Enteral Feeding Devices Market Growth Is Driven by Growing Geriatric Population
The global enteral feeding devices market is progressing at a CAGR of 6.2% between 2013 and 2019, according to a new market research report. The market was valued at US$2 bn in 2012 and is expected to reach US$3.1 bn by the end of 2019, assuming the given estimated growth rate stays consistent.The report is released by Transparency Market Research. The report, titled “Enteral Feeding Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019”, briefs its user on the nuances that influence the global enteral feeding devices market in order to draw a close estimate of the market’s forecast.
According to the report, the global enteral feeding devices market is primarily driven by the increasing population of the elderly, who will require enteral feeding during GI illnesses or surgeries. The report also states that the cost of enteral feeding will be lower than the overall hospitalization cost, therefore creating a more beneficial financial scenario for the patient.The global enteral feeding devices market will also grow significantly due to the growing number of patients afflicted by chronic diseases, including cancers, GI disorders, and many types of neurological disorders. An additional driver for the global enteral feeding devices market is the increasing demand for reconstructive surgeries, where enteral feeding is required over longer periods.
For the sake of better understanding of the global enteral feeding devices market, the findings in the report are divided according to enteral feeding device type, the age groups that require enteral feeding, and the major regional markets.According to a TMR analyst, “the global enteral feeding devices market in 2011 was led by enteral feeding pumps, in terms of products. The segment held about 61% of the global enteral feeding devices market, owing to the fact that they are an integral part of an enteral feeding system as well as the most expensive component of the system.”
The report adds that enteral feeding pumps are expected to be the fastest growing segment of the global enteral feeding devices market till 2019, observing a CAGR of 6.1% within the report’s forecast period.Low-profile gastronomy tubes, a specific type of enteral feeding tube, is a sub-segment expected to display a 5.5% CAGR between 2013 and 2019.From a geographical perspective, the report notes Europe and North America as the dominant regions in the global enteral feeding devices market, with a collective 67% share in the market being recorded in 2012. The report, however, states that the fastest growth rate in the given forecast period will be displayed by Asia Pacific.
The key players in the global enteral feeding devices market are Boston Scientific, Covidien plc., CONMED Corporation, Amsino International, Inc., Applied Medical Technology, Inc., Moog, Inc., and Kimberly-Clark.
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