March 31, 2020

Enteral Feeding Devices Market is Expanding at a CAGR of 5.8% From 2016 to 2023

The latest market report published by Credence Research, Inc. “Global Enteral Feeding Devices Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023,” the enteral feeding devices market was valued at USD 2,110.4 Mn in 2015, and is expected to reach USD 3,313.2 Mn by 2023, expanding at a CAGR of 5.8% from 2016 to 2023.

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Enteral Feeding Devices Market

Market Insights:

Enteral feeding refers to the delivery of nutrients or medicines directly into the gastrointestinal tract through the feeding tube, either through the nose or directly into the stomach or small intestine. Enteral feeding is preferred in patients suffering from diseases such as oral cancer, gastrointestinal injuries and disorders, which make it difficult for them to eat food normally.

Medical practitioners suggest that enteral feeding is only necessary if the nutritional needs of the patient can not be met orally. The growing geriatric population base, the rising prevalence of diseases such as diabetes, diarrhea, chronic pancreatitis and other gastrointestinal diseases, along with the high incidence of premature births, are some of the main factors that contribute to the growth of the enteral feed market throughout the forecast period.

In 2015, enteral feed pumps dominated the overall market in terms of revenue share, due to the high utilization rates and market penetration observed in developed regions such as North America and Western Europe. In addition, this product segment is expected to grow by 6.1% at the fastest CAGR during the forecast period, due to the increasing demand for enteral feed pumps and the launch of advanced devices in countries with high medical needs and the growth of healthcare infrastructure such as India, China and Brazil.

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In 2015, Europe dominated the market due to the existence of a modern healthcare infrastructure, a high level of awareness of patients, an increase in the geriatric population base, especially in Western Europe, an increase in the incidence of premature births and market introduction of supportive regulations, such as the implementation of ISO standards for small bore connectors. From 2016 to 2023, the Asia-Pacific enteral feed market is expected to have the highest growth rate of 6.9%, due to the presence of high unmet medical needs and the rapid increase in patient awareness of early disease diagnosis and increasing healthcare expenditure in countries such as India and China.

Market Competition Assessment:

The global enteral feeding devices market is oligopolistic in nature with four major players namely Abbott Nutrition, Nestle, Danone and Fresenius accounting more than 70% of the market share by revenue. Abbott Nutrition dominated the market in terms of revenue share in 2015. Some of the other key players of this market include Kimberly Clark Corporation, Conmed Corporation, Covidien Plc, Cook Medical, Amsino International Inc., Boston Scientific Corporation, Moog Inc. and others. In order to consolidate their position and gain market share, the key players in the market are expected to practice series of mergers and acquisitions in the near future.

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Key Market Movements:

Growing base of geriatric population coupled with the presence of high prevalence rates of chronic illnesses requiring enteral feeding are two of the most significant growth drivers of this market
Enteral feeding devices manufacturers are investing high in the research and development of technologically enhanced devices
The high prevalence of pre-term births especially in emerging economies such as India and China is expected to drive market growth of enteral feeding devices used for neonatal and premature birth segment.

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