Press release
Enteral Feeding Devices Market will Exhibit a Steady 6.2% CAGR through 2019
Players Tackling Reimbursement and Device Complications Issues
According to Transparency Market Research, a market intelligence firm based in the U.S., the global enteral feeding devices market will grow at a moderate CAGR of 6.2% during the forecast horizon of 2013 to 2019. In 2012, the global enteral feeding devices market was worth US$2,033.1 million and the market is expected to be worth US$3,102.0 million by 2019. The global enteral feeding devices market will experience moderate growth in the coming years, as this market is experiencing several hurdles. The two main factors standing in the growth path of the global enteral feeding devices market are the high complication rates associated with enteral feeding and the strict reimbursement scenario.
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Currently reimbursement of home enteral feeding devices is available through the patient’s insurance company, a government insurance scheme such as Medicare, or from the patient’s own pocket. However, insurance companies disagree on what they will reimburse. Often, the payors will reimburse the feeding tube, supplies, and pump, but not the feeding formula. Furthermore, many private insurance companies do not offer reimbursement for enteral feeding devices at all, while other companies have stringent requirements. This is suppressing the global enteral feeding devices market to a great extent.
In addition to this, for enteral feeding to work, a low-risk, comfortable method of enteral access and use of the appropriate enteral feeding devices is critical. These conditions are important to minimize complications.
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Strong R&D Framework in the Global Feeding Devices Market to Offer Opportunities
To overcome these issues, players in the market are robustly involved in research and development activities. The key players operating in the global enteral feeding devices market include Amsino International, Applied Medical Technology, Boston Scientific, Cook Medical, CONMED, CORPAK MedSystems, and Covidien.
Due to the strong research and development landscape of the global enteral feeding devices market, enteral nutrition has improved in terms of feeding techniques, the material of devices used, and the product cost.
In February 2014, new connectors for enteral feeding tubes were introduced in the market. Together, manufactures in the global enteral feeding devices market developed a plan to introduce these new connectors. These connectors were expected to allow innovative feeding sets and syringes to connect to existing enteral feeding tubes. In October 2013, Cook Medical declared Entuit enteral feeding products, which were designed to be more comfortable for patients and simplify the enteral feeding procedure for healthcare providers.
The demand for enteral feeding devices is substantial in both developed and developing countries, due to the rising geriatric population and increasing cases of preterm births globally. However, companies need to develop more affordable, innovative enteral feeding devices to make the procedure more comfortable for patients.
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About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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