According to a report by Grand View Research, Inc.; the global enteral feeding formulas market is anticipated to reach a valuation of around USD 7.5 billion by 2024. Rising number of patients suffering from chronic diseases such as diabetes and cancer are anticipated to drive the market over the forecast period (2015 to 2024). Such formulas can support dependent patients in proper oral nutrition for quick recovery and for the prevention of malnutrition.
Rising cases of chronic diseases owing to high number of geriatric population is anticipated to propel market growth. Supportive government policies regarding reimbursements for individuals requiring enteral feeding can further boost the market in near future. High prevalence of cancer patients going through their recovery phase from chemotherapy or surgery is estimated to augment demand for enteral feeding formulas during the forecast period.
The worldwide enteral feeding formulas market can be segregated on the basis of product type, stage, end-user, application, and region. Based on product type, the market can be classified into standard formulas and disease specific formulas. In 2015, standard formulas dominated the market accounting for around 64.3% of the overall market share in terms of revenue. High demand for low cost nutrient formulations can further drive growth of this segment in the coming years. Ready-to-use formulas are available in powdered form and can be mixed with milk or water before serving to the patients. On the other hand, the disease specific formula segment can witness around 8.6% CAGR during the forecast period. Such formulas are used to feed patients suffering from respiratory diseases, diabetes, delayed wound healing and others.
Full Research Report On Enteral Feeding Formulas Market Analysis: https://www.grandviewresearch.com/industry-analysis/enteral-feeding-formulas-market
Based on stage, the market for enteral feeding formulas can be bifurcated into adults and pediatric. High usage of tube feeds among adults is expected to spur growth of this segment in terms of revenue in near future. In addition, availability of different nutritional products for adults is anticipated to propel growth over the forecast period. Pediatric segment is projected to witness maximum growth at a remarkable CAGR of over 8.4% during the forecast period. Increasing efforts to control pediatric malnutrition can augment growth. In addition, high demand for enteral feeding formulas for patients suffering from neuromuscular disorders such as spinal cord damage, cerebral palsy, and muscular dystrophy can further impel expansion.
Based on application, the enteral feeding formulas market can be divided into gastroenterology, oncology, neurology, diabetes, and critical care. The diabetes segment is expected to grow at a CAGR of nearly 8.4% during the forecast period. High prevalence of the disease is anticipated to impel the demand for advanced enteral feeding formulas. Insulin-dependent diabetic patients can be served with fiber rich food as it can improve insulin and glycemia sensitivity. In addition, high occurrence of malnutrition in patients suffering from diabetes mellitus is expected to fuel market growth in the forthcoming years.
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Based on end user, the market can be split into long-term care, hospitals, and home-care. In the coming years, home-care segment is anticipated to grow at a steady pace owing to awareness regarding nutritional diet and supplements among consumers. In addition, growing use of home-care nutritional supplements can further spur market growth in the coming years. Long-term care services dominated the market for enteral feeding formulas while accounting for the maximum market share in the year 2015. Increasing life expectancy among elderly population is anticipated to drive growth of this segment over the forecast period.
Regional segmentation includes Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. In the past years, North America dominated the market with around 38% market share on account of high prevalence of chronic diseases. In addition, increasing number of geriatric population at the high risk of chronic diseases can further impel product demand over the forecast period. Moreover, cancer patients facing major complications related to oral intake of food can boost the demand for enteral feeding formulas in the region.
Some of the leading companies operating in the enteral feeding formulas market are Meiji Holdings Company, Nestle S.A., Abbott Laboratories, Danone S.A., and Fresenius Kabi AG.
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