Global Enteral Feeding Devices Market is Expected to Reach USD 3,313.2 Mn by 2023: Credence Research
The latest market report published by Credence Research, Inc. “Global Enteral Feeding Devices Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023,” the enteral feeding devices market was valued at USD 2,110.4 Mn in 2015, and is expected to reach USD 3,313.2 Mn by 2023, expanding at a CAGR of 5.8% from 2016 to 2023.
Browse the full report Enteral Feeding Devices Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023 report at http://www.credenceresearch.com/report/enteral-feeding-devices-market
Enteral feeding refers to the delivery of nutrients or medicine straight into the gastrointestinal tract through a feeding tube, either through the nose or directly into the stomach or small intestine. Enteral feeding is preferred in patients suffering from diseases such as oral cancer, gastrointestinal injuries and disorders etc. which makes them difficult to consume food normally. Medical practitioners suggest that, enteral feeding is necessary only when a patient’s nutritional needs cannot be met orally. The rising geriatric population base, mounting prevalence of diseases such as diabetes, diarrhea, chronic pancreatitis and other gastrointestinal diseases along with high incidences of premature births are some of the key factors assisting the growth of enteral feeding devices market throughout the forecast period.
Enteral feeding pumps dominated the overall market in terms of revenue share in 2015, due to high usage rates and market penetration observed in developed regions such as North America and Western Europe. In addition, this product segment is expected to grow at the fastest CAGR of 6.1% throughout the forecast period, due to rising demand for enteral feeding pumps and introduction of advanced devices in countries with high unmet medical needs, and developing healthcare infrastructure such as India, China and Brazil.
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In 2015, Europe dominated the market due to existence of modern healthcare infrastructure, presence of high patient awareness, mounting geriatric population base especially in the Western European region, growing incidences of premature births and the market introduction supportive regulations such as the implementation of ISO standards for small bore connectors. The Asia Pacific enteral feeding devices market is expected to exhibit the highest growth rate of 6.9% from 2016 to 2023 due to the existence of high unmet medical needs along with swiftly mounting patient awareness levels related with early disease diagnosis and rising healthcare expenditures in countries such as India and China.
Market Competition Assessment:
The global enteral feeding devices market is oligopolistic in nature with four major players namely Abbott Nutrition, Nestle, Danone and Fresenius accounting more than 70% of the market share by revenue. Abbott Nutrition dominated the market in terms of revenue share in 2015. Some of the other key players of this market include Kimberly Clark Corporation, Conmed Corporation, Covidien Plc, Cook Medical, Amsino International Inc., Boston Scientific Corporation, Moog Inc. and others. In order to consolidate their position and gain market share, the key players in the market are expected to practice series of mergers and acquisitions in the near future.
Key Market Movements:
- Growing base of geriatric population coupled with the presence of high prevalence rates of chronic illnesses requiring enteral feeding are two of the most significant growth drivers of this market
- Enteral feeding devices manufacturers are investing high in the research and development of technologically enhanced devices
- The high prevalence of pre-term births especially in emerging economies such as India and China is expected to drive market growth of enteral feeding devices used for neonatal and premature birth segment.
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