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Nutritional Advancements: Enteral Feeding Formula Market Landscape 2024
Enteral Feeding Formula Market Research
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According to The Business Research Company's, The enteral feeding formula market size has grown strongly in recent years. It will grow from $6.02 billion in 2023 to $6.61 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to rising geriatric population, increased prevalence of chronic diseases, technological advancements in enteral feeding formula, growing awareness of clinical nutrition, expansion of home healthcare services.
The enteral feeding formula market size is expected to see rapid growth in the next few years. It will grow to $9.68 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to growing incidence of malnutrition, expansion of the elderly population, advances in enteral nutrition research, increasing adoption of home enteral nutrition, rise in the number of hospitals and long-term care facilities. Major trends in the forecast period include development of disease-specific enteral feeding formulas, demand for plant-based and organic formulas, focus on immunonutrition in enteral feeding, customized enteral nutrition solutions, adoption of blenderized tube feeding formulas.
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Market Drivers and Trends:
The growing geriatric population will propel the growth of the enteral feeding formula market. Globally, the number of people aged 65 years or above was increasing in recent years. The geriatric population is most vulnerable to chronic disorders and often requires feeding through the enteral route. Thus, the increasing number of old age people increases the demand for enteral foods. For instance, in October 2022, according to the World Health Organization, a Switzerland-based international public health organization, the global population of individuals aged 60 years is projected to increase to 1.4 billion by 2022 compared to 1 billion in 2020. Moreover, 1 out of 6 people in the world will be aged more than 60 years or older by 2030. Therefore, the growing geriatric population will drive the growth of the enteral feeding formula market forward.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Abbott Laboratories, Nestlé S. A., Danone S. A., Fresenius Kabi AG, Mead Johnson Nutrition Company, B. Braun Melsungen AG, Meiji Holdings Co. Ltd., Real Food Blends, Ajinomoto Cambrooke Inc., Otsuka Pharmaceutical Co. Ltd., Hormel Foods Corporation, Meiji Seika Pharma Co. Ltd., Medtrition Inc., Nutri-Force Nutrition, Global Health Product Inc., VICTUS, Primus Pharmaceuticals Inc., Kate Farms, Baxter International Inc., Perrigo Nutritionals LLC, Reckitt Benckiser Group plc, Royal Numico NV, Bio-Serv Inc., Nutrabalace Ltd., ProSynbiotics, Med-Diet Laboratories Inc., Precision Foods-kent corporation, SimplyThick LLC, Coram LLC, Vitaflow LLC
Enteral Feeding Formula Market 2024 Key Insights:
• The enteral feeding formula market size is expected to see rapid growth in the next few years. It will grow to $9.68 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Rising Geriatric Population Fuels Growth Of Enteral Feeding Formula Market
• Innovative Product Launches Drive Growth In The Enteral Feeding Formula Market
• North America was the largest region in the enteral feeding formula market in 2023
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