Africa Large Volume Parenterals Market Volume is expected to surpass $1,133 Million by 2024
According to a new report published by Allied Market Research, titled, Africa Large Volume Parenterals Market, by Treatment Type, Route of Administration, and Capacity: Opportunity Analysis and Industry Forecast, 20182024," the Africa large volume parenterals (LVP) market was valued at $662 million in 2017, and is expected to reach $1,133 million by 2024, growing at a CAGR of 7.9% from 2018 to 2024. In terms of volume, the market garnered 291,095 thousand units in 2017, and is expected to reach 582,780 thousand units by 2024, growing with a CAGR of 10.4% from 2018 to 2024.
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The parenteral route of drug administration refers to drug administration via the non-oral route. Large-dose parenteral solutions are also called aqueous solutions. This includes calcium solution, sodium chloride, Ringer, sodium bicarbonate and other electrolytes, dextrose (glucose) and other sugar solutions, solutions containing amino acids, peptides and other protein fraction solutions, solutions containing the above combinations and other plasma expanding agents.
The increase in the prevalence of chronic diseases, the rapid increase in the number of operations, and the increased risk of malnutrition are the major factors driving the growth of the large volume parenteral (LVP) market. However, when parenteral administration increases the risk of intestinal malnutrition and infection / allergic reactions, market growth is inhibited. On the contrary, as demand for palliative care in Africa increases, potential growth opportunities are expected to be provided in the near future.
On the basis of treatment type, fluid balance injections segment dominated the market in 2017 by garnering nearly two-thirds share, and is expected to maintain its dominance during the analysis period. This is attributed to the fact that fluid balance injections can be used for a broad customer base, including patients who are critically ill, septic, with major cardiac, liver or renal comorbidity, or after a major surgery.
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Based on route of administration, the intravenous segment held the major market share of more than four-fifths in 2017, and is expected to dominate the market throughout the analysis period, since it is the fastest way to deliver large volume parenterals, as the drug is easily carried throughout the body with the help of circulation.
Key Findings of the Africa Large Volume Parenterals Market:
• Intramuscular segment is expected to grow with a CAGR of 8.2% from 2018 to 2024.
• By treatment type, the nutritious injections segment is expected to grow at the highest CAGR of 9.1% from 2018 to 2024.
• The 500 ml capacity segment held a major share of more than four-fifths and three-fourths in terms of value and volume, respectively, in 2017, and is expected to maintain this trend throughout the analysis period.
• South Africa held a major share of more than one-fifth in the African market in 2017, and is expected to retain it throughout the analysis period.
• Namibia is expected to register a CAGR of 7.7% from 2018 to 2024.
Based on country, South Africa is expected to dominate the Africa LVP market during the analysis period. Furthermore, Namibia is expected to grow at the highest CAGR and offer lucrative opportunities to market players in the coming future.
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
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