Enteral Feeding Devices Market to exceed $3.5 Bn By 2024
Sellbyville, DE -- (SBWIRE) -- 05/14/2019 -- 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. 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.
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.
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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 of enteral feeding devices market will grow at 6.0% 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.
U.S. enteral feeding devices market accounted for 81.0% 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.
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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 under developed 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. For instance, in July 2014, Vygon presented its product MIC and MIC-key introducer kit for enteral feeding over conventional practices that has developed its product portfolio rendering it with competitive advantage.
Enteral feeding devices market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Enteral Feeding Devices Market, By Product (USD million)
o Giving set
o Enteral feeding pump
o Percutaneous endoscopic gastrostomy device
o Low Profile gastrostomy device
o Nasogastric tube
o Gastrostomy tube
Enteral Feeding Devices Market, By End-use (USD million)
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East Asia & Africa
o South Africa
o Saudi Arabia