New York City, United States, May 20, 2020 -- The change during the COVID-19 pandemic has upgraded our reliance on trend setting innovations, for example, augmented reality, virtual reality, and the industrial internet of things. The unfulfilled money related targets are convincing the associations to embrace robotization and cutting edge innovations to remain ahead in the market rivalry. Organizations are using this open door by distinguishing day by day operational needs and teaching robotization in it to make a computerized framework as long as possible.
The new report by Persistence Market Research (PMR) unveils that the worldwide revenue of dysphagia management market to reach US$ ~3.5 Bn, by the end of 2019. It is projected that the business sector for dysphagia management is expected to grow at a healthy CAGR between 2019 and 2029, according to PMR’s research report.
Expanding presence of managed care institutions, particularly in developed economies, is fueling the demand for neglected treatments such as dysphagia management. For instance, implementation of Affordable Care Act in the U.S. has helped in successfully increasing insurance coverage because of which an increasing number of people are coming under the net of dysphagia management.
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- Eisai Co. Ltd.
- Becton, Dickinson and Company (BD)
- AstraZeneca Plc.
- Cipla Limited
- Nestlé (Nestlé Health Science)
- Kent Corporation (Kent Precision Foods Group, Inc.)
- Danone (Nutricia Advanced Medical Nutrition)
- Cook Group (Cook Medical Inc.)
According to the report, this factor majorly contributes in paving the way for growth of the dysphagia management industry by the end of 2029.
Increasing Number of Local Players Adding to the Competition in Dysphagia Management Landscape
Growing prevalence and rising demand for nasogastric tube and PEG tubes in primary dysphagia management have created an opportunity for local players to come with dysphagia management products at competitive rates. Apart from global market players such as Cook Medical Incorporation and Becton, Dickinson and Company, there are several other local players in the regional dysphagia management market across the globe that are catering to the local market.
For example, Dr. Goyal Medical Private Limited, OR Surgicals, NeoDevices, Inc and other small players are also participating in the dysphagia management market.
According to the PMR report, in distribution channel, hospital pharmacies will dominate the supply side in the dysphagia management market by the end of 2019. Following hospital pharmacies, retail pharmacies are next expected to harness maximum share in the forecast period of 2019-2029. This is due to the growing demand for dysphagia management products avenues in developed and emerging countries.
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A marked shift towards generic and OTC formulations from branded products has been noticed, owing to expiry of majority of blockbuster drugs in the dysphagia management market. Ease of manufacturing, availability of raw materials at low prices, and lower costs aiding the rapid market influx of generic drugs in lower income nations are creating growth opportunities for the dysphagia management market.
Opportunities Reside in Better Patient Compliance
According to the PMR study, Kent Precision Food Groups Inc., has setup guidelines for dysphagia diet, which state different levels of diet depending on the severity of the diseased state. These guidelines help the patient as well as the healthcare providers to have a better understanding of food selection in dysphagia management.
Major companies in the dysphagia management sector are putting efforts to meet the need of patients and healthcare personnel to get a drift in the dysphagia management market. Improving patient compliance is directly related to making diets more palatable. Companies are expected to perform better on devising innovations in taste masking.
This could lead to better patient compliance among pediatric and geriatric groups needing proper dysphagia management. Development of orodispersible tablets (ODTs) that can dissolve or disintegrate rapidly in the oral cavity could help in generation of higher revenues for players in the dysphagia management market.
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Other advantages of ODTs are no water is needed, no chewing is needed, improved stability, allows high drug loading, cost-effective and adaptable to existing processing and packaging machinery. Complying with these factors creates a tremendous growth opportunity for the competitors in dysphagia management sector.
Further, acceptance of such drugs among patient groups is also high due to cost effectiveness of the type of medication. Companies operating in dysphagia management are thus expected to largely benefit from development of palatable and cost-effective ODTs. PMR’s analysis also demonstrates groundbreaking views on the business sector of the dysphagia management market along with insights on key business approaches and policies by competitors in the dysphagia management business.
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