The global Enteral feeding formulas market is experiencing growth rapidly due to factors such as surge in number of preterm births, rise in geriatric population, and rise in prevalence of chronic disease.
PORTLAND, Ore., Oct. 30, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Enteral Feeding Formulas Market by Product Type (Standard Formula, Disease-Specific Formulas, Peptide Based, and Immune Modulating, Blenderized), Age Group (Adult and Children), Application (Cancer, Neurological Disorders, Gastrointestinal Disorders, Malnutrition, and Others) End User (Hospitals, Long Term Care Facilities and Other), Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global enteral feeding formulas market was valued at $6.3 billion in 2022 and is projected to reach $12.7 billion by 2032, registering a CAGR of 7.4% from 2023 to 2032.
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Enteral feeding formulas, often referred to as enteral nutrition or tube feeding formulas, are specialized liquid or semi-liquid nutritional products intended for direct administration into the gastrointestinal tract via a tube. They are employed when individuals face difficulties in oral food consumption or when their oral intake falls short of meeting their nutritional requirements. Enteral feeding can be either a short-term or long-term solution and finds widespread use in diverse clinical environments, including hospitals, nursing homes, and home-based care.
Prime determinants of growth
The enteral feeding formulas market has experienced significant growth due to surge in number of preterm births, rise in geriatric population and surge in the prevalence of chronic diseases such as gastrointestinal disorders, cancer, and neurological conditions. However, low patient acceptance hinders market growth. Nevertheless, emerging markets will provide lucrative growth opportunities in the upcoming years.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $6.3 billion |
Market Size in 2032 | $12.7 billion |
CAGR | 7.4 % |
No. of Pages in Report | 290 |
Segments covered | Product Type, Age Group, Application, End User and Region. |
Drivers | Surge in number of preterm births. Rise in geriatric population. Rise in prevalence of chronic disease. |
Opportunities | Opportunities in the emerging markets. |
Restraints | Low patient acceptance. |
Economic Downturn Analysis: Impact of Recession in 2023 on the Enteral Feeding Formulas Market
- The global recession has created a challenging environment for the enteral feeding formulas market.
- The high inflation rate has negatively impacted new product development and research activities.
- However, the enteral feeding formulas market is expected to recover owing to rise in prevalence of chronic diseases.
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The standard formulas segment to maintain its leadership status throughout the forecast period
Based on product type, the standard formulas segment held the highest market share in 2022, accounting for more than half of the enteral feeding formulas market revenue, owing to surge in high adoption of standard formulas by healthcare providers. However, the disease-specific formulas would display the highest CAGR of 8.6% from 2023 to 2032, owing to the rising prevalence of chronic diseases.
The adult segment to maintain its leadership status throughout the forecast period
Based on age group, the adults segment held the highest market share in 2022, accounting for more than three fourth of the enteral feeding formulas market revenue and is anticipated to retain its dominance throughout the forecast timeframe. The same segment is expected to portray the fastest CAGR of 7.6% from 2023 to 2032. This is attributed to the high prevalence of chronic diseases in adults.
The neurological disorders segment to maintain its leadership status throughout the forecast period
Based on applications, the neurological disorders segment held the highest market share in 2022, accounting for more than one third of the enteral feeding formulas market revenue and is expected to rule the roost throughout the forecast timeframe. This is attributed to the high prevalence of neurological conditions globally. The gastrointestinal disorders segment, on the other hand, would cite the fastest CAGR of 9.1% during the forecast period. The growth is attributed to the surge in gastrointestinal disorders specifically in aged patients.
The hospital segment to maintain its leadership status throughout the forecast period
Based on end user, the hospital segment held the highest market share in 2022, accounting for more than one third of the enteral feeding formulas market revenue and is anticipated to rule the roost during the forecast period. This is attributed to the high prevalence of neurological conditions globally. The others segment, however, is expected to cite the fastest CAGR of 7.9% from 2023 to 2032. The segment is driven by high adoption of home healthcare.
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The Europe segment to maintain its leadership status throughout the forecast period
Based on region, the Europe segment held the highest market share in 2022, accounting for more than one third of the enteral feeding formulas market revenue and is projected to rule the roost from 2023 to 2032. This is attributed to the surge in incidence of gastrointestinal disorders and well-developed healthcare infrastructure. The market across the Asia-Pacific would showcase a notable growth with 8.0% CAGR from 2023 to 2032. The growth is attributed to a rise in incidence of preterm births and an increase in the number of geriatric patients across the region.
Leading Market Players: -
- Abbott Laboratories
- B. Braun Melsungen Ag
- Meiji Holdings Co. Ltd
- Nestle Sa
- Hormel Foods Corporation
- Fresenius Se And Co. Kgaa
- Medtrition Inc.
- Nutritional Medicinals, LLC
- Dermarite Industries, LLC.
- Danone S.A
The report provides a detailed analysis of these key players in the enteral feeding formulas market. These players have adopted different strategies such as merger and geographical expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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