The Asia-Pacific Enteral Feeding Devices Market is expected to grow with a CAGR of 6.8% in the forecast period. The factors that are responsible for the growth of the market include increasing population of geriatrics, higher immature births, growing adoption of enteral nutrition, and higher prevalence of chronic diseases.
Difficulties in nutrition and digestion are very common in old age. As an alternative to conventional nutrition, enteral feeding is administered to elderly patients who have difficulty in swallowing, digestion, and assimilation. The global population is aging at a faster pace due to reduced birth rates and increasing life expectancy. According to the World Economic Forum, one-third population of Japan is aged over 65 years. There are 2.3 billion people above 70 years of age. According to the Ministry of Strategy and Finance, Statistics Korea, in 2019, there were approximately 7.7 million people aged 65 years old and above in South Korea. With the increasing prevalence of the eople who are in need for devices for feeding boosts the market growth.
Key Market Trends
The Oncology Segment is Expected to Grow Fastest during the Forecast Period
The major factor driving the growth of the oncology segment is the rising prevalence of cancer in the region. Cancer treatment causes many complications and side effects in patients, including mucositis sores in the mouth, difficulty in chewing and swallowing solid food, and altered saliva level, making it difficult to swallow. Cancer patients suffer from severe weight loss, as they cannot take proper food, resulting in a shortage of nutrition in the body. According to the estimates of Globocan 2018, there were likely to be 1,157,294 new cases of cancer in India. It has been observed that breast, lip, oral cavity, cervical, and lung cancers are the major types of cancers in India. Oral cancer is the most common type of cancer in men and breast cancer is in women. Thus, the presence of a huge patient pool is likely to create tremendous opportunities for the market.
The Aisa-Pacific Enteral Feeding Devices Market is competitive with the presence of global as well as local players. The global enterprises are competing with each other on various fronts, such as the introduction of new products, increasing geographical penetration, and enhancing distribution channels. The high competition is expected to drive the merger and acquisition activities, thereby leading to market consolidation, in a few business segments.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support