(PharmaNewsWire.Com, May 20, 2020 ) Key Factors Driving Growth in Enteral Feeding Devices Market:
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.
What is the estimated growth of Enteral Feeding Devices Industry?
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%.
Which Application Going to Dominate The Global Enteral Feeding Devices Industry?
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.
Market Dynamics:
Driver: Shift from parenteral to enteral nutrition.
Enteral nutrition is more physiological, with fewer complications as compared to parenteral nutrition. The major advantage of enteral nutrition is the maintenance of the GI mucosal barrier, stimulating intestinal blood flow. Enteral administration also helps in maintaining small intestine mass and pancreatic functions, improves healing & recovery, reduces muscle catabolism, and lowers the risk of infection and contamination. According to an article published in the German Medical Science journal, major septic complications affect only 3% of patients on enteral nutrition as compared to over 20% of those on parenteral nutrition.
Opportunity: Emerging Countries
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.
How North America to Dominate The Global Market:
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. The presence of a large number of global players in this region is another key factor contributing to the large share of this market segment.
1. To define, describe, and forecast the global market on the basis of product, application, end user, and region.
2. To provide detailed information regarding the major factors influencing the growth of the market (drivers, opportunities and industry-specific challenges).
3. To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
4. To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for the market leaders.
5. To forecast the size of the market with respect to five regions: North America, Europe, Asia Pacific, and the Rest of the world.
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