Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- In its new research study about the global enteral feeding devices market, Transparency Market Research, a U.S.-based market intelligence firm, states that the market will experience moderate growth from US$2,033.1 million in 2012 to US$3,102.0 million by 2019. Between the years 2013 and 2019, the market will register growth at a CAGR of 6.2% to achieve this market position.The report is titled "Enteral Feeding Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019".
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It states that the global market for enteral feeding devices will be chiefly driven by the increasing global ageing population and the cost benefits of enteral feeding compared to hospitalization throughout the forecast period. The market will also significantly benefit from the rising prevalence of chronic diseases such as cancers, numerous neurological and gastrointestinal disorders, and the rising demand for reconstructive surgeries, which employ enteral feeding devices on a large scale.
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Enteral feeding devices, also referred to as artificial nutritional support systems, are employed for delivering medication or nutrition to patients and are considered the first choice of treatment for patients with GI tract disorders. Over the years, the additional convenience of reduction in the number of hospital visits due to the emergence of home-based enteral device-based therapies has positively influenced the market for enteral feeding devices.
The report primarily segments the global enteral devices market into enteral feeding device types (product types), according to age groups (stages), and chief regional markets.
The segment of product types is further classified into feeding tubes, pumps, enteral syringes, giving sets, and administration reservoir. The segment of stages is divided into adult and pediatric. Based on geography, the global market is segmented into Asia-Pacific, Europe, North America, and the Rest of the World.
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"In 2011, the product type of enteral feeding pumps had a clear dominance over the market by accounting for a nearly 61% share of the total market revenue. Enteral pumps are also generally the costliest products in an enteral feeding device-based therapy setup," a TMR analyst stated. The market for these devices is expected to be the fastest growing market segment of the overall enteral feeding devices market over the forecast period, observing growth at a CAGR of nearly 6.1%. The market for low-profile gastrostomy is expected to grow at a CAGR of 5.5% over the forecast period.
Geography-wise, the regional markets of Europe and North America dominated the global enteral feeding devices market, accounting for a combined share of nearly 67% of the global revenue in 2012. However, the market of Asia Pacific will grow at the fastest pace over the forecast period, registering a CAGR of nearly 6.5% during the period.
The highly fragmented global enteric feeding devices market is dominated by large corporations. Some of the chief businesses operating in the market include Kimberly Clark, Moog, Inc., Applied Medical Technology, Inc., Amsino International, Inc., CONMED Corporation, Covidien plc., and Boston Scientific, among others.
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Source:Transparency Market Research