Oncology Nutrition Market Worth 2.21 Billion USD by 2023
PUNE, India, April 30, 2018 /PRNewswire/ --
According to a new market research report "Oncology Nutrition Market by Cancer Type (Head & Neck, Stomach & Gastrointestinal, Liver, Pancreatic, Esophageal, Lung, Breast, Blood) - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to reach USD 2.21 Billion by 2023 from an estimated USD 1.46 Billion in 2018, at a CAGR of 8.7% during the forecast period. Factors such as the shift from parenteral to enteral nutrition along with the increasing incidence of cancer, growing demand for nutritional feeding in the homecare sector, rising number of patients being treated for malnutrition, and increasing quality of clinical research on nutritional interventions are driving the growth of the Oncology Nutrition Market. Furthermore, the development of elemental formulas and product innovation in terms of non-GMO-based formulas present significant opportunities for the growth of excipients. However, the complications associated with tube feeding and limited reimbursements represent a significant challenge to the market growth.
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Browse 11 market data Tables and 23 Figures spread through 92 Pages and in-depth TOC on "Oncology Nutrition Market"
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By cancer type, the head and neck cancers segment accounted for the largest share of the market
On the basis of type of cancer, the head and neck cancers segment accounted for the largest share of the Oncology Nutrition Market, in 2017. This can be attributed to the use of tube feeding formulas for patients with head and neck cancers as conditions such as severe mucositis, xerostomia, dyspepsia, and nausea & vomiting in these patients limits nutritional intake.
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North America dominated the market in 2017
North America accounted for the largest share of the Oncology Nutrition Market in 2017, followed by Europe. This regional segment shows significant market growth owing to the increasing prevalence of chronic diseases and disorders, coupled with rapidly growing aging population, which shows greater susceptibility to chronic and acute disorders than other population segments. In addition, long-term care facilities such as homecare & hospices, nursing homes, and assisted living facilities have emerged as efficient alternatives to hospitals. Furthermore, owing to cost-cutting pressures in hospitals, the healthcare system has seen a shift from extended hospital treatment to treatment at home, which is expected to propel the demand for such feeding formulas.
The prominent players in the Oncology Nutrition Market are Abbott Laboratories (US), Nestle S.A. (Switzerland), Danone (France), Fresenius Kabi AG (Germany), and B. Braun Melsungen AG (Germany).
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