The global enteral feeding formulas market is expected to reach over USD 7.5 billion by 2024, according to a new report by Grand View Research, Inc. Key factors driving growth include increase in geriatric population, rise in chronic diseases, rising preterm births, and increasing demand for home care services.
The enteral feeding formulas market is expected to witness lucrative growth over the forecast period, owing to a few benefits such as the preservation of gastrointestinal tract structure and its functioning, low-cost alternative to support the patient nutrition, and lowering of rate of infection.
According to the WHO, an estimated 15 million babies are born prematurely, which accounts for 1 in every 10 babies. Furthermore, nearly 1 million children die every year due to complications of preterm birth. The growing nutritional requirements for neonates, infants, and children are boosting the consumption of various enteral feeding products. Moreover, the children suffering from chronic disease conditions and severe malnutrition are expected to drive the use of specialized formulas over the forecast period.
Increase in aging population will have a major impact on the enteral feeding formulas market. The ageing population requires more focus to treat chronic diseases like osteoporosis, heart disease, Alzheimer’s disease, and others. According to Administration on Ageing, it is estimated that approximately 80% of people aged 65 and above have at least one chronic illness; as a result, the usage of various enteral feeding formulas is expected to grow rapidly over the forecast period.
North American Enteral Feeding Formulas Market, 2014 – 2024 (USD Million)
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Further key findings from the report suggest:
- Cochlear implant was also one of the largest product segments in 2014. The introduction of customizable implants is expected to drive segment growth over the forecast period. Introduction of technological advancements such as microchip technology is also likely to boost usage rates.
- North America dominated the overall market in terms of revenue share in 2014 at over 35%, majorly due to the presence of favorable government initiatives, sophisticated healthcare infrastructure, and user awareness levels
- The Asia Pacific ENT devices market is expected to witness rapid growth due to, rapidly improving healthcare infrastructure, presence of favorable government policies, clinical advancements in product development and rising healthcare expenditure levels
- Key players of this industry are revising product line by introducing novel technologies such as Soundbridge by MED-EL and HiQ+ series of bipolar endoscopes by Olympus medical systems. Some key players operating in this market include GN ReSound A/S, Sonova Holding AG, Starkey Laboratories Inc., Cochlear Limited, William Demant Holding A/S, Siemens Healthcare, Widex A/S, Rion Co., Ltd., Welch Allyn, and Atos Medical AB.
For more information: http://www.grandviewresearch.com