The impact of COVID-19 pandemic can be felt across the Healthcare Industry The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in Pharmaceuticals plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the Healthcare Industry
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the Healthcare Industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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Healthy lifestyle is highly linked to proper nutrition intake in the body, majorly for elder people aged 65 years or above. As per a report published by the World Health Organization (WHO), elder population suffers from diseases, out of which majority are resulted because of lack of elderly nutrition intake. Fat in food is associated with the cancer of colon, prostate and pancreas. Micronutrients linked improper nutrition result in degenerative diseases like diabetes and osteoporosis. The deficiency of micronutrients is common between the geriatric population owing it to factors like lack of variety in their diet and reduced food intake. Reduced ability for preparation of healthy foods and decreasing appetite result into lack of several major nutrients, like, minerals, vitamins and fibers, which could further result into general weakness or could also exacerbate chronic diseases. According to the estimates provided by the Alzheimer Association 2017 Report, approximately 13.8 million people in the U.S. were diagnosed with Alzheimer’s dementia, out of which majority was observed in elderly population above 65 years of age. A few age-related problems that obstruct elderly nutrition intake are, medication side effects, decreased sensitivity, lack of finances, poor dental health, lack of transportation, memory loss, physical difficulty, and depression.
Constant increase in the geriatric population is one of the major factors that is expected to contribute to the growth of elderly nutrition market during the forecast period. There is a consistent rise in the elderly population prone to various neurological and chronic diseases and lack elderly nutritional intake. Increasing incidences of sarcopenia, organ dysfunction, age-related low immunity and osteoporosis, specifically for older women, are expected to fuel the market growth for elderly nutrition. Rise in market manufacturers investing in R&D for the development of novel materials for elderly nutrition intake is also expected to contribute to the elderly nutrition market. However, lack of finances, risks associated with parenteral elderly nutrition therapy, such as, liver dysfunction, and re-feeding syndrome is expected to restrain market growth for elderly nutrition during the forecast period.
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Tentatively, Elderly Nutrition Market has been segmented on the basis of product type, application, and end user.
On the basis of Nutrition Type, Elderly Nutrition Market can be segmented as:
On the basis of Route of Administration, Elderly Nutrition Market can be segmented as:
On the basis of Application, Elderly Nutrition Market can be segmented as:
- Renal Failures
On the basis of Distribution Channel, Elderly Nutrition Market can be segmented as:
- Hospital Pharmacies
- Retail Pharmacies
- Mail Order Pharmacies
- Hypermarkets & Supermarkets
- Drug Stores
Global Elderly Nutrition market is expected to propel during the forecast factors, owing it to rapid increase in elderly population and growing number of elderly nutrition providers. Marker players operating in the elderly nutrition market are highly focused on development of improved and advanced products for addressing unmet needs of the elderly population. Ensure Max Protein, a product range by Abbott, was launched in April, 2018, for elderly nutrition intake. The product offered includes 9 essential amino acids, minerals, 22 vitamins, and antioxidants like, vitamin D, vitamin C, and vitamin E. The elderly nutrition market is also attributed to various launched and approvals of products specific to neurological disorders. Nutricia, a market manufacturer for elderly nutrition products launched Souvenaid in 2012, which is used for dietary management of early Alzheimer’s disease.
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Europe’s Elderly Nutrition market is expected to grow at a significant rate, owing it to the high prevalence rates of chronic illnesses, like, cardiovascular diseases, cancer, and other renal disorders. As per the European Heart Network factsheet, 2017, approximately 11.3 million incidence cases of cardiovascular diseases were reported in the region. Improvements in the healthcare expenditure in the region is also one of the major factors boosting the market for elderly nutrition in the region. Developed regions like North America, have high rates of geriatric population and there is a consistent rise in the disposable income, which is further projected to fuel the market growth for elderly nutrition in the region.
Some of the market participants in the Global Elderly Nutrition market identified across the value chain include:
- Otsuka Pharmaceuticals Co., Ltd.
- Mead Johnson & Company
- Pfizer, Inc.
- Sichuan Kelun Pharmaceutical Company Limited
- Fresenius Kabi USA
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