Elderly nutrition market Size, Share, Growth, and Industry Analysis, By Type (Parenteral Elderly Nutrition and Enteral Elderly Nutrition), By Application (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), Regional Insights and Forecast to 2031

Updated On: 29 April 2024

ELDERLY NUTRITION MARKET REPORT OVERVIEW

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The global elderly nutrition market size was USD 16270 million in 2019 and the market is projected to touch USD 21110 million by 2026, exhibiting a CAGR of 3.7% during the forecast period.

The Elderly Nutrition market addresses the unique dietary needs of an aging population, focusing on maintaining health and well-being in later stages of life. With a rising global demographic of seniors, companies such as Nestle, Abbott Laboratories, and Danone contribute to this market by offering specialized nutrition solutions. In addition to parenteral and enteral nutrition, the market has seen innovations in nutrient-dense convenience meals, providing seniors with easily consumable and nutritionally balanced options. The emphasis on personalized nutrition plans, incorporating technologies like artificial intelligence and genetic testing, is gaining traction, reflecting a shift towards more tailored dietary interventions for the elderly.

The market is strongly influenced by factors such as the aging population demographic, increased health awareness among seniors, and the prevalence of chronic health conditions. The market's segmentation by application into hospital pharmacies, retail pharmacies, and online pharmacies highlights the diverse distribution channels catering to the elderly. Affordability and accessibility of specialized nutrition products remain challenges, and companies are working on strategies to make these products more inclusive. Geographically, North America has shown substantial market growth due to well-established healthcare infrastructure and a high level of health awareness among the aging population. As the world population continues to age, the market is expected to witness further advancements, including new formulations and delivery methods, to meet the evolving nutritional needs of seniors.

COVID-19 Impact: Market Growth Encouraged by Pandemic due to Accentuated the Vulnerability of the Elderly Population

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has had a significant impact on the elderly nutrition market share. The health crisis accentuated the vulnerability of the elderly population, leading to increased concerns about nutritional well-being. Lockdowns and social distancing measures disrupted supply chains, affecting the availability and distribution of its products. Additionally, the shift in consumer behavior towards more health-conscious choices and the heightened focus on immune health during the pandemic influenced the market dynamics.

LATEST TRENDS

"Personalized Nutrition Solutions for Seniors to Drive Market Growth"

A noteworthy trend in the market is the emergence of personalized nutrition solutions tailored specifically for seniors. Companies are increasingly leveraging technology, such as artificial intelligence and genetic testing, to create personalized nutrition plans based on individual health profiles. These plans consider factors like age, health conditions, and dietary preferences, ensuring that elderly individuals receive nutrition that aligns with their unique needs. This trend reflects a broader industry push towards more targeted and effective nutritional interventions for the aging population.

ELDERLY NUTRITION MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into with Parenteral Elderly Nutrition and Enteral Elderly Nutrition.

Parenteral nutrition involves the delivery of essential nutrients directly into the bloodstream through intravenous methods. This type of nutrition is typically utilized when the digestive system is impaired or when oral intake is not feasible. Enteral nutrition, on the other hand, involves the administration of nutrients through the digestive tract, often using feeding tubes. This type is preferred when the digestive system can still absorb nutrients but oral intake is insufficient. The segmentation by type ensures that the market addresses the diverse nutritional needs of seniors, considering their unique health conditions and dietary requirements.

• By Application

Based on application the global market can be categorized into Hospital Pharmacies, Retail Pharmacies, Online Pharmacies.

Hospital Pharmacies serve as crucial points of access for it, especially for patients with specific health conditions requiring clinical supervision. Retail Pharmacies cater to the broader consumer base, allowing seniors to purchase nutritional products over-the-counter. Online Pharmacies, representing a growing trend, provide a convenient option for seniors to order and receive elderly nutrition products from the comfort of their homes. This segmentation by application ensures that elderly individuals have diverse and accessible channels to obtain the nutrition products that suit their needs, whether through healthcare facilities, traditional retail outlets, or online platforms.

DRIVING FACTORS

"Aging Population Demographics and Health Awareness to Boost the Market"

A primary driving factor for the market is the global demographic shift towards an aging population and increased health awareness among seniors. As the number of elderly individuals rises globally, there is a growing awareness of the importance of proper nutrition in maintaining overall health and well-being during the aging process. Its products that address specific health concerns related to aging, such as bone health, cognitive function, and immune support, are witnessing heightened demand.

"Rise in Chronic Health Conditions Among Seniors to Expand the Market"

The increasing prevalence of chronic health conditions among the elderly serves as another significant driving factor for the market. Conditions such as cardiovascular diseases, diabetes, and osteoporosis are prevalent in the aging population, necessitating specialized nutrition to manage these health challenges. Its products enriched with essential nutrients, vitamins, and minerals that support cardiovascular health, blood sugar management, and bone density are becoming integral in the daily dietary habits of seniors.

RESTRAINING FACTORS

"Affordability and Accessibility of Specialized Nutrition to Potentially Impede Market Growth"

Despite the growing demand, the market faces a restraining factor in terms of the affordability and accessibility of specialized nutrition products for seniors. High-quality, specialized nutrition formulations often come with a higher price tag, making them less accessible to seniors on fixed incomes or with limited financial resources. Manufacturers are actively working on strategies to develop cost-effective solutions without compromising the nutritional quality, ensuring that a broader segment of the elderly population can benefit from these products.

ELDERLY NUTRITION MARKET REGIONAL INSIGHTS

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"North America Region Dominating the Market due to Well-Established Healthcare Infrastructure in the Region"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.

North America is expected to be the highest elderly nutrition market  growth. This can be attributed to the well-established healthcare infrastructure, a high level of health awareness among the aging population, and a robust market presence of key players offering a diverse range of elderly nutrition products. Additionally, the increasing focus on preventive healthcare measures and the integration of nutritional interventions in healthcare practices contribute to the growth of the market in North America.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The Elderly nutrition market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in cloth wardrobes, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Nestle (Switzerland)
• Abbott Laboratories (U.S)
• Danone (France)
• Pfizer (U.S)
• GlaxoSmithKline (UK)
• Sanofi (France)
• Baxter International (U.S)
• Otsuka Pharmaceuticals (Japan)
• Ranbaxy (India)
• Pfizer (U.S)
• GlaxoSmithKline (UK)

INDUSTRIAL DEVELOPMENT

December 2022: The latest industrial development in the market is the development of nutrient-dense convenience meals specifically designed for seniors. Launched recently, these meals combine carefully curated ingredients to provide a balanced and nutritionally dense diet in a convenient format. The innovation aims to address the challenges of meal preparation for seniors, ensuring that they have access to wholesome and easily consumable meals that meet their nutritional requirements. This latest invention reflects the industry's commitment to enhancing the practicality and nutritional value of elderly nutrition solutions.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.