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DUBLIN--(BUSINESS WIRE)--Sep 9, 2022--
The "Global Enteral Feeding Formulas Market by Product (Polymeric, Elemental, Disease-specific), Stage (Adults, Pediatrics), Application (Oncology, Gastroenterology, Neurology, Hypermetabolism), End User (Hospitals, LTCF, Home care) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global enteral feeding formula 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.
Based on product, the standard formula segment holds the largest share during the forecast period
Based on product, the enteral feeding formulas market is segmented into standard (polymeric), peptide-based (elemental/semi-elemental), disease-specific, and other formulas. In 2021 standard formulas held the largest share, followed by disease-specific formulas. Standard formulas are easily available and widely used to fulfill daily requirements. The rising prevalence of target ailments thus plays a greater role in driving demand for standard formulas.
Based on application, the oncology segment holds the highest growth during the forecast period
In 2021, the oncology segment accounted for the largest share of the enteral feeding formula market, followed by gastrointestinal diseases, neurological disorders, diabetes, and other applications. Increasing burden of cancer, the shift from hospitals to ambulatory care settings and the rising adoption of enteral feeding as an efficient alternative to parenteral nutrition among cancer patients are likely to fuel the demand for enteral feeding formulas in oncological applications.
Based on age group, the adult segment holds the largest share during the forecast period
Based on age group, the enteral feeding formula market is segmented into adult patients (18 years and over) and pediatric 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, there has been a increase in adult patients accounted for a larger market share. This can be attributed to the growing incidence of cancer in adult patients, As most cancer patients suffer from malnutrition, an increase in cancer cases is expected to increase the demand for effective enteral nutrition. Also increase in chronic diseases are resulting in malnutrition and the rapid increase in the geriatric population are positively impacting market.
Based on end user, the long term care facilities holds the higher market share during the forecast period
In 2021, Long term care facilities have a higher CAGR. Patients suffering from chronic diseases and disorders are advised long-term care or home care, depending upon the severity of the disease/disorder. Due to the increasing pressure on hospitals to curtail the soaring healthcare costs and the COVID-19 outbreak, there has been a shift from extended hospital treatment toward treatment at home. Studies reveal that home enteral nutrition (HEN) is significantly cheaper than home parenteral nutrition in the US. Growing awareness of therapeutic nutrition has contributed to the use of enteral nutrition products by patients at home. Thus end user segment registered higher market share.
APAC is expected to grow at the highest growth rate in 2021
During the forecast period, the Asia Pacific is estimated to be the fastest-growing regional market for enteral feeding formula. Several factors, such as the rising geriatric population, increased awareness of and accessibility to advanced healthcare facilities, rising healthcare spending, the growing focus of key market players on emerging APAC countries, and rapid improvements in the health insurance sector are driving the market growth.
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KEYWORD:
INDUSTRY KEYWORD: FOOD/BEVERAGE CONSUMER RETAIL PARENTING BABY/MATERNITY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/09/2022 05:01 AM/DISC: 09/09/2022 05:02 AM
http://www.businesswire.com/news/home/20220909005181/en