin America Specialized Formula Medical Nutrition Market By Application, By Type, By Region And Forecast
According to Verified Market Research, the Latin America Specialized formula medical nutrition Market was valued at USD 735.8 Million in 2018 and is projected to reach USD 1.3 Billion by 2026, growing at a CAGR of 7.47% from 2019 to 2026.
Medical Nutrition can be defined as a beneficial composition mainly developed to meet the nutritional necessities of patients that have specific medical conditions in a manner that supports their physical upkeep, treatment procedure, and symptom management. Medical Nutrition could be essentially provided for adult, geriatric and pediatric population. Mexico and Brazil are considered as the important market in Latin America.
The growing scope of the e-commerce platform has a major impact on the specialized medical nutrition product market. As the e-commerce platform is expected to increase geographic penetration by offering an online mode of distribution channel. This is expected to drive the market for specialized formula medical nutrition. It is also expected to spread awareness regarding the uses of special medical nutrition for infants, adults and geriatric populations across the country.
Moreover, the rising number of working women in Latin America is expected to influence the market growth rate for the specialized formula medical nutrition market. These days, problems such as lactose intolerance and hypoallergenic problems are considered to be common among the infants which leave the working mothers to rely upon specialized formula medical nutritional products. However, lack of medical awareness and inadequate reimbursement in countries such as Brazil is a potential challenge for the specialized formula medical nutrition market in the Latin America region.
The Infant medical nutrition product segment accounted for the largest market share in 2018 and is expected to grow at the highest CAGR during the forecast period. These products are formulated as the sole source of nutrition to satisfy the special nutritional requirements of infants with specific diseases, disorders, or medical conditions during the first months of life until the appropriate complementary feeding is introduced. For instance, specialized formulas have been developed for the dietary management of infants born in premature conditions, infants suffering from severe protein allergies, infants with disorders of fat metabolism and other acute and chronic gastrointestinal disorders.
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