(MENAFN- GlobeNewsWire - Nasdaq) NEWARK, Del, May 08, 2023 (GLOBE NEWSWIRE) -- The global tube feeding formula market is anticipated to be worth US$5,245.8 million in 2023, according to Future Market Insights (FMI). By 2033, it is projected to reach US$ 10,211.7 million. From 2023 to 2033, the market is anticipated to grow at a CAGR of 6.9%.
Emerging economies in the Asia Pacific such as India, China, Thailand, and Malaysia hold enormous promise in the industry. Medical nutrition companies have the opportunity to generate significant revenues in such countries with large populations of patients and a high incidence of chronic diseases.
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The growing burden of cancer in developing areas of the Asia Pacific region such as India and China was highlighted by the International Network for Cancer Treatment and Research. This is a key example of the scope of the applicability of tube feeding formulas.
Increased demand for tube-feeding formulas is expected over the forecast period. This is primarily due to the rising prevalence of cancer, neurological disorders, and gastrointestinal diseases related to food contamination and other issues. These formulas are essential for providing sufficient nutrition and hydration to patients suffering from these conditions.
According to the World Health Organization (WHO), cancer was responsible for around 10 million deaths worldwide in 2020. About 30% of cancer cases in low and lower-middle-income countries were caused by infections such as hepatitis and human papillomavirus (HPV). This further drives demand for nutritional drugs in the market.
In recent times, it has been difficult to get approval for human health-related products. More provisions have been added by regulatory bodies to approve certain products.
It also takes a long time for regulatory bodies to approve such products with the introduction of lengthy testing processes. It has led to only a few leading players operating in the market for medical nutrition.
Due to the slow rate of approvals, new entrants have a higher risk in the market. With growing investments, key manufacturers are developing novel nutritional drugs. Research & development initiatives from market leaders are fostering unprecedented growth in this sector.
Leading companies are working to produce advanced or standard nutritional products. These aim to fulfil patients' nutritional requirements under various clinical conditions in a healthy and adequate way.
Key Takeaways from the Tube Feeding Formula Market Report:
India's tube feeding formula industry is estimated to witness a CAGR of 7.8% during the assessment period. The global tube-feeding formula industry exhibited growth at a moderate CAGR of 5.3% from 2018 to 2022. China's tube feeding formula industry is projected to exhibit decent growth at a CAGR of 8.8% from 2023 to 2033. Based on product type, the elemental formulas segment is set to reach a valuation of US$ 1,396.5 million in 2023. By distribution channel, the prescription-based segment is expected to flourish at 6.7% CAGR from 2023 to 2033.
'Through 2033, there will be a rising patient and healthcare provider awareness of the numerous advantages of enteral feeding. It is anticipated that this kind of nutritional supplementation will be used more frequently. Manufacturers are likely to find significant growth opportunities by analyzing different demographics that are in need of tube feeding solutions, and the reason behind such requirements. 'says Future Market insights analyst
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Competitive Landscape
Leading tube feeding formula manufacturers are engaging in product development & innovation to meet changing needs of consumers and deliver unique product offerings. They also focus on geographic expansion to tap into new markets and leverage growth opportunities.
A few new entrants are diversifying their product offerings to cater to different patient populations and address various medical conditions. They are also undertaking marketing and promotional activities to raise awareness about their products and services among healthcare professionals & end users.
For instance,
In September 2021 , Abbott Nutrition introduced its first plant-based, tube feeding formula, called Ensure Plant-based Protein. It is made from pea protein and is designed for people who require a vegan or vegetarian option.
Get More Valuable Insights into Tube Feeding Formula Market
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global tube-feeding formula industry presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the global tube-feeding formula market based on product type (standard formulas, elemental formulas, blenderized formulas with real food ingredients, peptide formulas, specialized formulas), form (semi-solid, liquids, powder), primary condition (general well-being, condition specific), end user (adult, geriatric, pediatric), distribution channel (prescription-based, over-the-counter), and region.
Table of Content ( ToC ):
1. Executive Summary | Tube Feeding Formula Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Wheel of Fortune
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition
3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunity
3.4. Market trends By Region
3.5. Forecast Factors - Relevance & Impact
3.6. Packaging & Labelling Regulations
3.7. Regulatory Landscape
4. Value Chain Analysis
4.1. Operating margins at each node of the supply chain
4.2. List of Active Market Participants
5. Global - Pricing Analysis
5.1. Price Point Assessment by Region
5.2. Price Point Assessment By Product
5.3. Price Forecast till 2033
6. Global Market Size (in Value (US$ Million) and Volume (MT) Analysis 2018 to 2022 and Forecast, 2023 to 2033
6.1. Historical Market Size in Value (US$ Million) and Volume (MT) Analysis, 2018 to 2022
6.2. Current and Future Market Size in Value (US$ Million) and Volume (MT) Analysis, 2023 to 2033
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