Global Enteral Feeding Formulas Market - Segmented by Product, Application, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global enteral feeding formulas market is expected to register a growth rate of CAGR of 7.5% during the forecast period, 2018-2023. The key factors propelling the growth of the market are the rise in geriatric population around the world, rising prevalence of preterm births and increasing number of chronic diseases. Most of the patients face severe complications in oral food intake owing to the head and neck cancer. According to the estimates of National Cancer Institute in the United States, 1,735,350 new cases are expected to be diagnosed in 2018 and 609,640 people are likely die from the disease. North America is expected to dominate the market owing to the high healthcare expenditure, a huge prevalence of chronic diseases, and better reimbursement policies.
Increasing Prevalence of Chronic Diseases
The high prevalence rate of chronic disorders such as cancer, cardiovascular diseases, diabetes, and (Coronary Obstructive Pulmonary Disorders) COPD are expected to propel the growth of the market. Cardiovascular diseases impose a huge burden in terms of mortality, morbidity, and healthcare costs. According to the estimates of CVD statistics reported by World Health Organization (WHO), cardiovascular diseases accounted for 31% of overall deaths in 2015. In addition, the data states that globally nearly 1 in 6 deaths are caused by cancer. These chronic diseases require longer hospital stay and recovery time, thus patients face problem in swallowing food. External nutrition’s are given to the patient through the tube. Thus the increase in cases of chronic diseases, such as cancer and cardiovascular diseases are expected to drive the growth of the market over the forecasted period.
Other factors driving this market are the growing geriatric population around the world, rising prevalence of preterm births, and increasing prevalence of chronic diseases.
Complications Associated With Enteral Nutrition
The complications associated with enteral nutrition comprise gastrointestinal, mechanical, metabolic complications. In gastrointestinal complications, approximately 20% of patients experience nausea and vomiting while feeding through the tube. The mechanical complications comprise of aspiration, tube malposition, and tube clogging. The metabolic complications can lead to hyponatremia, dehydration, hyperglycemia, hypokalemia, and hyperkalemia. The aforementioned complications are expected to hamper the growth of this market over the forecasted period.
Other factors that will act as restraints on the market include patient safety risks and occurrence of feeding or medication errors.
North America to Dominate the Market
North America is expected to dominate the enteral feeding formulas market owing to factors such as rapid aging population, surging prevalence of preterm birth, and rise in the number of chronic disease patients. In the United States it is projected that the number of people above the age of 65 years will be more than double till 2060. The rise in geriatric population will increase the cases of chronic diseases such as cancer CVD, and diabetes which will further lead to increase in a hospital stay of the patient. In addition, as per the data published by WHO 15 million babies are born preterm and this number is rising. Hence, all of the above mentioned factors are expected to drive the market growth.
Key Developments in the Market