PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1457945
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1457945
The enteral feeding formulas market achieved a value of USD 5,781.8 million in 2023 and is projected to grow to USD 10,963.7 million by 2030, exhibiting a compound annual growth rate (CAGR) of 9.7% between 2024 and 2030. This growth of the market can be credited to the surge in the elderly populace and the surge in the occurrence of chronic diseases, like diabetes, cancer, neurological diseases, and gastrointestinal diseases.
Factors That Are Boosting Market Growth
Enteral feeding formulas are specially formulated with a specific nutrient content to provide matching for malnourished individuals or individuals who are at risk of malnutrition. They have the necessary substances like vitamins, protein, and calories that one takes to live daily.
The WHO states that nearly half of the fatalities of children under five are related to undernutrition. This startling figure is flagrant, notably in middle-income countries.
Furthermore, the rising count of early births worldwide is propelling the acceptance of enteral feeding formulas to fulfill the nutritious needs of newborns, which is projected to boost the industry over the years. Moreover, the growing count of road accidents and wounds is set to propel the development of this industry.
Globally, road traffic accidents result in the deaths of roughly 1.2 million people annually.
Additionally, individuals injured in these accidents require time to heal, during which they may experience challenges with mobility and chewing.
Due to these factors, enteral feeding formulas become essential for providing necessary nutrition to injured individuals who are unable to eat conventionally.
Standard Formulas Are Leading the Industry
In 2023, standard formulas held the largest share of, more than 35% within the enteral feeding formulas industry.
The category is also estimated to continue to the dominant throughout the projection period.
The major factor for this trend is that standard formulas are precisely formulated for people with normal digestion, whether children or adults.
Standard formulas are adaptable as they can fulfill dual drives: as enteral feeding solutions and as oral supplements.
The Largest Share in The Market Was Held by The Pediatrics Category
In 2023, the pediatrics category generated the largest income share within the industry.
During the projection period, its development is projected to continue at a CAGR of 9.8% between.
This trend is propelled by a growing count of preterm births and a high occurrence of chronic situations among children.
Hospitals Category Accounts for Largest Revenue Share
In 2023, the Hospitals category held the largest industry share, of more than 60% of the total.
This category is also projected to witness significant development during the projection period.
The surge in the utilization of these formulas in hospitals, mainly for patients needing long-term care, is a major propeller of this development.
North America Dominates Enteral Feeding Formulas Market
North America is expected to continue leading the market with a share of around 55% in 2030. This will be due to the standardized and favorable FDA rules for these products in the U.S.
The US FDA has allowed infant formula manufacturers to increase the supply of pediatric formula by giving them temporary permission for enforcement discretion.