(PharmaNewsWire.Com, January 18, 2017 ) The global enteral feeding formulas market is projected to reach USD 5.95 Billion by 2020, at a CAGR of 7.6% from 2015 to 2020. The enteral feeding formulas market witnessed substantial growth in the past few years, which had a positive impact on the overall growth of the market.
The global enteral feeding formulas market is mainly driven by the rising incidences of chronic diseases and disorders, rapidly growing geriatric population, increasing healthcare expenditure, rising prevalence of preterm births, and increasing demand for homecare. However, factors such as complications associated with enteral nutrition, patient safety risks, and the occurrence of feeding and medication errors are expected to restrain the growth of the enteral feeding formulas market to a certain extent.
Geographically, the market in North America and Europe is growing at a significant rate owing to the rising geriatric population along with increasing incidences of chronic diseases and disorders, increasing healthcare expenditure, and increasing demand for homecare in these regions. The Asia-Pacific region however is expected to become the growth center for the enteral feeding formulas market. The market in Japan, China, and India is likely to witness significant growth during the forecast period, owing to the presence of a large patient pool for chronic diseases and disorders, high incidences of preterm births, growing healthcare expenditure, rapidly developing healthcare infrastructure, increasing per capita income, growing middle-class population, and growing population in these countries.
In 2015, the major players in the global enteral feeding formulas market accounted for more than half of the market share. In order to maintain their market shares, major players focus on new product launches expansions, partnerships, agreements, and collaboration and acquisitions as key growth strategies. Of all these strategies, new product launches and expansions were the key strategies adopted by the major market players in 2015.
On the basis of application, the market is segmented into oncology, gastroenterology, neurology, diabetes, critical care, and other applications. Other applications primarily include diseases and disorders of the heart, renal system, lungs, and liver, along with psychiatric disorders. The oncology application segment held the largest share of the enteral feeding formulas market in 2015, primarily due to high prevalence of malnutrition among cancer patients. Hospitals are the largest end users of enteral feeding formulas, followed by long-term care facilities. Growth in these end-user markets can mainly be attributed to the rapidly growing geriatric population and increasing prevalence of chronic disease and disorders.
Some of the prominent players in the global enteral feeding formulas market are Abbott Laboratories (U.S.), Nestlé S.A. (Switzerland), Danone S.A. (France), Fresenius Kabi AG (Germany), Mead Johnson Nutrition Company (U.S.), B. Braun Melsungen AG (Germany), Hormel Foods, LLC (U.S.), Victus Inc. (U.S.), Meiji Holdings Co., Ltd. (Japan), and Global Health Product Inc. (U.S.).
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