PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1476368
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1476368
According to Stratistics MRC, the Global Enteral Feeding Formulas Market is accounted for $5.8 billion in 2023 and is expected to reach $12.6 billion by 2030 growing at a CAGR of 11.7% during the forecast period. The enteral feeding formulas market encompasses a range of specialized liquid nutrition products designed to meet the nutritional needs of individuals who are unable to consume food orally. These formulas are administered directly into the gastrointestinal tract through feeding tubes, bypassing the oral cavity. The enteral feeding formulas market serves a diverse range of patients, including the elderly, critically ill, and individuals with disabilities.
According to the IDF 2021, approximately 537 million adults are living with diabetes, and the number of people adults living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045.
Increasing prevalence of chronic diseases
As conditions such as cancer, gastrointestinal disorders, and neurological disorders become more prevalent globally, the demand for enteral nutrition solutions rises. These conditions often result in patients experiencing difficulty in swallowing or digesting solid food, necessitating alternative feeding methods like enteral nutrition. Enteral feeding formulas offer a convenient and effective way to deliver essential nutrients directly into the gastrointestinal tract, bypassing the oral route.
High cost of specialized formulas
These formulas are tailored to meet the nutritional needs of individuals with specific medical conditions or dietary requirements, such as those with gastrointestinal disorders, metabolic diseases, or recovering from surgery. However, the exorbitant prices of these specialized formulas make them financially inaccessible to many patients, leading to decreased demand and hindering market expansion. However, healthcare facilities and insurers often face budget constraints, further limiting their ability to procure these costly formulas for patients in need.
Growing prevalence of malnutrition
Malnutrition is a widespread issue globally, affecting individuals across various age groups due to factors such as chronic illnesses, aging populations, and inadequate dietary intake. Enteral feeding formulas provide a crucial solution for delivering essential nutrients directly to individuals who are unable to consume food orally or absorb nutrients effectively. With the rising awareness about the importance of nutrition in healthcare, coupled with advancements in medical technology and increasing healthcare expenditure, the demand for enteral feeding formulas is on the rise.
Lack of patient awareness and insufficient reimbursements for enteral nutrition
Many individuals requiring enteral nutrition support may not fully understand the importance of proper nutrition or the availability of specialized formulas tailored to their needs. This lack of awareness leads to underutilization of enteral feeding products, thereby hindering market growth. Insufficient reimbursements for enteral nutrition are significantly hindering the Enteral Feeding Formulas Market. Enteral nutrition, a critical component of medical care for individuals unable to consume food orally, relies heavily on reimbursements from healthcare systems or insurance providers.
Disruptions in the global supply chain led to shortages of raw materials and ingredients essential for manufacturing these formulas, resulting in production delays and supply chain constraints. Lockdown measures and restrictions on non-essential medical procedures reduced hospital admissions and elective surgeries, leading to a decline in the number of patients requiring enteral nutrition support. However, as healthcare systems adapted to the pandemic and began to address the backlog of postponed procedures, the demand for enteral feeding formulas may have gradually rebounded, albeit with ongoing uncertainties regarding future waves of the virus and potential disruptions to healthcare services.
The Disease-specific Formula segment is expected to be the largest during the forecast period
Disease-specific Formula segment is expected to be the largest during the forecast period by catering to the specific nutritional needs of patients with various medical conditions. These specialized formulas are formulated to address the unique dietary requirements of individuals suffering from diseases such as diabetes, cancer, gastrointestinal disorders, and renal failure, among others. By providing tailored nutrition, these formulas optimize patient outcomes, promote faster recovery, and improve overall health management.
The Long Term Care Facilities segment is expected to have the highest CAGR during the forecast period
Long Term Care Facilities segment is expected to have the highest CAGR during the forecast period. As LTCFs cater to individuals with chronic illnesses, disabilities, or those who are unable to consume food orally, the demand for enteral feeding formulas within these facilities is consistently high. These facilities often house elderly individuals with conditions such as dysphagia, dementia, or stroke, who require tailored nutritional support. Consequently, LTCFs represent a crucial market segment driving the development and innovation of enteral feeding formulas, prompting manufacturers to invest in research and development to meet the specific nutritional needs and preferences of this demographic.
Asia Pacific region commanded the largest share of the market over the extrapolated period. Preterm infants often require specialized nutritional support due to their underdeveloped gastrointestinal systems, making enteral feeding formulas a vital component of their care. With an increasing number of preterm births, there's a growing demand for high-quality, nutrient-rich enteral feeding formulas tailored to the unique needs of premature infants in the region. This surge in demand has prompted healthcare providers and facilities to procure a greater volume of enteral feeding formulas, thereby driving regional growth.
Europe region is poised to hold profitable growth during the forecast period. Stringent regulatory frameworks such as the European Food Safety Authority (EFSA) and the European Medicines Agency (EMA) set standards for the production, labeling, and distribution of enteral feeding formulas. These regulations mandate thorough testing, ingredient transparency, and adherence to specific nutritional guidelines. Moreover, reimbursement policies implemented by European governments for enteral nutrition products further stimulate market growth by facilitating access for patients in need.
Key players in the market
Some of the key players in Enteral Feeding Formulas market include Danone S.A, Primus Pharmaceuticals, Inc, Fresenius Kabi AG, Meiji Holdings. Co., Ltd, Abbott, Hormel Foods Corporation, Mead Johnson & Company, LLC, Nestle, B. Braun Melsungen AG, Nutritional Medicinals, LLC, Medtrition Inc and DermaRite Industries, LLC.
In September 2023, Abbott announced the plan to boost manufacturing of various adult enteral formulas for the retail market to counteract low supply in the institutional sector.
In February 2023, Nestle and EraCal Therapeutics initiated a research collaboration to identify novel nutraceuticals for controlling food intake
In September 2022, Kate Farms introduced Adult Standard 1.4, a high-calorie medical formula now offered in chocolate. This product is designed to assist in weight gain, weight maintenance, and improved tolerance while providing a delicious taste.
In September 2022, Kate Farms raised USD 75 million in a Series C funding round led by life-science investor Novo Holdings. With this, Kate Farms will be able to increase its efforts in developing plant-based clinical nutrition research, product innovation, and development into more channels.