Fast-Paced Growth in End-use Adoption after COVID-19 pandemic to Propel Enteral Feeding Devices Market Revenue Growth

04/giu/2020 17:33:52 persistencemarketresearch Contatta l'autore

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New York City, United States -- The change during the COVID-19 pandemic has overhauled our dependence on pattern setting developments, for instance, expanded reality, computer generated reality, and the Healthcare web of things. The unfulfilled cash related targets are persuading the relationship to grasp robotization and forefront advancements to stay ahead in the market competition. Associations are utilizing this open entryway by recognizing step by step operational needs and showing robotization in it to make an automated structure as far as might be feasible.

 

The growth of the enteral feeding devices market is expected to be largely driven by the expansion of home enteral nutrition, the advantages of enteral nutrition over parenteral nutrition, and the growing global aging population, which is more susceptible to chronic diseases.

The development and adoption of innovative and patient-friendly enteral feeding devices is also expected to improve the market penetration and consumer preference for enteral feeding devices across all regions.

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Company Profiles:

  • Abbott Nutrition
  • ALCOR Scientific
  • Applied Medical Technology
  • B. Braun Melsungen AG
  • Boston Scientific
  • CONMED Corporation.
  • Cook Medical
  • Cardinal Health, Inc.
  • Becton, Dickinson and Company
  • Fresenius Kabi
  • Owens & Minor, Inc. (Halyard Health)
  • Medline
  • Moog
  • Nestlé Health Science
  • Danone SA
  • Vygon SA
  • Amsino International, Inc.
  • Fuji Systems Corp
  • Neomed
  • Smiths Medical (Smiths Group)

The US to Remain Prominent Market for Enteral Feeding Devices Manufacturers

High healthcare spending and a strong homecare support infrastructure are among the factors that are expected to continue to drive the market, specifically the enteral pump market, in the US. Increased emphasis on patient mobility and the rapid adoption of such means in the US is estimated to promote the growth of low-profile enteral feeding devices.

However, factors hampering the growth of the enteral feeding devices market include stringent government regulations and reduction in the sales prices of several enteral feeding devices, even though the US already has the lowest average selling price among the seven major markets of enteral feeding devices in the world.

The development and adoption of innovative and patient-friendly enteral feeding devices is also expected to improve the market penetration and consumer preference for enteral feeding devices across all the regions. The growing global aging population and the trend toward homecare feeding are expected to be among the main factors propelling the enteral feeding devices market during the forecast period.

Increase in the prevalence of chronic conditions, such as cancer and premature birth, are also expected to contribute to the increased usage of enteral feeding devices for nutrition.

However, lack of patient education and reimbursement limitations in certain countries are some of the factors that are likely to hamper the adoption of enteral feeding devices. Parenteral feeding devices, which administer nutrition to patients via IV, have been competitors of enteral feeding devices for a long period. Several studies and articles have been published, which compare these two forms of nutrition, however, most physicians prefer enteral nutrition over parenteral nutrition.

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Reimbursement Scenario to Remain among Key Influencers

Another major barrier that is restraining the growth of the enteral feeding devices market is the need for companies in the market to invest high amounts for R&D. However, depending upon the segment, entry into the enteral feeding devices market generally requires less extensive technological capabilities as compared to what is being seen in other medical device areas.

This is especially true for enteral feeding devices, such as nasogastric and replacement G-tubes, which are less technologically complicated and have a low R&D cost, due to which they are less difficult to manufacture. On the other hand, enteral feeding devices such as pumps have high R&D costs, require more technical expertise, have stringent approval regulations, and require companies to provide servicing & maintenance.

Accordingly, reimbursement structures present in different regions vary due to socioeconomic influences. Insurance agencies pose a major challenge to enteral feeding devices manufacturers to cut down on their operating funds. To succeed, manufacturers need to recognize that markets are different, and adjust their strategies in different areas to be able to achieve regional expansion.

The manufacturers of enteral feeding devices need to balance their advertising and technical studies to create better prospects. Moreover, they must confirm and effectually place their central product in their offerings in relation of its price intention.

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