The enteral feeding formulas market is expected to register a CAGR of 6.8%, over the forecast period. The high prevalence rate of chronic disorders, such as cancer, cardiovascular diseases, diabetes, and (Coronary Obstructive Pulmonary Disorders) COPD is 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 the World Health Organization (WHO), cardiovascular diseases accounted for 31% of overall deaths in 2015. Also, the data states that globally nearly one in six deaths are caused by cancer. These chronic diseases require longer hospital stay and recovery time. Thus, patients face problems in swallowing food. External nutrition is given to the patient through the tube. Thus, the increase in the cases of chronic diseases, such as cancer and cardiovascular diseases are expected to drive the growth of the market over the forecast period.
Other factors driving this market are the growing geriatric population around the world and the rising prevalence of preterm births.
Key Market Trends
Oncology Segment is Expected to Hold a Major Market Share in the Enteral Feeding Formulas Market
Globally, the burden of cancer is growing rapidly. The disease has witnessed significant growth in the last few decades and is expected to grow rapidly during the forecast period. The majority of tumor-bearing patients suffer from cancer cachexia, which causes insulin resistance, increased lipolysis with loss of body fat, increased protein turnover, and loss of muscle mass causing loss of appetite and weight. Furthermore, cancer treatment causes many complications and side effects in the patients, including mucositis sores in the mouth, difficulty in chewing and swallowing solid food, altered saliva level making it difficult to swallow. To improve the clinical condition of cancer patients, providing nutrition is the cornerstone, as it becomes very difficult for the cancer patients to take the food orally, and as the treatment proceeds, the nutrition is supplied by enteral feeding tubes to help them maintain the body mass. The incidence and prevalence of cancer is increasing, contributing to the growth of the enteral feeding formulas market during the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the enteral feeding formulas market owing to factors, such as the rapid aging population, the surging prevalence of preterm birth, and the rise in the number of chronic disease patients. In the United States, it is projected that the number of people aged above 65 years will more than double till 2060. The rise in the geriatric population will increase the cases of chronic diseases, such as cancer and diabetes which will further lead to an increase in the 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.
The enteral feeding formulas market is consolidated and highly competitive. The key market players include Abbott Laboratories, Nestle SA, Danone Nutricia, Fresenius Kabi AG, B. Braun Melsungen AG, Mead Johnson & Company, LLC, Trovita Health Science, Global Health Product Inc., Meiji Holdings Co., Ltd., and Victus, among others.
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