The global enteral feeding devices market is expected to rise by $370m over the next six years to reach $1.52bn by 2022, according to a report by GlobalData.
Titled 'Enteral Feeding Devices- Global Analysis and Market Forecasts', the report forecasts that the growth in global aging population and rise in indications such as cancer, strokes and premature birth will contribute to the expansion of enteral feeding devices market across the seven major markets of the US, France, Germany, Italy, Spain, the UK and Japan.
Companies such as Abbott Nutrition, Covidien (Medtronic), Fresenius Kabi, Halyard Health, Nestle Health sciences and Nutricia currently dominate the market by utilising their global distribution networks, states the report.
The technologically advanced enteral nutrition, which uses a tube to feed directly into stomach or small bowel, is a more natural and physiological way for patients to receive nutrition, which makes it advantageous over parenteral nutrition, which is administered via intravenous injection and passes through the entire digestive system, explains Global Data's Analyst Jordan Betel.
These features of enteral feeding devices, coupled with their role in disease treatment and prevention, will contribute to increasing demand in hospital and home care segments and thereby promote the market expansion, says Betel.
If medical device companies aim to hit the enteral device market they need to understand the trends of varying market, design different strategies and create a regional orientation and be able to handle the challenges posed by regional reimbursement schemes and various medical approaches, adds Betel.