Enteral Feeding Formulas Market Size Worth $9.3 Billion By 2028: Grand View Research, Inc.
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SAN FRANCISCO, March 10, 2021 /PRNewswire/ — The global enteral feeding formulas market size is expected to reach USD 9.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.9% from 2021 to 2028. The growing prevalence of chronic diseases such as cancer, stroke, multiple sclerosis, dementia, chronic liver disease, Chronic Obstructive Pulmonary Disease (COPD), and diabetes is projected to drive the demand for products that support patients with oral intake issues. In addition, the rise in preterm births is one of the significant factors boosting the demand for enteral feeding formulas to meet the nutritional requirements of newborns.
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Key suggestions from the report:
The market is anticipated to grow over the forecast period owing to the growing prevalence of chronic diseases and the rise in preterm births
The standard formulas segment dominated the market in 2020, owing to the availability of a wide variety of standard formulas coupled with increased demand for low-cost nutrient formulations
The intermittent feeding flow segment dominated the market in 2020, owing to better tolerance in patients shown by intermittent flow as compared to bolus feeding
Adults accounted for the largest revenue share in the market in 2020 owing to the rising adoption of tube feeds in the adults and the availability of a large number of tube feeds or products for adults on the commercial level
Other indications followed by cancer care accounted for the largest share in terms of revenue in 2020. The increasing prevalence of cancer and other health conditions associated with cancer is likely to promote market growth
The homecare segment accounted for the highest revenue share in the market owing to the rising number of patients that receive home enteral feeding due to growing awareness about complete and balanced nutrition
North America dominated the market with a revenue share of 29.7% in 2020 owing to the growing burden of chronic diseases such as diabetes, cancer, and other neurological conditions
Read 118 page research report with ToC on “Enteral Feeding Formulas Market Size, Share & Trends Analysis Report By Product, By Flow Type, By Stage (Adult, Pediatric), By Indication, By End-user, By Region, And Segment Forecasts, 2021 – 2028” at: https://www.grandviewresearch.com/industry-analysis/enteral-feeding-formulas-market
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Based on product, the standard formulas segment dominated the market and accounted for the largest revenue share of 54.0% in 2020. This high share is attributable to the availability of a vast variety of standard formulas coupled with increased demand for low-cost nutrient formulations. In addition, the demand with respect to standard tube feeds is significant among the volume-sensitive patients or the patients on fluid restrictions. Such conditions include renal failure, congestive heart failure, and Syndrome of Inappropriate Antidiuretic Hormone (SIADH).
In 2020, based on flow type, the intermittent feeding flow type segment accounted for the highest revenue share in the market because intermittent feeding has shown better tolerance in patients as compared to bolus feeding. Moreover, this type of feeding does not require feeding pumps, which is helpful in allowing greater mobility in between the feedings. This is expected to increase its adoption among the hospital as well as homecare settings, thereby affirmatively impacting the segment growth.
In 2020, based on stage, the adults’ segment accounted for the highest revenue share of 88.4% in the market. The segment is projected to witness the fastest CAGR over the forecast period. The rising adoption of tube feeds in adults is one of the crucial factors driving the growth. In addition, the availability of large number of tube feeds or products for adults on a commercial level also contributes to the large share held by the segment. Glucerna, Osmolite, TwoCal, Vital, Promote, and Jevity are some of the popular brands by Abbott Nutrition for adults.
Based on indications, other indications, followed by cancer care accounted for the largest share in terms of revenue in 2020. The increasing prevalence of cancer and other health conditions associated with cancer is likely to promote market growth. For instance, according to GLOBOCON 2020, there were around 19.3 million new cases of cancer worldwide in 2020. Europe accounted for about 23.4% of total cancer cases and Asia had the highest population suffering from cancer, which was about 60%.
In 2020, based on end user, the homecare segment accounted for the highest revenue share in the market and this segment is projected to witness the fastest CAGR over the forecast period. The increasing number of patients that receive home enteral feeding due to growing awareness about complete and balanced nutrition is one of the key factors contributing to the growth of this segment. For instance, according to a recent survey conducted in the U.K., there were 187 patients on home enteral tube feeding out of the total 257 patients. This suggested that approximately 72% of patients were on home enteral tube feeding.
North America dominated the market with a revenue share of 29.7% in 2020 owing to the growing burden of chronic diseases such as diabetes, cancer, and other neurological conditions. Furthermore, increasing preference for home-based enteral therapy has decreased the number of patient visits to hospitals and clinics. In addition, increasing malnutrition is expected to further boost the demand for enteral feeding formulas in this region.
In addition, the rising number of COVID-19 cases in various geographies coupled with the large geriatric population, susceptible to various health conditions, are among the factors contributing to the growth of the market. For instance, according to an article published in Europe PMC in 2020, enteral nutrition is generally preferred over parenteral nutrition for COVID-19 patients admitted to the ICUs. In addition, it should be provided within 48 hours of admission. Hence, such instances signify increasing adoption of enteral feeding formulas during the pandemic.
Grand View Research has segmented the global enteral feeding formulas market based on product, flow type, stage, indications, end-user, and region:
Enteral Feeding Formulas Product Outlook (Revenue, USD Million, 2014 – 2028)
Enteral Feeding Formulas Flow Type Outlook (Revenue, USD Million, 2014 – 2028)
Enteral Feeding Formulas Stage Outlook (Revenue, USD Million, 2014 – 2028)
Enteral Feeding Formulas Indication Outlook (Revenue, USD Million, 2014 – 2028)
Enteral Feeding Formulas End-user Outlook (Revenue, USD Million, 2014 – 2028)
Enteral Feeding Formulas Regional Outlook (Revenue, USD Million, 2014 – 2028)
List of Key Players of Enteral Feeding Formulas Market
Abbott
Danone SA
Fresenius Kabi
Nestlé
Victus, Inc.
Primus Pharmaceuticals, Inc.
Meiji Holdings. Co., Ltd.
Rickett Benckiser Group Plc.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.