Parenteral Nutrition Market to Reach US$ 5.6 Bn By 2027, High prevalence of chronic diseases to drive the market
Albany NY, United States: Advances made in formulations and the mode of delivery of artificial nutrition for critically ill patients have been key trends propelling the expansion of the parenteral nutrition market. Past few years have seen intensifying focus on management of parenteral nutrition in various patient populations. Personalized formulae have been developed to meet the specific nutritional needs of patients in clinical settings. Manufacturers have stridently leaned on launching safer formulations to help clinicians reduce PN-related complications such as metabolic complications.
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Growing need for artificial nutrition in patients with chronic diseases is a key trend that has spurred the product developments, notes a market study on parenteral nutrition. The use of parenteral nutrition as a life-sustaining therapy in patients with severe gastro-intestinal disorders, and short bowel syndrome cases is growing, especially when no other artificial nutrition is clinically possible. Advancements in technologies used for vascular access in such patients has spurred the acceptance of parenteral nutrition in such patients. In particular, focus on attaining catheter-related bloodstream infections has positively influenced the parenteral nutrition market dynamics.
A growing body of studies including randomized clinical trials (RCTs) have been conducted on comparing the efficacy of parenteral nutrition with enteral nutrition. Some of the study findings are encouraging in that they have found positive role of parenteral nutrition therapies to reduce mortality in critically ill patients. Further, advances in admixture formulation have resulted in making parenteral nutrition more physiologically attractive to the target patients.
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Over the years, incidence of PN-related complications has also come down. A key factor underpinning the positive change is advent of technologically-advanced devices in central vascular access devices. On the other hand, the indications for parenteral nutrition have grown substantially, thus expanding the canvas for players in the parenteral nutrition market to explore. The marked prevalence of end-of-life kidney diseases and metabolic disorders globally is a key driver for artificial nutrition.
All these factors reinforce the revenue potential in parenteral nutrition market. In 2018, the market stood at US$ 5.6 Bn, and is anticipated to clock a CAGR of 4.6% from 2019 to 2027.
Broadly, parenteral products comprise, parenteral lipid emulsions, carbohydrates single dose amino acid solutions, electrolytes, & minerals, trace elements, and vitamins. The single dose amino acid solutions segment accounted for leading share in 2018. The prominence of the segment could be ascribed to the focus of prominent manufacturers on developing safer and efficacious amino acid-based parenteral formulation.
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North America has been Lucrative Market, Asia Pacific Considered Promising Market
Of the various key regions contributing to revenues in the parenteral nutrition market, North America held the major share in 2018. The growth had been propelled by widespread demand for parenteral nutrition products in cancer patients and chronic diseases. Further, the landscape has been enriched by a number of U.S.-FDA-approved parenteral nutrition products. The parenteral nutrition market value chain in North America was also boosted by Centre for Disease Control (CDC) guidelines on the methods of administration of parenteral nutrition therapy in various patient populations.
Asia Pacific meanwhile is viewed as a potentially lucrative reginal market, notes a market survey on the parenteral nutrition. Rapidly aging population is a key trend that has fueled the demand potential in some parts of Asia Pacific. Moreover, the regional market has benefitted from the implementation of ESPEN guidelines on clinical nutrition pertaining to parenteral nutrition in the intensive care units.
Companies in the global parenteral nutrition market are increasingly focusing on increasing the safety of parenteral nutrition. Some of the key players in the parenteral nutrition safety market are Baxter International, Inc., Sichuan Kelun Pharmaceutical Co., Ltd., Vifor Pharma Management Ltd., Grifols, S.A., Fresenius Kabi AG, B.Braun Melsungen AG, Pfizer Inc., and Allergan plc.
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