(PharmaNewsWire.Com, March 06, 2020 ) The enteral feeding devices market to grow from USD 2.99 billion in 2019 to USD 4.14 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 6.7%. The market has evolved significantly owing to various technological advancements, such as programming and safety features in feeding pumps as well as user-friendly and portable feeding pumps.
Factors such as rising healthcare costs; surge in the number of preterm births; growth in the aging population; rising prevalence of chronic diseases such as diabetes, cancer, gastrointestinal diseases, and neurological disorders; growing awareness of enteral nutrition; and rapid improvements in healthcare facilities in emerging countries are expected to further drive the market during the forecast period.
The shift from parenteral nutrition to enteral nutrition and growing adoption of and demand for enteral feeding devices in home and ambulatory care settings are also expected to drive the enteral feeding devices market in the coming years.
Cancer is one of the most prevalent diseases in developing countries such as India, China, and Brazil. According to the Indian Council of Medical Research (ICMR), the total number of new cancer cases in India in 2018 was 1.16 million, which is likely to reach 1.73 million by 2020. Enteral feeding is considered the gold standard for the treatment of malnutrition in cancer patients. Thus, owing to the increasing prevalence of cancer in India and China, the demand for enteral feeding devices in these countries is expected to grow.
The Asia Pacific region is expected to offer potential growth opportunities to market players in the coming years. This can primarily be attributed to the diversified healthcare markets in this region, growing incidence of infectious and chronic disorders, and increasing R&D initiatives to develop innovative medical technologies. In addition, infrastructural developments in healthcare facilities, increasing healthcare expenditure, and the low-cost manufacturing advantage offered by emerging APAC countries are expected to encourage market players to invest in this region in the coming years.
Segmentation of Enteral Feeding Devices Market:
1. Type 3. Age Group 4. Application
The oncology segment accounted for the largest share of the global market. The increase in the prevalence of various types of cancers, especially head and neck cancers, cancers of the gastrointestinal system, lung cancer, and liver cancer, is expected to play a major role in the higher adoption of enteral feeding devices used to provide clinical nutrition to cancer patients.
Regional Analysis:
North America is expected to hold the largest market size in the market during the forecast period, followed by the European region. The highest market share of North America can be attributed to the high adoption of enteral feeding devices among the aging population, increasing prevalence of chronic diseases, the presence of many large hospitals, a shift from parenteral to enteral feeding, and the development of innovative products.
Fresenius Kabi AG (Germany), Avanos Medical, Inc. (US), Cardinal Health, Inc. (US), B. Braun Melsungen AG (Germany), Abbott Laboratories (US), Becton, Dickinson and Company (US), Boston Scientific Corporation (US), Cook Medical, Inc. (US), CONMED Corporation (CONMED) (US).
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
