The global enteral feeding formulas market was valued at USD 4.1 billion and is expected to witness lucrative growth over the forecast period. Increasing geriatric population, growth in various chronic diseases, increasing number of surgical interventions, and overall increase in healthcare expenditure are amongst key factors attributing for rapid market growth.
Increase in global geriatric population and rising prevalence of chronic diseases are increasing the number of inpatient hospital admissions and the use of long-term care (LTC) & home care services.
• In the U.S., as per the most recent National Center for Health Statistics, patients have been treated using tube feeding in nearly 245,000 hospital stays.
• In Australia, as per the estimates published by the Agency for Clinical Innovation, New South Wales (NSW), in 2012 nearly 8,000 to 10,000 people were receiving home enteral nutrition (HEN) therapy in the NSW region, and each month around 450 new patients are expected to avail the HEN services.
The demand for these products is expected to increase on account of rising prevalence of chronic diseases such as diabetes, cardiovascular diseases, neurological diseases, and cancers. For instance, as per estimates published by the WHO, in Europe there were nearly 255 estimated cases of cancer per 100,000 adults in 2012, and 3,442,276 cases in total. Growing incidence of cancer is expected to increase nutritional deficiencies, and thus, boost growth over the forecast period.
In 2015, standard formulas accounted for the maximum market share of 64.3%, and this segment is expected to continue its dominance over the forecast period, as these formulae provide a complete and balanced nutrition.
However, the specialized formulae segment is expected to be the fastest growing with a CAGR of 8.6% over the forecast period. These products are used by patients who experience difficulty in digestion of complex proteins.
The adults accounted for a maximum share of 68% in the enteral feeding formulas market. Increasing geriatric population across the developed nations is one of the key reasons for the high share. The enteral feeding formulas can be given as supplements to the patients suffering from nutritional deficiencies and these can also be used during pregnancy.
However, increasing focus on reducing the pediatric malnutrition across the globe is driving the segments growth. In 2024, the pediatric segment is expected to emerge as the fastest growing with a CAGR of 8.4% over the forecast period.
In 2015, the oncology segment accounted for a maximum revenue share of over 36% and is further expected to boost the market growth over the forecast period, due to high prevalence of malnutrition among the cancer patients.
However, the diabetes segment is expected to emerge as the fastest growing with a CAGR of 8.4% over the forecast period. Key reasons boosting the segments growth include the rising complications due to improper glycemic management in diabetic patients, pregnant women, and others. Before any major surgery, blood sugar management is critical to ensure patient safety and speedy recovery.
Hospitals held the maximum market share of nearly 51% in 2015. Extensive use of inpatient services, such as intensive care, surgical intervention, and extended post-surgery stays are some of the key factors for this high share.
However, the home care segment is expected to exhibit the fastest growth rate of 8.7% over the forecast period. Ever increasing healthcare expenditures and high economic burden due to extended hospitalizations are driving the growth of home care services.
In 2015, North America accounted for a majority share of nearly 39%. The high share is attributed to the presence of huge geriatric population coupled with growing rate of chronic diseases. Moreover, the presence of nearly 5,600 hospitals in the U.S., with high inpatient admissions, and the availability of well-developed LTC and home care service providers are some of the key reasons attributed to the high dominance of this region.
Asia Pacific is expected to be the fastest growing market with a CAGR of 9.2% over the forecast period. Increasing economic development in countries such as India, China, Philippines, Indonesia, and other nations is expected to significantly improve the per capita healthcare expenditures. Moreover, the improvement in healthcare infrastructure, growth of medical tourism, and the various initiatives by the WHO and UNICEF to reduce the malnutrition in these developing regions are expected to significantly boost the usage rates over the forecast period.
Nestle S.A; Abbott corporation; Mead Johnson & Company, LLC; Danone S.A; Fresenius Kabi AG; B. Braun Melsungen AG; Hormel Food Corporation; Meiji Holdings Co., Global Health Products, Inc; and Victus. are some of the key players operating in the market The healthcare practitioners and the patients have strong brand recognition of these companies as they have the advantage of being the innovators and early movers in this market. Due to the brand conscious customers, entry barriers for the new players are significantly high. Some of the key success factors for this market are product quality, brand recognition, depth of product portfolio, and pricing & distribution channels.
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