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Enteral Nutrition Market Report 2024 - Enteral Nutrition Market Size, Innovations And Insights
Enteral Nutrition Market
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According to The Business Research Company's, The enteral nutrition market size has grown strongly in recent years. It will grow from $11.55 billion in 2023 to $12.44 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to clinical need, hospital and clinical settings, surgical procedures, improved feeding tubes, increased awareness.
The enteral nutrition market size is expected to see strong growth in the next few years. It will grow to $16.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to patient-centric care, chronic health conditions, home-based care, personalized nutrition, rise in gastrointestinal disorders. Major trends in the forecast period include optimization of administration techniques, tube placement technologies, modular and tailored nutrition solutions, immunonutrition development, home enteral feeding kits.
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Market Drivers and Trends:
The increase in the prevalence of chronic disease is expected to drive the demand for enteral nutrition. Chronic or non-communicable diseases (NCDs) are long-term conditions that typically progress slowly and persist over an extended period. It includes cardiovascular diseases, diabetes, respiratory diseases, cancer, chronic kidney disease, neurological diseases, rheumatoid arthritis, and other autoimmune diseases. Enteral nutrition can be used as a supportive measure for patients who have difficulty eating or maintaining adequate nutrition due to the disease or its treatments. For instance, in 2023, according to the report published by the American Cancer Society, Inc, a US-based nationwide voluntary health organization dedicated to eliminating cancer, estimated new cases of liver cancer in females diagnosed in the United States increased from 12,660 in 2022 to 13,230 in 2023. Further, in December 2021, according to the statistics published by International Diabetes Federation, a Belgium-based, non-profit diabetes association, in 2021, 537 million adults (20-79 years) recorded living with diabetes, and 6.7 million people died of diabetes in 2021. However, by 2030, it is anticipated that 643 million people worldwide will have diabetes. Therefore, the increase in chronic disease prevalence is driving the enteral nutrition market.
Product innovation is a key trend gaining popularity in the enteral nutrition market. Major companies operating in the enteral nutrition sector are focused on developing new technological and innovative solutions to strengthen their position in the market. For instance, in August 2023, VGM Wound Care, a UK-based community and resource center for healthcare providers and vendors, specialize in wound care launched the Enteral Nutrition Guide, a comprehensive resource providing essential insights, protocols, and guidance for the seamless integration of enteral nutrition into the wound care business of HME providers. The Enteral Nutrition Guide from VGM Wound Care represents a significant advancement for wound care businesses aiming to elevate patient care and diversify their service range. Equipped with comprehensive information and guidance, this resource enables HME providers to effortlessly incorporate enteral nutrition into their wound care operations.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Cardinal Health Inc., Nestle S.A., Fresenius Kabi AG, Abbott Laboratories, Medtronic Inc., Danone S.A., Becton, Dickinson and Company, Otsuka Pharmaceutical Factory, Boston Scientific Corporation, Hormel Foods Corporation, B. Braun Melsungen AG, Reckitt Benckiser Group PLC, Meiji Holdings Co. Ltd., C. R. Bard GmbH, Moog Inc., Mead Johnson Nutrition, Cook Medical, Halyard Health Inc., Avanos Medical Inc., Applied Medical, Angiplast Pvt Ltd., Kate Farms, Global Health Products Inc., Victus Inc., VYGON SAS
Enteral Nutrition Market 2024 Key Insights:
• The enteral nutrition market size is expected to see strong growth in the next few years. It will grow to $16.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Rising Chronic Disease Prevalence Spurs Growth In The Enteral Nutrition Market
• Otsuka Pharmaceutical's Enoras Liquid Pioneering Product Innovation In The Enteral Nutrition Market
• North America was the largest region in the enteral nutrition market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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