The global enteral feeding formulas market is expected to reach over USD 7.5 billion by 2024, according to a new report by Grand View Research, Inc. Key factors driving growth include increase in geriatric population, rise in chronic diseases, rising preterm births, and increasing demand for home care services.
The enteral feeding formulas market is expected to witness lucrative growth over the forecast period, owing to a few benefits such as the preservation of gastrointestinal tract structure and its functioning, low-cost alternative to support the patient nutrition, and lowering of rate of infection.
According to the WHO, an estimated 15 million babies are born prematurely, which accounts for 1 in every 10 babies. Furthermore, nearly 1 million children die every year due to complications of preterm birth. The growing nutritional requirements for neonates, infants, and children are boosting the consumption of various enteral feeding products. Moreover, the children suffering from chronic disease conditions and severe malnutrition are expected to drive the use of specialized formulas over the forecast period.
Increase in aging population will have a major impact on the enteral feeding formulas market. The ageing population requires more focus to treat chronic diseases like osteoporosis, heart disease, Alzheimer’s disease, and others. According to Administration on Ageing, it is estimated that approximately 80% of people aged 65 and above have at least one chronic illness; as a result, the usage of various enteral feeding formulas is expected to grow rapidly over the forecast period.
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Further Key Findings from the Study Suggest:
In 2015, standard formulas dominated the enteral feeding formulas market with a revenue share of over 64.3%. The use of standard formulas from many years is one of the key reasons for the high share. However, the disease-specific formulas segment is expected to have the highest CAGR of 8.6%. The healthcare providers prefer the use of disease-specific formulas to tackle the disease-based nutritional deficiencies in pediatric and adult patients.
The oncology segment accounted for the maximum share of over 36% in 2015. The diabetic segment is expected to be the fastest growing application with a CAGR of 8.4% over the forecast period.
North America accounted for the majority share of over 38%, due to growing disease burden, increase in geriatric population, growing number of surgical procedures, increasing awareness about nutritional supplements, and well-developed healthcare networks
Some key players operating in the market are Abbott Laboratories, Nestle S.A, Danone S.A, Fresenius Kabi AG, B. Braun Melsungen AG, Mead Johnson & Company, LLC. These players face intense competition and therefore, these companies leverage their brand value and sales channel network to increase their market share.
Grand View Research has segmented the enteral feeding formulas into type, stage, application, end use and region.
Enteral Feeding Formulas Market, by Product (USD Million, 2015 - 2024)
Disease Specific formulas
Enteral Feeding Formulas Market, by Stage (USD Million, 2015 - 2024)
Enteral feeding Formulas Market, by Application (USD Million, 2015 - 2024)
Enteral Feeding Formulas Market, by End User (USD Million, 2015 - 2024)
Enteral Feeding Formulas Market, by Region, (USD Million, 2012 - 2024)
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