The global parenteral nutrition market is anticipated to reach a valuation of USD 7.3 billion by 2024, according to a report published by Grand View Research, Inc. It is projected to expand at a 5.7% CAGR over the forecast period (2013 to 2024) due to presence of a large pool of malnourished children. Growing natality rate, rising cases of premature births, and adoption of parenteral nutrition systems to replace legacy equipment in modern healthcare settings are factors expected to augur market growth over the forecast period.
High demand for parenteral nutrition for very low birth weight (VLBW) newborns is expected to drive market growth in the forthcoming years. In addition, demand to reduce the number of premature births and increase the chances of survival by improving intrauterine nutrient deposition can bolster market volumes. According to the World Health Organization (WHO), around one-third of the patients in Europe suffered from malnourishment in 2012. This is buttressed by a separate report by WHO which indicated nearly 40% of patients were malnourished in 2010.
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Malnutrition and the growing geriatric populace are factors likely to spur growth of the parenteral nutrition market during the forecast period. According to a study by the United States of Agriculture (USDA), in 2013; more than 15 million individuals below 18 years of age were living in households that were unable to provide nutritious meals. Initiatives by the American Society for Parenteral and Enteral Nutrition (ASPEN) to create awareness about malnutrition and its adverse effects can be beneficial to the market. The geriatric populace with low immunity levels and high susceptibility towards diseases is projected to augment market demand in near future.
The global parenteral nutrition market is segmented according to nutrient type and region. By nutrient type, the market is divided into parenteral lipid emulsion, trace elements, single dose amino acid solution, carbohydrates, vitamins, and minerals. Regions covered in the market report include Middle East and Africa (MEA), North America, Latin America (LATAM), Europe, and Asia Pacific (APAC).
The North America market for parenteral nutrition accounted for around 41.3% of the total market share in terms of revenue in 2015. This can be attributed to large research budgets attributed to studying parenteral nutrition by governments and premier agencies in the healthcare sector. The region is expected to dominate with nearly 40% revenue share by 2024. Prevalence of chronic diseases, favorable reimbursement policies, and sophisticated healthcare infrastructure are other factors expected to influence market demand. Collaborations between universities, regulatory authorities, and large players can also augur market growth.
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The APAC and Europe markets are anticipated to experience CAGRs above 5.5% during the forecast period. Factors such as natality rate, awareness of nutrition and impact on health, and growing geriatric populace are anticipated to play a major role in their growth. The exceptional gross domestic product (GDP) value exhibited by economies such as Japan, China, and India is projected to drive the APAC market. The increased foreign direct investment (FDI) in the healthcare sector is expected to culminate in advanced products by 2024. Demand for neonatal intensive care units in the U.K. to provide nutrition to premature babies and to improve their health is expected to bode well for the Europe market.
The MEA market is likely to experience a steady demand over the forecast period due to prevalence of cancer, rise of premature births, and a surge in natality rates. Parenteral nutrition had managed to lower the probability of malnutrition in the region as per a report by Knoema, a public data platform in 2013. Countries such as Saudi Arabia, Kuwait, Oman, and Lebanon are expected to continue to contribute to the market due to increased healthcare expenditure, rise in awareness, and government initiatives.
Key players in the parenteral nutrition market include Fresenius Kabi AG; Sichuan KELUN PHARMACEUTICAL Co., Ltd.; Baxter International, Inc.; Allergan plc; and Hospira. Demand for branded products is expected to spur technological innovation in near future. Marketing promotions, launch of new products, and price reduction of selected products are strategies adopted by these players to sustain their position in the market. In 2016, Baxter received authorization by regulatory agencies in Denmark and the U.K. for a ready-to-use intravenous (I.V.) unit. This is expected to increase the company’s share in the market.
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