Enteral Feeding Devices Market size to exceed $3.5 Bn by 2024
Published Date: September 10, 2018 Authors: Sumant Ugalmugle, Rupali Swain
Enteral Feeding Devices Market size is set to exceed USD 3.5 billion by 2024; according to a new research report by Global Market Insights, Inc.
Growing burden of gastrointestinal diseases and cancer will impact industry growth positively in the forthcoming years. Mostly the geriatric population suffers from gastrointestinal diseases such as irritable bowel syndrome, and gastroesophageal reflux disease that escalates the demand for enteral feeding devices impacting enteral feeding devices industry growth positively over forthcoming years. Moreover, in India, every year around 0.7 million women get diagnosed with cancer that will increase the demand for enteral feeding devices in future.
Enteral feeding devices market growth should be further driven by technological advancements incorporated within enteral feeding devices. Improvised quality of enteral devices and innovations will increase its adoption rate among the developed countries such as UK and Germany having high per capita income thereby augmenting business growth. However, difficulties related to enteral feeding devices may restrain the market growth in future.
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Nasogastric tube segment was valued at USD 240.5 million in 2017 owing to the high preference of nasogastric tubes for short term tube fed enteral nutrition. Home enteral nutrition sector growth, growing number of accident cases wherein patients require nutritional supply for short term will drive nasogastric tube segmental growth over the forecast period.
Hospitals segment will grow at 6% over the forecast timeframe. High adoption rate by hospitals for enteral feeding devices will drive the segmental growth. Also, increasing number of in-patient surgeries will positively impact the business growth. According to The Statistic Portal, in 2016, there were around 5,534 hospitals and the increasing prevalence of chronic disorders should impel the segmental growth.
Browse key industry insights spread across 173 pages with 114 market data tables & 9 figures & charts from the report, “Enteral Feeding Devices Market Size By Product (Giving Set, Enteral Feeding Pump, Percutaneous Endoscopic Gastrostomy Devices, Low Profile Gastrostomy Devices, Nasogastric Tube, Gastrostomy Tube), By End-use (Hospitals, Homecare) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
U.S. market accounted for 81% regional revenue share in 2017. Rising incidence of chronic diseases and technological advancement will augment adoption rate of enteral feeding devices thereby, should boost industry growth over the estimated timeframe.
India enteral feeding devices industry will grow at 7.1% over the coming years and this can be accounted to several factors including growing geriatric population, rising prevalence of chronic diseases and malnourishment issues in underdeveloped cities. In India, there are around 190.7 million people that suffer from malnutrition thereby, should propel enteral feeding devices market growth.
Some of the prominent industry players actively manufacturing enteral feeding devices include 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. Key industry players will focus their efforts on R&D and adopt strategic initiatives that will help them to maintain their brand and market share.
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