- The enteral feeding devices market is anticipated to gain steady growth mainly on the back of rising cases of cancer and cardiovascular diseases
- High healthcare spending and presence of advanced healthcare infrastructure in various countries to invite considerable growth opportunities for the enteral feeding devices market
ALBANY, N.Y., Oct. 12, 2021 /PRNewswire/ --The growing awareness about enteral feeding devices among a substantial share of the global populace coupled with increase in diseases such as diabetes is expected to fuel the growth of the enteral feeding devices market during the forecast period of 2021-2031. The increasing use of these devices among various end-use industries such as home care settings, ambulatory care settings, hospitals, and others is expected to offer growth prospects.
Increase in the geriatric population across many countries and rise in technological advancements in the enteral feeding devices market ensure market growth. Furthermore, sedentary lifestyle, poor eating patterns, and extensive tobacco consumption are the factors that lead to an increase in various health issues such as obesity, hypertension, diabetes, and others, eventually increasing the growth rate of the enteral feeding devices market.
Transparency Market Research (TMR) has conducted an extensive research on various factors related to the growth of the enteral feeding devices market. The analysts at TMR project the global market for enteral feeding devices to expand at a CAGR of 6.6% during the forecast period of 2021-2031. The global enteral feeding devices market was valued at US$ 2.8 Bn in 2020 and is prognosticated to reach US$ 5.5 Bn by 2031.
The enteral feeding devices market is projected to expand its growth trajectory during the forecast period mainly due to their use during the COVID-19 pandemic. The pandemic has led to an increase in the demand for enteral feeding devices. A major number of COVID-19 patients, especially in their old age suffered from sepsis or circulatory shock. The initiating early enteral nutrition is an essential aspect in these patients. Thus, for these purposes, the demand for enteral feeding devices has increased exponentially. Manufacturers in the enteral feeding devices market are increasing their focus on feeding devices that use pH and CO2 indicators with a valving system to help healthcare professionals place naso/oro gastric tubes quickly and safely. Furthermore, players are also addressing issues related to the misplacement of feeding tubes.
Enteral Feeding Devices in High Demand from Hospitals
Among all end users, the hospital segment dominated the global market in 2020. A similar trend is expected to continue from 2021 to 2031. Many patients in hospitals need enteral nutrition. Based on this factor, the demand for enteral feeding devices is estimated to increase in hospitals.
Oncology to Lead Global Market
In this study, the enteral feeding devices market, on the basis of application, has been segmented into gastrointestinal diseases, diabetes, oncology, neurological disorders, and others. The oncology segment is extrapolated to observe a dominating stance across the enteral feeding devices market during the forecast period. The growing cases of cancer around the world are a vital aspect that will improve the enteral feeding devices market growth trajectory.
Regional Landscape of Enteral Feeding Devices Market
North America is projected to account for a leading share of the global enteral feeding devices market during the forecast period. High prevalence of chronic diseases and increase in geriatric population are the major factors driving the market in the region. The Population Reference Bureau, in one of its findings, anticipated the U.S. geriatric population to double from 52 million in 2018 to 96 million by 2060. This factor will prove to be profitable for the enteral feeding devices market players.
The enteral feeding devices market in Asia Pacific is projected to expand at a CAGR of 8.2% during the forecast period, mainly due to increasing healthcare expenditure across the countries.
Some key players in the enteral feeding devices market are Hollister Incorporated, CONMED Corporation, and Koninklijke Philips N.V.
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