The parenteral nutrition market has been projected to expand significantly in the upcoming years.
The parenteral nutrition market has been projected to expand significantly in the upcoming years. These rapid growth opportunities in the market are due to the increasing development of technically advanced parenteral nutrition products along with barcode assistance. Further, increasing preference for parenteral nutrition compared to enteral nutrition in the patients with COVID-19 infection, reduced risk for the infection, and shorter hospital stays are predicted to drive market growth in the following years.
On the flip side, the shortage of parenteral nutrition products amongst COVID-19 pandemic because of the disrupted supply chain has been estimated to restrict the growth opportunities in the global market throughout the forecast period.
Parenteral Nutrition Market – Key Drivers
The growing prevalence of chronic diseases, especially malnutrition and cancer has been projected to drive the growth avenues in the global market in the forthcoming years. Furthermore, rising natality incidence and geriatric population are also serving as impact-rendering factors to bolster growth impetuses in the market. There are numerous benefits that are related to parenteral nutrition. Some of these benefits include preserving muscle catabolism, providing efficient nutrients, stimulating stomach blood flow, and easy usage. Furthermore, there has been a noteworthy increase in educational campaigns in order to increase awareness about healthcare and nutritional food products. So, the rising awareness related to these benefits is predicted to drive growth impetuses in the global market in the upcoming years.
Various premature babies commonly suffer from undeveloped immunity and low weight that further put them at risk. Along with this, healthcare authorities and individuals are concentrating to limit the mortality rate because of early birth. This factor further drives the application of parenteral lipid emulsions. Moreover, the growing count of hospitalizations for the coronavirus has resulted in increasing product adoption. So, owing to these factors, the parenteral nutrition market is likely to grow rapidly.
Parenteral Nutrition Market – Recent Developments and Key Players
The parenteral nutrition market has been characterized owing to the presence of numerous players at local as well as international levels. The market is fragmented in nature. In addition to this, the players concentrate on the growth strategies for the achievement of their set goals and objectives. Increasing penetration of these players in the global market along with rising consumer awareness of the brand is also serving as a vital factor to generate lucrative avenues in the market. Furthermore, mergers or tie-up, increased count of the R & D activities for the enhancement of the company’s existing portfolio, launching of new products, and product portfolio expansion are some other initiatives that are taken by the global players in developing as well as developed nations around the world.
For instance, Fresenius Kabi has completed the clinical trial for their new launch named SmofKabiven in January 2020. It is about a range of lipid emulsions and is made of numerous oils (medium-chain triglycerides, olive oils, soybean, and fish) with a chamber for lipids, glucose, and amino acids.
Some of the key players in the parenteral nutrition market are:
- Baxter
- Pfizer Inc.
- Allergan
- Fresenius Kabi AG
- Actavis Inc.
- Otsuka Pharmaceutical Factory, Inc.
- B. Braun Melsungen AG
- Vifor Pharma
- Grifols, S.A.
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Parenteral Nutrition Market – Regional Assessment
The parenteral nutrition market has been segmented into core four regions including Asia Pacific, North America, the Middle East & Africa, Latin America, and Europe based on geographical areas. Out of these prominent regions, North America is predicted to hold a significant share of the market revenue. The growth avenues in the regional market are owing to increased expenditure by government agencies & private entities in the healthcare vertical. Further, collaborations among universities, regulatory authorities, the medical device industry, and others are also driving the market growth. Rising cases of chronic diseases and advanced healthcare facilities are also driving the market growth.
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