Enteral Feeding Devices Market Size By Product (Giving Set, Enteral Feeding Pump, Percutaneous Endoscopic Gastrostomy Device, Low Profile Gastrostomy Device, Nasogastric Tube, Gastrostomy Tube), By End-use (Hospitals, Homecare) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Spain, Italy, India, China, Japan, Brazil, Mexico, Saudi Arabia, South Africa), Application Potential, Competitive Market Share & Forecast, 2018 - 2024
Enteral Feeding Devices Market will exceed USD 3.5 billion by 2024; as per a new research report.
Growing geriatric population will drive enteral feeding devices market growth. Elderly population is more susceptible to infections such as cancer and diabetes that will increase the demand for enteral feeding devices. According to Census Bureau, in 2014, 14.2% of the total population belonged to the age group of 65 years and above and majority of them suffered from at least one chronic disease that will have a positive impact on enteral feeding devices industry.
Increasing prevalence of chronic diseases should augment enteral feeding devices market growth over the forecast timeframe. Around 60% Americans have at least one chronic disease that will elevate demand for enteral feeding devices. Moreover, technological advancements will improve the quality of devices thereby, boosting business growth in the near future. However, complications linked with enteral feeding devices may hamper as the patient’s life is at a risk.
Gastrostomy tube segment was valued at USD 183.3 million in 2017. Increasing gastrointestinal diseases and growing usage of gastrotomy feeding tube for children, to administer medicine and liquids will thereby, fuel business growth. Furthermore, rising demand for minimal invasive laparoscopically assisted gastrostomy will positively impact the segmental growth.
Homecare segment of enteral feeding devices market will grow at 6.6% over the forecast timeframe and the high growth can be accounted to the increasing preference for enteral feeding devices utilized at home. Home enteral therapy is convenient proving to be time and cost-efficient option thereby, will influence the segmental growth positively.
U.S. enteral feeding devices market valued at USD 659.5 million in 2017. According to the National Centre for Health statistics, patients received tube feeding in over 240,000 hospital stays, approximately 15% of those were for new-borns and children that should stimulate the business growth. Increasing aging population, growing incidence and prevalence of diseases such as cancer, cardiovascular, diabetes, dementia and increased premature births in U.S will fuel enteral feeding devices market in coming years.
China enteral feeding devices market held an enormous revenue share of 29.8% in 2017 and considerable revenue share can be attributed to the growing cases of diabetes. According to China FDA, China accounts to 48% of the total world population that suffers from diabetes. Also, the prevalence of metabolic syndrome (MetS) is high and increasing rapidly among Chinese elderly population increasing the number of surgical procedures thereby, should augment enteral feeding devices industry growth.
Some of the prominent industry players are ALCOR Scientific, Abbott Nutrition, Amsino International, Applied Medical Technologies, Baxter International, B. Braun Melsungen, Becton Dickinson, Boston Scientific, Cardinal Health, Cook Medical, ConMed, Danone, Degania Silicone, Fresenius Kabi, Halyard Health, Moog, Nestle, and Vygon.
Strategic initiatives adopted by these prominent leaders will upsurge their profits and respective market shares. For instance, in February 2017, Baxter announced the launch of Enteral Nutrition ENFit Syringe and Accesory Line. The launch was envisioned with an aim to ensure patients to have safe access to nutrition therapy thereby, strengthening Baxter’s product portfolio.