CHICAGO, Aug. 23, 2019 /PRNewswire/ -- According to the new market research report "Enteral Feeding Devices Market by Type (Feeding Pump, Feeding Tube, Giving Set, Enteral Syringes), Age Group (Adult, Pediatric), Application (Oncology, Diabetes, Hypermetabolism), End User (Hospital, Home Care) - Global Forecast to 2024", published by MarketsandMarketstm, is projected to reach USD 4.1 billion by 2024 from USD 2.9 billion in 2019, at a CAGR of 6.7%.
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Growth in this market is driven by the rising healthcare costs, the surge in the number of preterm births, growth in the aging population, and rising prevalence of chronic diseases, among other factors.
By type, enteral feeding tubes are expected to account for the largest share of the Enteral Feeding Devices Market
Based on type, the Enteral Feeding Devices Market segmented into enteral feeding tubes, administration sets, enteral syringes, enteral feeding pumps, and consumables. In 2018, the enteral feeding tubes segment accounted for the largest share of the Enteral Feeding Devices Market, followed by administration sets. The enteral feeding tubes segment will continue to dominate the market by 2024 with the rising adoption of enteral feeding across the globe as a number of tube types are being adopted for different patient needs.
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The increasing prevalence of chronic diseases is driving the adoption of feeding devices in adults
Based on age group, the Enteral Feeding Devices Market is segmented into adults (18 years and over) and pediatrics (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 2018, adults accounted for the largest market share, by age group. This can be attributed to the growing incidence of chronic diseases and disorders resulting in malnutrition and the rapid increase in the geriatric population.
Hospitals form the largest end-user segment in the Enteral Feeding Devices Market
Based on end user, the Enteral Feeding Devices Market is segmented into hospitals, home care settings, and ambulatory care settings. Hospitals accounted for the largest share of the Enteral Feeding Devices Market in 2018. The development of technologically advanced enteral feeding devices and the shift from parenteral nutrition to enteral nutrition are supporting the growth of the hospitals segment.
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North America to dominate the Enteral Feeding Devices Market during the forecast period
In 2018, North America dominated the global Enteral Feeding Devices Market, followed by Europe. The large share of North America can be attributed to the high adoption of enteral feeding devices among the aging population, increasing prevalence of chronic diseases, the presence of many large hospitals, a shift from parenteral to enteral feeding, and the development of innovative products. The presence of a large number of global players in this region is another key factor contributing to the large share of this market segment.
Prominent players in the Enteral Feeding Devices Market include Fresenius Kabi AG (Germany), Avanos Medical, Inc. (US), Cardinal Health, Inc. (US), B. Braun Melsungen AG (Germany), Abbott Laboratories (US), Becton, Dickinson and Company (US), Boston Scientific Corporation (US), Cook Medical, Inc. (US), and CONMED Corporation (CONMED) (US).
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