Global Enteral Feeding Devices Market to Reach $4.85 Billion by 2027

According to Coherent Market Insights, the global enteral feeding devices market is estimated to be valued at $3.26 billion in 2020 and is expected to exhibit a compound annual growth rate of 5.8 percent over the forecast period (2020-2027).
 
Key trends in the market include increasing incidences of chronic and life threatening diseases such as diabetes, cancer, cardiovascular diseases and other, increasing launch of novel product and increasing collaborations and acquisitions among key players. These are expected to aid in growth of the market.
 
According to the report published by The International Diabetes Federation (IDF) in February 2020, in 2019, around 463 million adults (20-79 years) were living with diabetes around the world and it is expected to rise to 700 million by 2045 globally. Moreover, according to the same source, diabetes caused 4.2 million deaths globally in 2019 and 79 percent of adults with diabetes were living in low- and middle-income countries.
 
Moreover, increasing launch of novel products is expected to drive the market growth over the forecast period. In June 2020, Applied Medical Technology Inc. (AMT), a enteral feeding devices and surgical products manufacturing company launched its new mobile app, AMT ONE Source.
 
Furthermore, key players operating in the global enteral feeding devices market are focusing on adoption of inorganic growth strategies such as acquisitions and collaborations in order to increase their market presence in the global market. For instance, in July 2017, Cardinal Health Inc., a medical devices company completed the acquisition of Medtronic plc’s Patient Care, Deep Vein Thrombosis, and Nutritional Insufficiency businesses for $6.1 billion, including numerous industry-leading brands such as Curity, Kendall, Dover, Argyle and Kangaroo—brands used in nearly every U.S. hospital.
 
Growth over the forecast period is due to increasing incidences of cardiovascular diseases. According to the World Health Organization 2017 report, an estimated 17.9 million people died due to cardiovascular diseases (CVDs) in 2016, representing 31 percent of all global deaths, out of which, around 85 percent deaths are caused due to heart attack and stroke.
 
Among product type, feeding tubes segment accounted for the largest market share in 2020, owing to increasing number of central nervous system and mental health disorders which is expected to increase demand for feeding tubes. According to a recently published research 2019, neurological disorder is the second leading cause of approximately 9 million deaths, worldwide.
 
Key players operating in the global enteral feeding devices market include Cook Group, Abbott Laboratories, Cardinal Health, Boston Scientific Corporation, CONMED Corporation, Amsino International Inc., Applied Medical Technology Inc., Becton, Dickinson and Company, B. Braun Melsungen AG, Fresenius SE & Co. KGaA, Moog Inc., Vygon S.A, Dynarex Corporation, and Medela AG.