Rising elderly population and high demand for neonatal enteral feeding will generate lucrative avenues for enteral feeding devices market over the coming seven years. The extensively changing living standards and rising smoking culture lead to a huge occurrence of chronic diseases such as diabetes and cancer, which will simultaneously influence the overall share. As per the report by Global Market Insights, Inc., “Enteral Feeding Devices Industry collected a revenue of USD 2.08 billion in 2015 and is predicted to register an annual growth rate of 6.1% over the period of 2016 to 2024.”
The introduction of technologically enhanced devices such as J-tube, G- tube, and reserve balloon design is predicted to propel the industry trends. The growing awareness among patients regarding the harmful effects of chronic diseases as well as the reduced treatment cost will boost enteral feeding devices market share over the coming years of 2016 to 2024.
U.S. Enteral Feeding Devices Market size, by Product, 2012- 2024 (USD Mn)
Taking into account the product trends, enteral feeding devices industry is mainly segmented into enteral feeding pump, gastrostomy tube, giving set, percutaneous endoscopic gastrostomy device, nasogastric tube, and low profile gastrostomy device. Enteral feeding pump dominated the product segment by collecting a revenue of more than USD 1.2 billion in 2015. Percutaneous endoscopic gastrostomy devices and nasogastric tube devices will also contribute significantly toward the market share. The key attributing factor towards enteral feeding devices industry growth is prevalence of an ever-growing elderly population across the globe. Moreover, these devices are also extensively used for pre-term births, which has been noticeably frequent over the last few years. This, in turn, will drive enteral feeding devices market size over the coming seven years.
Considering the regional landscape, Asia Pacific enteral feeding devices industry is predicted to record the highest annual growth rate of 6.8% over 2016-2024, owing to the presence of huge aging population. India and China will be the major revenue pockets for APAC.
Europe enteral feeding devices market accounted for 35% of the overall revenue in 2015 and is anticipated to generate a significant revenue of over USD 1 billion in 2024. This remarkable growth can be attributed to rising investments in research & development projects to enhance the device portfolio and next generation healthcare facilities. UK and Germany contributed majorly toward Europe enteral feeding devices industry growth and will continue to do so in the years ahead, driven by increasing healthcare spending in the regions coupled with the existence of a huge geriatric patient pool.
Top-notch players operating in enteral feeding devices market are working on the cost differentiation factor to attract more customers and expand the regional presence. New product development, strategic alliances, and technological innovations are the prominent growth strategies adopted by major companies to sustain the market. Notable industry participants include Danone, Nestlé, Abbott Nutrition, Fresenius, Conmed Corporation, Moog Inc., Boston Scientific Corporation, Kimberly-Clark Corporation, Amsino International Inc., Covidien Plc, and Cook Medical.