Parenteral Nutrition Market Lucrative CAGR of 5.7% from 2015 and 2023
Strategic joint ventures are also being considered by companies to expand their businesses and enhance their product portfolio in the near future. “Plans to expand manufacturing facilities are also underway. This move will help companies ensure utmost safety, unquestionable quality, and remarkable efficiency of the product,” asserts the head analyst of this report.
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Parenteral Nutrition Becomes Critical to Saving Lives - A Key Growth Enabler
The focal point of parenteral nutrition is to provide chronically ill patients adequate nutritional support. The high incidence of chronic conditions such as cancer, gastro-intestinal disorders, ischemic bowel disease, diabetic complications, and Crohn’s disease amongst others is propelling the demand for parenteral nutrition. As this form of oral nutritional supplement becomes the only way of treating the immobilized patient, the demand for these nutrients is witnessing a phenomenal rise.
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According to the World Health Organization about 11% of the global burden of disease is due to malnutrition and is considered to be a huge risk to human life. As this number will increase in the coming years citing issues of political unrest, food security, and changing environmental conditions, the demand for parenteral nutrition will remain persistent.
Side Effects of Parenteral Nutrition Hamper Market Growth
The global parenteral nutrition market faces the huge risk of health complications due to poor monitoring. The American Society for Nutrition also stated that prolonged usage of parenteral nutrition therapy can lead to metabolic complications and liver diseases. Furthermore, shortness of breath, allergic reactions, muscle pain, and unexplained weight gain are also hampering the growth of this market.
However, a large patient pool in emerging economies of China, Brazil, India, and Brazil offer a tremendous scope for growth to the parenteral nutrition market. Furthermore increasing investment by leading players in the developing regions of Asia Pacific and Latin America to increase production of parenteral nutrition is also expected to create large opportunities to register a high growth.
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Large Patient Pool in Asia Pacific Makes it Leading Segment
The research suggests that the opportunity of the global parenteral nutrition market will be worth US$6,874.1 mn by the end of 2023 from US$4,097.4 mn in 2014. The market is expected to expand at a steady CAGR of 5.7% from 2015 and 2023. On the other hand, Asia Pacific will the key geographical segment as it will expand at a CAGR of 7.3% in the forecast period due to growing cases of chronic diseases such as cancer and AIDS. The parenteral lipid emulsion nutrient segment will grow at the highest CAGR of 6.2% during the same forecast period, leading the overall nutrient segment.
The analysis of the market is based on the data published by research report, titled “Parenteral Nutrition Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
High prevalence of chronic diseases and related malnutrition speeds up consumption of parenteral nutrition in healthcare facilities.
Seeking approvals for new formulations becomes an important strategy for companies to gain market presence.
Large patient pool and high incidence of cancer and AIDS makes Asia Pacific an attractive market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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