New York:, Jan. 17, 2023 (GLOBE NEWSWIRE) -- According to the study, the global Enteral Feeding Formula Market was valued at US$ 6.4 Bn in 2022, and it is expected to expand at a CAGR of 7.1% during 2023-2033. The Enteral Feeding Formula Market is projected to reach a revenue of US$ 13.5 Bn by 2033. Persistence Market Research, a market research and competitive intelligence provider, analyzes that the demand for Enteral Feeding Formula is expected to witness a steady growth backed by the strong growth in demand for Standard Formula, which constitutes the largest market of the Enteral Feeding Formula industry.
The Global Enteral Feeding Formula Market is rapidly growing in emerging nations due to the emergence of the adverse effects and problems associated with enteral feedings, which increase the risk of aspiration, or vomiting in a kid with gastroesophageal reflux. Other physical drawbacks include diarrhea, skin breakdown, and anatomic disturbances.
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Furthermore, in low-and medium-income nations, a lack of understanding about healthcare, diet, and correct nutrition is a key impediment to the growth of the worldwide enteral nutrition market. North America holds the largest market share attributed to the expanding elderly population, the rising frequency of preterm birth, and the increasing number of chronic illness patients. Furthermore, since patients prefer home-based enteral treatment, the frequency of hospital and clinic visits has dropped.
Rising malnutrition is predicted to drive up demand for enteral feeding formulae in this region. Whereas in Asia Pacific the market is growing rapidly owing to the high prevalence of chronic diseases and disorders, rising preterm birth rates, rising healthcare expenditure, rapidly developing healthcare infrastructure, and rising demand in these countries.
The Global Enteral Feeding Formula Market is witnessing the highest forecasted CAGR mainly because of the rising incidence of chronic disorders such as diabetes, chronic renal disease, and malnutrition.
The growing geriatric population, chronic diseases and premature births, high healthcare expenditure, and high demand for home care are also driving the market. The development of affordable and effective diabetes therapy, people's awareness of diabetes self-management, and government support continue to drive market growth. Factors such as an increased number of preterm births and an increased prevalence of malnutrition in hospitalized children are stimulating the demand for these formulas. The growing micro- and macronutrient deficiency in hospital patients both before and after surgery is stimulating their demand and driving the market growth.
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Competitive Analysis
Some of the key players operating in the enteral feeding formula market include Danone, Nestle Nutrition, Abbott Nutrition, Mead Johnson & Company, Fresenius Kabi AG, B. Braun Melsungen AG, Otsuka Holdings Co. Ltd., Nutritional Medicinals, LLC, Kate Farms, Medtrition Inc., Victus, Inc., Global Health Products, Inc., and Meiji Holdings.
Some of the recent developments of key Enteral Feeding Formula providers are as follows:
- In October 2020, Nestle Health Science introduced the first ready-to-drink protein-based comprehensive nutrition Foods in China. This protein-based comprehensive nutrition food is intended for Special Medical Purposes for malnourished patients.
- In June 2020, Hormel Foods is recognized on 3BL Media's list of the 100 Best Corporate Citizens, which recognizes excellent environmental, social, and governance (ESG) transparency and performance among the 1,000 biggest publicly traded firms in the United States. This boosts the company's credibility and builds a positive reputation in the industry.
More Valuable Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Enteral Feeding Formula market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Product Type (Standard Formula, Disease-specific Formula), by Flow Type (Intermittent Feeding Flow, Continuous Feeding Flow), by Stage (Adult, Paediatric), Indication (Alzheimer’s, Nutrition Deficiency, Cancer Care, Diabetes, Chronic Kidney Diseases, Orphan Diseases, Dysphagia, Pain Management, Malabsorption/GI Disorder/Diarrhoea, Other Indications) across key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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