Increased Research Funding to Drive Parenteral Drugs Market Growth, Fact.MR Report

Focus of product manufacturers on single-use technology to maintain quality of biologic parenteral drugs is a key factor for parenteral drugs market to face upward growth in the forthcoming years, says a market intelligence report on parenteral drugs market by Fact.MR Clinically, parenteral drug administration is the most usual route of administration of a drug, after oral administration, due to the benefits that it offers. Benefits such as more bioavailability of the active pharmaceutical ingredient with limited therapeutic index are likely to widen the scope of the global parenteral drug market in the years to come, from 2019 to 2029.

In addition to that, rapid advancement in the field of biological and biosimilars products together with augmented utilization of the system of controlled drug delivery is likely to foster the growth of the global parenteral drug market in the years to come. High-end drug delivery gadgets can diminish the total number of injections in the drug delivery therapy through the mechanism of sustained release of the drug. This is of high economic and medical significance.

Some of the leading manufacturers in the global parenteral drug market are Bristol-Myers Squibb Company, Abbott Laboratories, Pfizer Incorporated, Becton, Dickinson and Company, Baxter International Incorporated, and GlaxoSmithKline plc

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The global parenteral drug market is estimated to exhibit robust growth rate over the years of projection, from 2019 to 2029. The global parenteral drug market is likely to touch a valuation of US$ 802 Bn over the tenure of assessment.

Integration of Automation in Production Processes to Maximize Profit for the Manufacturers

Several manufacturers of parenteral drugs are taking up a single-use strategy for gene therapy, vaccines, cell therapy, proteins, and antibodies. Food and Drug Administration (FDA) makes a recommendation of the utilization of automation in the sector of pharmaceutical manufacturing. Whilst constant manufacturing provides benefits both in terms of cost and time, automation in the pharmaceutical manufacturing is expected to lessen the cost of labor. However, there is still a need to develop automated and cost-effective technology for the making of biologics and various other high-end products.

In addition to that, manufacturers of parenteral drugs are presently focusing on maintaining a very high quality of their manufactured products. Single-use technology is capable of keeping up with the high quality of biologic parenteral drugs, which is expected to boost the global parenteral drug market. In addition to that, producers of parenteral drugs are making relentless efforts to integrate Quality by Design (QbD) in their production processes, which is likely to bolster the demand for parenteral drugs.

Presence of Technically Advanced Healthcare System Fuels North America Market

The global parenteral drug market is divided into the five key territories of Europe, North America, Latin America, Asia Pacific, and Middle East and Africa.

Considering regional segmentation, North America parenteral drug market is estimated to hold lion’s share of the market owing to the rising acceptance of high-end healthcare systems. In addition, the growing level of awareness amongst the patients is estimated to fuel the growth of the global parenteral drug market over the years of assessment.

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Europe is likely to come up as another important region in the global parenteral drug market due to the presence of a well-established healthcare system and rising awareness amongst people. Asia Pacific is estimated to offer a huge scope of growth for the parenteral drug market in the near future. There exists a largely untapped market for the product together with growing expenditure on the improvement of the regional healthcare system. These factors are likely to bolster the growth of the regional market.

Media Release- https://www.factmr.com/media-release/1226/global-parenteral-drug-market

 

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