The global enteral feeding devices market is projected to reach USD 3.19 Billion by 2022 from USD 2.39 Billion in 2017, growing at a CAGR of 6.0% during the forecast period.
Factors such as rising healthcare costs; surge in the number of preterm births; growth in the aging population; rising prevalence of chronic diseases such as diabetes, cancer, gastrointestinal diseases, and neurological disorders; growing awareness of enteral nutrition; and rapid improvements in healthcare facilities in emerging countries are driving the market growth.
The report analyzes the market by product, age group, application, end user, and region. Based on product, the enteral feeding pumps segment accounted for the largest of the market in 2016. This can be attributed to the low risk of complications associated with the use of feeding pumps, enhanced portable pump designs, and the increasing use of pumps in home care settings.
Geographically, the enteral feeding devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America holds the largest share of this market. However, the Asia Pacific region is expected to witness the highest CAGR during the forecast period of 2017 to 2022. The growth of this segment can be attributed to the rising preterm births, rising aging population, growing awareness of enteral nutrition, and unfulfilled medical needs in emerging economies, with rapid improvisation of healthcare facilities.
Key players in the market are pursuing several organic and inorganic growth strategies such as product launches, expansions, acquisitions, and agreements to garner larger shares of the market. During 2013 to 2017, companies adopted expansions as their major growth strategy followed by acquisitions.
Growth in the Geriatric Population
Increasing Prevalence of Chronic Diseases
Shift From Parenteral to Enteral Nutrition
Growing Demand for Enteral Feeding Devices in the Homecare Sector
Increasing Incidence of Preterm Births
Complications Associated With Enteral Feeding Devices