Global Enteral Nutrition Market Is Estimated To Witness High Growth Owing To Rising Incidence of Chronic Diseases
The global enteral nutrition market is estimated to be valued at US$2,635.9 million in 2020 and is expected to exhibit a CAGR of 5.8% over the forecast period.
- A) Market Overview:
Enteral nutrition refers to the delivery of nutrients directly into the gastrointestinal tract through a feeding tube. It is used when a person cannot consume food or absorb nutrients normally, such as in the case of patients with chronic diseases or those undergoing surgeries. Enteral nutrition products are designed to provide all the essential nutrients required for proper nutrition. These products offer several advantages, including ease of administration, reduced risk of infection compared to parenteral nutrition, and cost-effectiveness.
- B) Market Key Trends:
One key trend in the Enteral Nutrition Market Demand is the rising incidence of chronic diseases. With the increasing prevalence of conditions such as cancer, gastrointestinal disorders, and neurological disorders, the demand for enteral nutrition products is expected to rise. For instance, according to the World Health Organization, cancer is the second leading cause of death globally, accounting for an estimated 9.6 million deaths in 2018. Patients undergoing cancer treatment often experience swallowing difficulties or have a compromised digestive system, leading to the need for enteral nutrition.
- C) Porter's Analysis:
- Threat of new entrants: The enteral nutrition market has high barriers to entry, including stringent regulatory requirements and the need for advanced manufacturing facilities and distribution networks. Therefore, the threat of new entrants is low.
- Bargaining power of buyers: The bargaining power of buyers is high due to the presence of several established players in the market, giving buyers a wide range of options to choose from.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate as manufacturers require a steady supply of high-quality raw materials for the production of enteral nutrition products.
- Threat of new substitutes: The threat of new substitutes is low as enteral nutrition is a well-established and widely accepted method for providing nutrition to patients who are unable to consume food normally.
- Competitive rivalry: The competitive rivalry in the enteral nutrition market is high, with several key players competing for market share through product innovation, partnerships, and acquisitions.
- D) Key Takeaways:
- The global enteral nutrition market is expected to witness high growth, exhibiting a CAGR of 5.8% over the forecast period, due to the increasing incidence of chronic diseases and the need for specialized nutrition support.
- The Asia Pacific region is expected to be the fastest-growing and dominating region in the enteral nutrition market, driven by a large patient population, expanding healthcare infrastructure, and rising awareness about enteral nutrition products.
- Key players operating in the global enteral nutrition market include Abbott Laboratories, Nestlé S.A., Danone S.A., Fresenius Kabi AG, Mead Johnson & Company, LLC, B. Braun Melsungen AG, Otsuka Pharmaceutical Co., Ltd, Meiji Holdings Co., Ltd., Bahrain Pharma, Bionova Lifesciences, Global Health Products Inc., Victus Inc., and Curtis Health Caps SP.
In conclusion, the global enteral nutrition market is poised for significant growth due to the increasing prevalence of chronic diseases and the need for specialized nutrition support. The market is highly competitive, with key players focusing on innovation and strategic partnerships to gain a competitive edge. The Asia Pacific region is expected to be a dominant market due to its large patient population and expanding healthcare infrastructure.
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