Enteral Feeding Devices Market: Introduction
According to the report, the global enteral feeding devices market was valued at US$ 2.8 Bn in 2020 and is projected to expand at a CAGR of 6.6% from 2021 to 2031. Rise in prevalence of chronic diseases, increase in geriatric population, and technological advancements are the major factors anticipated to propel the global enteral feeding devices market during the forecast period. North America held a major share of the global enteral feeding devices market in 2020 due to high healthcare spending, advanced healthcare infrastructure, and awareness about enteral feeding devices. The enteral feeding devices market in Asia Pacific is expected to expand at a high CAGR of 8.2% from 2021 to 2031 due to increase in healthcare expenditure and number of geriatric population in the region.
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Rise in Prevalence of Chronic Diseases to Drive Global Market
The surge in cases of various chronic diseases, including cancer and cardiovascular disorders is a key driver of the global market. The prevalence of chronic diseases is rising due to sedentary lifestyles, poor eating patterns, obesity, and high tobacco and alcohol intake. According to the American Heart Association's 2019 study, cardiovascular disease (CVD) is the leading cause of death, accounting for more than 17.6 million deaths in 2016. The number is expected to rise to 23.6 million by 2030. Diabetes is likely to become more prevalent in the near future. Injection and infusion procedures are being used more often due to government programs.
The number of people living with diabetes is anticipated to rise from 463 million in 2019 to nearly 578.4 million in 2030, as per the International Diabetes Federation's 2019 report. Rise in demand to avoid needle-prick accidents boosts the growth of the enteral feeding devices market.
Enteral Feeding Pumps Dominated Global Market
In terms of product type, the global enteral feeding devices market has been classified into enteral feeding tubes, enteral feeding pumps, administration sets, enteral syringes, and other consumables. The enteral feeding pumps segment dominated the global enteral feeding devices market in 2020, and the trend is anticipated to continue during the forecast period. The growth of the segment can be attributed to increase in the rate of adoption of enteral feeding pumps in emerging markets.
High Prevalence of Chronic Diseases in Adults
Based on age group, the global enteral feeding devices market has been bifurcated into adult and pediatric. The adult segment held a major share of the global enteral feeding devices market in 2020. Chronic diseases is more common in adults due to greater prevalence of neurologic diseases.
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Oncology Segment Accounted for Major Share of Global Market
In terms of application, the global enteral feeding devices market has been categorized into oncology, gastrointestinal diseases, neurological disorders, diabetes, and others. The oncology segment dominated the market in 2020 owing to large patient base and high prevalence.
Rise in Adoption of Enteral Feeding Devices in Hospitals
Based on end-user, the global enteral feeding devices market has been divided into hospitals, home care settings, ambulatory care settings, and others. The hospitals segment dominated the market in 2020 owing to a large patient base and high adoption of enteral feeding devices in hospitals.
North America to Lead Global Market; Asia Pacific to Offer Significant Opportunities
In terms of region, the global enteral feeding devices market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. 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.
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According to the Population Reference Bureau, the geriatric population in the U.S. is anticipated to double from 52 million in 2018 to 95 million by 2060. The market in Europe is expected to expand at a high CAGR in the near future due to the presence of local as well as global players and increase in the demand for enteral feeding devices in the region.
The enteral feeding devices market in Asia Pacific is likely to grow at a rapid pace in the near future. Rise in awareness and increase in healthcare expenditure in countries in the region are projected to propel the market in Asia Pacific in the next few years. Japan, India, and China are anticipated to be lucrative markets for enteral feeding devices during the forecast period.
Growth Strategies of Key Players
Key players operating in the global enteral feeding devices market are Avanos Medical, Inc., Cardinal Health, Inc., B. Braun Melsungen AG, BD, Boston Scientific Corporation, CONMED Corporation, Medline Industries, Inc., Koninklijke Philips N.V., Hollister Incorporated, and Baxter.
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