The global enteral feeding formulas market was valued at USD 6,697. 08 million in 2020, and it is expected to reach USD 10,069. 30 million by 2026, registering a CAGR of 7%, during the forecast period.
New York, July 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Enteral Feeding Formulas Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06106032/?utm_source=GNW
The outbreak of COVID-19 is expected to impact the enteral feeding formulas market, as good supportive care remains the cornerstone in managing critically ill patients with COVID-19 infection, within which nutritional management of the ICU admitted COVID-19 patients is an integral component of the supportive measures. According to the research article published in the Society of Critical Care Medicine and the American Society for Parenteral and Enteral Nutrition, 2020, initiating early enteral nutrition (EN) within 24-36 hours of admission to the ICU or within 12 hours of intubation and placement on mechanical ventilation is recommended in the treatment of COVID-19 patients. The publication also suggested that enteral nutrition be preferred over parenteral nutrition.
The enteral feeding formulas market is largely driven by increasing prevalence of metabolic and chronic disorder, increase expenditure on patient care and growing geriatric population. According to the World Heart Federation 2018, coronary heart disease is the leading cause of death worldwide. An estimated 3.8 million men and 3.4 million women die each year from coronary heart disease. In addition, 80% of the deaths occur in low- and middle-income countries. Moreover, rise in the number of premature births, growing nutritional deficiencies, such as severe deficiency of protein and other micronutrients in infants and pregnant women population will drive the demand for nutritional requirement, which ultimately boost the overall market growth.
Also, ageing is the major factor that is driving the market growth for the treatment. According to the United nations department of Economics and Social 2019 report, it was estimated that by the year 2050, one in six people around the world will be over age 65 years old (16%), up from 1 in 11 in the year 2019 (9%). By the year 2050, 1 in 4 persons living in Europe and Northern America could be aged 65 or over that. In the year 2018, for the first time in history, persons aged 65 or above outnumbered children under five years of age globally. The number of persons aged 80 years and above is projected to be the triple, from 143 million in the year 2019 to approximately 426 million in 2050.? Also, according to the article published on National Center for Biotechnology Information 2018, the prevalence of nutrient deficiency in the geriatric population is around 15% in ambulatory outpatients and 35%-65% among hospitalized patients. Thus, the demand for enteral nutrition will rise with the growing geriatric population. Furthermore, the rising healthcare expenditure in developed and developing countries and the increasing demand for home healthcare services will also boost the enteral feeding formulas market growth.
Key Market Trends
Oncology Segment is Expected to Hold a Major Market Share in the Enteral Feeding Formulas Market
The majority of cancer patients suffer from cancer cachexia, which causes insulin resistance, increased lipolysis with loss of body fat, increased protein turnover, and loss of muscle mass, causing loss of appetite and weight.
As per the International Agency for Research on Cancer (IARC) in December 2020, estimated that globally, 1 in 5 people develop cancer during their lifetime, and 1 in 8 men and 1 in 11 women die from the disease. IARC estimated that in 2020, the prevalence of cancer has risen to 19.3 million cases and 10 million cancer deaths in 2020, which was around 18 million cancer cases around the world in 2018. With this growing burden, the prevention of cancer is one of the most significant challenges. The cancer burden differs by region. Almost half of the cancer prevalence occurs in Asia, and in Europe, one-quarter of the population is suffering from cancer. Furthermore, to improve the clinical condition of cancer patients, providing nutrition is the cornerstone, as it becomes very difficult for cancer patients to take the food orally. As the treatment proceeds, nutrition is supplied by enteral feeding tubes to enable them to maintain the body mass.
Furthermore, the research presented in the 2020 Virtual Congress on Clinical Nutrition and Metabolism, the annual conference of the European Society for Clinical Nutrition and Metabolism (ESPEN), demonstrated that Kate Farms’ plant-based, oral, enteral formulas (PBEF) can help adult oncology patients maintain or gain weight, allowing them to receive the treatment they need. Hence, the increasing incidence and prevalence of cancer may contribute to the growth of the market studied, during the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to dominate the enteral feeding formulas market, because of the factors, such as the rapid aging population, the surging prevalence of preterm birth, and the rise in the number of chronic disease patients. According to the Population Reference Bureau’s Population Bulletin Aging in the United States, the Americans aged 65 and older are projected to nearly double from 52 million in 2018 to 95 million by 2060.
The rise in the geriatric population will increase the cases of chronic diseases, such as cancer and diabetes, which will further lead to an increase in the hospital stay of the patient. According to the GLOBOCON 2020, the new cancer cases diagnosed were 2,281,658 in the United States in 2020, with 612,390 deaths. Among all cancers, breast cancer had the highest incidence with 253,465 cases, followed by lung (227,875), prostate (209,512), and colon (101,809) new cancer cases in 2020 in the United States. According to American Hospital Association, Fast Facts on US Hospitals, 2021, 36,241,815 admissions were reported in US Hospitals in 2019, with a total of USD 1,161,032,419,000 expense. Hence, all of the above-mentioned factors are expected to drive the growth of the market.
The enteral feeding formulas market is moderately consolidated. The key market players include Abbott Laboratories, Nestle SA, Danone SA, Fresenius Kabi AG, B. Braun Melsungen AG, Reckitt Benckiser Group plc. (Mead Johnson), Trovita Health Science, Global Health Product Inc., Meiji Holdings Co. Ltd, and Victus, among others.
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