Parenteral Nutrition Market to Surpass US$ 8.4 Bn by 2027; Rise in prevalence of chronic diseases to Drive Market
Transparency Market Research (TMR) has published a new report titled, ‘Parenteral Nutrition Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global parenteral nutrition market was valued at around US$ 5.6 Bn in 2018 and is projected to grow at a CAGR of 4.6% from 2019 to 2027.
Overview
- Parenteral nutrition is a method of feeding a person intravenously. It is primarily referred to patients who are malnourished or at risk of malnutrition and have a non-functioning gastrointestinal (GI) tract. Carbohydrates, vitamins, fats, and minerals such as calcium represent the constituents of parenteral nutrition.
- Parenteral nutrition is indicated for patients who cannot intake adequate nutrition orally or enterally, or who have compromised GI track.
- Administration of parenteral nutrition could become imperative in cases of gastrointestinal diseases, fatal burns, AIDS, and cancer.
- Parenteral nutrition products include a range of macronutrients such as carbohydrates, amino acids and lipid emulsions, and micronutrients such as vitamins, trace elements, and minerals.
- Rise in incidence and prevalence of chronic diseases across the world is the major factor to drive the global market.
- North America dominated the global parenteral nutrition market in 2018 and anticipated to dominate during the forecast period. Growing U.S. FDA approvals for the parenteral nutrition is one of the major factors to drive the market in this region.
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Rise in prevalence of chronic diseases to Drive Market
- Higher incidence & prevalence of chronic diseases across the world is the major driver for the growth of global parenteral nutrition market.
- For instance, according to WHO, 2,378,785 new cancer cases were seen in North America in 2018. Also as per Globocan 2018, 5-year prevalence for all type of cancer in Europe was found to be 12,132,287 which is second only after Asia Pacific region.
- Moreover rising incidence of malnutrition is also fuelling the growth of global parenteral nutrition market. This malnutrition is mainly seen due to poor dietary habits in developed countries & high poverty rate in developing regions and parenteral nutrition is considered as an essential treatment therapy to provide adequate nutrition support to malnourished patents.
- Development of novel parenteral nutrition drugs and rising R&D activities for pipeline products are some of the major factors attributed for the growth of global parenteral nutrition market.
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Single dose amino acid solutions Segment to Dominate Market
- Based on type, the global parenteral nutrition market has been segmented into carbohydrates, parenteral lipid emulsions, single dose amino acid solutions, trace elements, electrolytes, & minerals, and vitamins
- Single dose amino acid solutions is accounted for major market share in 2018 and is expected to dominate throughout the forecast period.
- Single dose amino acid solutions segment is growing with a significant CAGR during the forecast period owing to abundant availability of these products and new unique amino acid-based parenteral formulation by major companies.
North America to Dominate Global Market
- In terms of region, the global parenteral nutrition market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- North America accounted for major share of the global parenteral nutrition market in 2018 due to higher prevalence of chronic diseases, growing U.S. FDA approval for novel parenteral nutrition compounds, and higher research & development funding for new product development.
- For instance, the American Heart Association estimated that 121.5 million adults in the U.S. had cardiovascular diseases between 2013 and 2016.
- The parenteral nutrition market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be ascribed to growing aging population which is more prone to chronic disease, rising awareness for parenteral nutrition, and improving healthcare infrastructure in the region.
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Competitive Landscape
- The global parenteral nutrition market is consolidated as few players hold majo0r market share in global market. Key players include Allergan plc., Pfizer Inc., B.Braun Melsungen AG, Fresenius Kabi AG, Grifols, S.A., Baxter International, Inc., Vifor Pharma Management Ltd.,and Sichuan Kelun Pharmaceutical Co., Ltd., among others
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