As per the research report, the Latin America Enteral Feeding Devices Market size is valued at USD 0.66 Billion in 2022. It is further estimated to be growing at a CAGR of 7.5% to reach USD 0.94 Billion by 2027.
The expansion of the Latin American healthcare sector is happening rapidly, which is expected to fuel the demand for enteral feeding formulae. One of the primary factors driving the growth of the enteral feeding formulas market is the rising prevalence of chronic diseases and disorders in Latin America. In addition, the rise in preterm births and the rise in the number of home health agencies and nursing homes is driving up demand for facilities that assist patients in their post-surgery recovery. Furthermore, due to the countries' diverse healthcare markets, increased R&D initiatives to produce novel medical technologies, the market participants in the Latin American region are expected to receive lucrative growth opportunities during the forecast period.
Furthermore, the Latin American enteral feeding formulas market is predicted to be favored by population growth, healthcare infrastructure development, increased healthcare expenditure, and an increase in the geriatric population. In addition, during the forecast period, the rise in demand for personalized medication provides profitable opportunities for market players.
However, the market's growth is projected to be hampered by patient safety concerns, the incidence of feeding errors related to enteral feeding systems, and a lack of awareness. The enteral feeding formulas market in Latin America is further expected to be challenged by insufficient reimbursements and problems associated with enteral feeding. Careful monitoring can aid in the reduction or prevention of these issues. However, these concerns, together with the risk of death related to these problems, operate as a barrier to the broader use of enteral feeding devices.
This research report on the Latin America enteral feeding formulas market has been segmented and sub-segmented into the following categories:
By End User:
Geographically, the Latin American region had a moderate share of the worldwide market in 2020. However, the rise in chronic illness occurrences, such as multiple sclerosis, obstructive pulmonary disease (COPD), stroke, chronic liver disease, and diabetes, as well as increased demand for home care, are expected to accelerate the growth rate of this regional market during the forecast period.
During the forecast period, countries such as Mexico and Brazil are expected to do well in the Latin American region.
KEY MARKET PLAYERS:
Companies playing a prominent role in the Latin America enteral feeding formulas market profiled in the report are Abbott Laboratories (U.S.), Nestlé S.A. (Switzerland), Danone S.A. (France), Fresenius Kabi AG (Germany), Mead Johnson Nutrition Company (U.S.), B. Braun Melsungen AG (Germany), Hormel Foods, LLC (U.S.), Victus Inc. (U.S.), Meiji Holdings Co., Ltd. (Japan), and Global Health Product Inc. (U.S.).
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