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 formulas.
Oncology is the branch of medicine that deals with the prevention, diagnosis, and treatment of cancer.
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On the basis of type of cancer, the head and neck cancers segment accounted for the largest share of the oncology nutrition market, in 2017. This can be attributed to the use of tube feeding formulas for patients with head and neck cancers as conditions such as severe mucositis, xerostomia, dysgeusia, and nausea & vomiting in these patients limits nutritional intake.
North America accounted for the largest share of the oncology nutrition market in 2017, followed by Europe. This regional segment shows significant market growth owing to the increasing prevalence of chronic diseases and disorders, coupled with rapidly growing aging population, which shows greater susceptibility to chronic and acute disorders than other population segments. In addition, long-term care facilities such as homecare & hospices, nursing homes, and assisted living facilities have emerged as efficient alternatives to hospitals.
Key Market Players:
The prominent players in the oncology nutrition market are Abbott Laboratories (US), Nestle S.A. (Switzerland), Danone (France), Fresenius Kabi AG (Germany), and B. Braun Melsungen AG (Germany).
[92 Pages Report] 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.
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Abbott Laboratories dominated the global oncology nutrition market in 2017. The company offers a strong product portfolio, providing a broad line of pediatric and adult oral and tube feeding nutritional products to a wide end-user base. It has a strong distribution network for its nutritional products, with facilities in about 150 countries across North and South America, Africa, Europe, the Middle East, Asia, and Oceania.