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What the market looks like?
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%. North America holds the largest share of this market.
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.
Based on age group, the market is segmented into adults and pediatrics. The large share of the adults segment can be attributed to the increasing incidence and prevalence of chronic diseases like cancer, diabetes, neurological disorders, and inflammatory bowel syndrome that result in malnutrition along with the rapid rise in the aging population.
On the basis of application, the oncology segment dominated the market in 2016. The increasing incidence and prevalence of various cancers across the globe is increasing the cases of malnutrition, this, in turn, is propelling the growth of this segment.
Based on end user, the market has been segmented into hospitals, home care settings, and ambulatory care settings. In 2016, the hospitals segment accounted for the largest share of the market. The high uptake of these devices for treating undernourished patients that may have impaired immunity, wound healing, and muscle strength in hospitals contribute to its high share.
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What Driving the Market Growth?
The growth of the global market for enteral feeding devices is primarily influenced by the following factors:
1. Growth in the Geriatric Population
2. Increasing Prevalence of Chronic Diseases
3. Growing Demand for Enteral Feeding Devices in the Homecare Sector
Geographical Growth Scenario Of Enteral Feeding Devices Market:
Geographically, the 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.
Leading Market Players and Strategies Adopted by Them:
The global Enteral Feeding Devices Market is characterized by a large number of players. The market is highly competitive in nature and is dominated by Fresenius Kabi (Germany), Halyard Health (US), Medtronic (Ireland), B. Braun (Germany), Abbott (US), C.R. Bard (US), Boston Scientific (US), Cook Medical (US), CONMED (US), Nestlé (Switzerland), Danone (France), Moog (US), Vygon (France), and Applied Medical Technology (US).
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.
Read more: https://www.marketsandmarkets.com/PressReleases/enteral-feeding-device.asp