Developing Trends in the Enteral Feeding Devices Market
The key market players are considering the technological advancements along with increase in health care spending and rise in incidence of diseases to be the major driving factors for the market. The global enteral feeding devices market is projected to exhibit a 6.8% CAGR by the year 2025. The rapid rise in chronic diseases and illnesses like diabetes and cancer, high level of awareness among people, and increasing support from the emerging economies are spurring the growth of the enteral feeding devices market.
How does the latest technological advancements affect the enteral feeding devices market?
Multiple companies in the market are focusing on innovation and research and development (R&D) to create devices with the latest technology. This has led to the development of advanced enteral feeding pumps which are small in size and portable as well according to the requirements of the buyer. They help to store the previous data on feeding rates, operate the device in the language of choice and setup the program according to personal needs. The convenience and smooth functioning offered by the latest technology devices attract potential customers and encourage them to shift to enteral feeding. This will be the major driver for the global enteral feeding devices market during the forecasted period.
How the rise in emerging economies affect the global enteral feeding devices market?
In the recent years, the governments of several developing countries like China, India and Brazil have announced an increase in the annual health care spending which has caused the growth and development of the enteral feeding devices market. Measures have been taken by these economies to prevent the spread of diseases and uplift the health conditions of people. The enteral feeding pumps are used in treating the malnutrition associated with cancer which increases their demand in the market as there are plenty of cancer patients in these regions. This will be another major driver for the enteral feeding devices market.
What are the challenges faced by the enteral feeding devices market?
The enteral feeding services are quite effective but fairly expensive at the same time which makes it difficult to be adopted by the masses. The U.S.A, Canada, France, Germany and other developed countries are offering reimbursements against the eternal feeding treatment acquired by an individual. However, the less developed economies find it difficult to reimburse the payment due to insufficient health care budget. As a result, the eternal feeding pumps are purchased and used by a small portion of the population which limits the market for the key players.
In addition to this, the functioning of eternal feeding devices is very sophisticated and requires technical know-how to operate the device. the complications associated with the working of the devices make the patients reluctant to adopt the treatment. These are the major challenges and restraints posed to the global enteral feeding devices market.
What is the impact of COVID-19 on the global enteral feeding devices market?
The COVID-19 pandemic induced worldwide shutdowns of manufacturing units and workshops. Growth of several industries including different medical industries was damaged during the lockdown. However, the covid outbreak forced the government to undertake measures in order to provide effective care and treatment to the patients. Many countries are adopting enteral feeding devices to boost the immunity and maintain decent health of the people. In addition to this, some developed countries like the US and the UK have regulated new rules concerning the nutritional support and health safety of patient as well as staff which will create opportunities in the enteral feeding devices market.
What is the current competitive landscape in the enteral feeding devices market?
The key players in the market are focusing on technological advancement and research and development to innovate latest products. They are thriving to create opportunities in the market and attain a competitive edge.
Some of the major companies in the market include Fresenius Kabi AG, Nestle SA, Danone, B.Braun Melsungen AG, Avanos Medical, Cardinal Health,Inc, Moog,Inc, Conmed Corporation, Cook Medical, Abbott Laboratories, Boston Scientific, Vygon Group, Applied Medical Technology, Amsino International Inc., Fidmi Medical, Vesco Medical, LLC, Dynarex Corporation and Alcor Scientific.
The global enteral feeding devices market will exhibit growth and development in the coming years owing to the technological advancements and rise in emerging economies. With the increase in incidence of chronic diseases, people are getting aware and are taking precautions to prevent infections and maintain their health. The latest innovations have led to the development of advanced enteral feeding pumps with multiple features to provide convenience to the patients.