NEW YORK, June 24, 2020 /PRNewswire/ -- Enteral Feeding Formulas Market Size, Share & Trends Analysis By Product (Standard Formula, Disease-specific Formula), By Flow Type, By Stage, By Indication, By End User, And Segment Forecasts, 2020 - 2027
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Enteral Feeding Formulas Market Growth & Trends
The global enteral feeding formulas market size is expected to reach USD 8.72 billion by 2027., expanding at a CAGR of 6.0% from 2020 to 2027. Increasing prevalence of diseases such as diabetes, cancer, dementia, multiple sclerosis, chronic liver disease and COPD is expected to boost the demand for enteral products that aid patients having trouble in oral intake. As per a study published by Cancer Research U.K., approximately 17.0 million new cancer cases were reported in 2018 across the globe. Incidence of cancer is projected to increase by 62% between 2018 and 2040.
In addition, growing deficiency of macro and micro nutrients among the patients in hospitals during pre and post-surgery drives the demand for enteral feeding formulas.Furthermore, increasing product offerings aimed at specific indications are delivering targeted nutritional needs, which is a key driver of this market.
These enteral tube feeds usually contain polysaccharides and proteins for patients capable of digesting and absorbing nutrients without any difficulty.Availability of wide varieties of enteral formulas, along with increased demand for low-cost nutrient formulations among consumers, is boosting the market growth.
Moreover, favorable reimbursement scenario supports high adoption of tube feeds among hospital patients as the enteral nutrition is usually covered under Medicare claims.
Moreover, the market is consolidated with presence of few leading players, including Nestle Health Science, Abbott, and Danone.These players are constantly investing in the R&D activities for development of enhanced products that cater to the niche therapeutic areas having high growth potential in the industry in order to gain a competitive edge.
Market entry has proved to be challenging for new entrants as the industry is dominated by few major MNCs with high brand recognitions.
Enteral Feeding Formulas Market Report Highlights
• Standard formula emerged as the leading product segment in 2019 with a revenue share of 54.3% in the global market
• By flow type, intermittent feeding flow accounted for the largest revenue share in 2019. Continuous feeding flow is projected to expand at the fastest CAGR during the forecast period
• The adults stage segment accounted for the largest revenue share in 2019 owing to growing demand for such nutrition formulations in the adult population
• Others emerged as the leading indication segment in 2019 with a revenue share of 41.9% in the global market
• Home care emerged as the leading end user segment in 2019 and is expected to witness significant growth over the forecast period
• North America accounted for the largest share in 2019 due to growing preference for home-based enteral therapy in the region.
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