CHICAGO, Aug. 10, 2022 /PRNewswire/ -- Enteral Feeding Formulas Market is projected to reach USD 8.2 billion by 2027 from USD 5.2 billion in 2022, growing at a CAGR of 9.5% during the forecast period, according to a new report by MarketsandMarkets™. Factors such as benefits of enteral nutrition over parenteral nutrition, increase in cost for healthcare expenses, rise in the number of preterm births, growing population of geriatrics patients, increased prevalence of chronic diseases such as GI disorders, neurological disorders, Diabetes's, etc., increased awareness of enteral nutrition in emerging countries are expected to improve market growth. However, rising cases of feeding and medication errors and underfeeding; and the complications associated with lack of skilled professionals are restricting the growth of this market to a certain extent. Also, insufficient or lack of reimbursements in some developing and underdeveloped countries and a dearth of trained physicians across the globe pose significant challenges for the growth of this market.
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The standard formula segment holds the largest market share during the forecast period
In 2021, standard formulas held the largest share of the enteral feeding formulas market. This segment will continue to dominate the market by 2027. Patients with chronic diseases and disorders often suffer from malnutrition. Standard enteral feeding formulas are easily available and widely used to fulfil daily nutritional requirements. The rising prevalence of chronic diseases and disorders, mainly GI, head, and neck cancer, fuels the growth of this market.
The adult patients segment holds the largest market share during the forecast period
Based on stage, the enteral feeding formulas market is segmented into adult patients (18 years and over) and paediatric patients (neonates under 1 month, infants between 1 month and 2 years of age, children between 2 and 12 years, and adolescents between 12 and 16 years). In 2021, adult patients accounted for the largest market share. The higher market share can be attributed to growing population of adults with chronic diseases and neurological disorders, such as multiple sclerosis, motor neuron disease, Parkinson's disease, cancer, sepsis, liver disease, cystic fibrosis, anorexia, inflammatory bowel disease, and dementia, diabetes, etc. and the rapid increase in the geriatric population in need of enteral nutrition.
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In the end user segment, hospital segment is expected to grow at the largest share in the enteral feeding formulas market
In hospitals, enteral feeding formulas are administered under the observation of trained staff, reducing the risk associated with their use. Patients suffering from chronic diseases such as gastrointestinal disorders, cancer, neurological disorders, and diabetes are under or malnourished and must be fed enterally to meet the nutritional requirements. According to the Agency for Healthcare Research and Quality (US), discharges from short-stay hospitals coded for malnutrition have increased. Patients with chronic diseases have increased needs for assistance, care, and hospitalization. The growing number of hospitals and the increasing patient pool for chronic & infectious diseases and disorders fuel the growth of this market.
Oncology segment is expected to account for the largest share in the enteral feeding formulas market
In 2021, the oncology segment accounted for the largest share of the enteral feeding formulas market, followed by gastrointestinal diseases, neurological disorders diabetes, and other applications. The large share of this segment can be attributed to the increasing prevalence of cancer and the increasing number of patients being treated for cancer-induced malnutrition.
North America is expected to account for the largest share in the enteral feeding formulas market
In 2021, the North America accounted for the largest share of the enteral feeding formulas market, followed by Europe and Asia Pacific subsequently. The growth in North America is primarily driven availability of reimbursement for enteral nutrition, rising geriatric population and subsequent onset of chronic diseases & disorders, increasing cases of malnutrition, high adoption of enteral feeding formulas, and the presence of major players in the market.
Key Market Players:
Prominent players in enteral feeding formulas market are Abbott (US), Nestlé S.A. (Switzerland), Danone S.A. (France), Fresenius Kabi (Germany), B. Braun Melsungen AG (Germany), Otsuka Holding Co. Ltd. (Japan), Nutritional Medicinals, LLC (US), Kate Farms (US), Medtrition Inc. (US), Victus, Inc. (US), Global Health Products, Inc. (US), Meiji Holdings Co., Ltd. (Japan), Reckitt Benckiser Group PLC. (UK), Hormel Foods Corporation (US), DermaRite Industries, LLC. (US), Medline Industries, LP. (US), Real Food Blends (US), and Ajinomoto Cambrooke, Inc. (US).
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