The global enteral feeding formulas market is expected to
reach over USD 7.5 billion by 2024, according to a new report by Grand View
Research, Inc. Key factors driving growth include increase in geriatric
population, rise in chronic diseases, rising preterm births, and increasing
demand for home care services.
The enteral feeding formulas
market is expected to witness lucrative growth over the forecast period, owing to
a few benefits such as the preservation of gastrointestinal tract structure and
its functioning, low-cost alternative to support the patient nutrition, and
lowering of rate of infection.
According to the WHO, an
estimated 15 million babies are born prematurely, which accounts for 1 in every
10 babies. Furthermore, nearly 1 million children die every year due to
complications of preterm birth. The growing nutritional requirements for
neonates, infants, and children are boosting the consumption of various enteral
feeding products. Moreover, the children suffering from chronic disease
conditions and severe malnutrition are expected to drive the use of specialized
formulas over the forecast period.
Increase in aging population will
have a major impact on the enteral feeding formulas market. The ageing
population requires more focus to treat chronic diseases like osteoporosis,
heart disease, Alzheimer’s disease, and others. According to Administration on
Ageing, it is estimated that approximately 80% of people aged 65 and above have
at least one chronic illness; as a result, the usage of various enteral feeding
formulas is expected to grow rapidly over the forecast period.
North American Enteral Feeding
Formulas Market, 2014 - 2024 (USD Million)
Browse full research report on
Enteral
Feeding Formulas Market
Further key findings from
the report suggest:
- Cochlear
implant was also one of the largest product segments in 2014. The
introduction of customizable implants is expected to drive segment growth
over the forecast period. Introduction of technological advancements such
as microchip technology is also likely to boost usage rates.
- North America
dominated the overall market in terms of revenue share in 2014 at over
35%, majorly due to the presence of favorable government initiatives,
sophisticated healthcare infrastructure, and user awareness levels
- The Asia
Pacific ENT devices market is expected to witness rapid growth due to,
rapidly improving healthcare infrastructure, presence of favorable
government policies, clinical advancements in product development and
rising healthcare expenditure levels
- Key players
of this industry are revising product line by introducing novel
technologies such as Soundbridge by MED-EL and HiQ+ series of bipolar
endoscopes by Olympus medical systems. Some key players operating in this
market include GN ReSound A/S, Sonova Holding AG, Starkey Laboratories
Inc., Cochlear Limited, William Demant Holding A/S, Siemens Healthcare,
Widex A/S, Rion Co., Ltd., Welch Allyn, and Atos Medical AB.
For
more information: http://www.grandviewresearch.com
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