Parenteral Nutrition Market: Growth Opportunities & Technology Developments by 2023
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These supportive factors are expected to create an opportunity for this market, which will be worth US$6,874.1 million by 2023 as compared to US$5,023.2 million in 2017. Between the years 2017 and 2023, this market is expected to expand at a CAGR of 5.4%.
North America Accounted for Over 40% of the Parenteral Nutrition Market in 2014
North America was the leading geographical segment in the global parenteral nutrition market as of 2017, accounting for nearly 40.3% of the total demand share. The high rate of approvals from the U.S. FDA and supportive insurance policies that cover expenditure on parenteral nutrition are expected to keep this region in the leading position during the forecast period. The North America parenteral nutrition market that comprises the U.S. and Canada will also be driven by rising number diabetes and cancer cases. Furthermore, companies are also trying to expand their operations in Canada to gain a stronger foothold by meeting the unmet needs of the patients.
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Meanwhile, the parenteral nutrition market in Asia Pacific is expected to surge at the highest pace of 7.0% CAGR between 2017 and 2023. The emerging economies and developing pharmaceutical markets of countries such as China, India, Indonesia, Singapore, Taiwan, and Thailand amongst others are expected to encourage the growth of this market within Asia Pacific. The rising cases of preterm birth, which leads to malnutrition is the prime reason for rising consumption of parenteral nutrition in Asia Pacific.
Single Dose Amino Acid Solutions Nutrients is Most Attractive Product Segment
Out of all the products available in the global parenteral nutrition market, the single dose amino acid solutions nutrient segment captured a significant share of 34.3% in 2017. Research indicates that this segment will be the leading nutrient segment as several leading players are introducing unique amino acid-based PN products. The abundant availability of these products is expected to be the main reason for their soaring success in the forecast period. Reports also suggest that the parenteral lipid emulsion nutrient segment will grow at the highest CAGR of 5.9% amongst all other nutrient segments between 2017 and 2023.
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The leading players shaping the vendor landscape of the global parenteral nutrition market are Sichuan Kelun Pharmaceutical Co., Ltd., Allergan plc (Actavis plc), Fresenius SE & Co. KGaA, Grifols S.A., Baxter International, Inc., Claris Lifesciences Limited, and B. Braun Melsungen AG, Pfizer, Inc. (Hospira, Inc.) amongst others. Companies are trying to seek approvals for their new parenteral nutrition formulations from concerned authorities such as the U.S. FDA to launch new products in the market. This effort is focused at both grabbing new market shares and providing for the deficit of parental nutrition in developing regions.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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