Parenteral Nutrition market Extensive Growth Opportunities to be Witnessed by 2022-2032
A recently published study by Fact.MR estimates that the global parenteral nutrition market is expected to surge at a 7% CAGR from 2022-2032, reaching nearly US$ 14 Bn in value terms. Growth of the market is principally attributed to the rising cases of nutrition inadequacy across multiple age groups, induced either by chronic conditions or contraction of infectious ailments.
Historically, the market surged at a CAGR of 6.4% between 2015 and 2021. By 2021-end, the market was valued at US$ 6 Bn. During the novel coronavirus pandemic, growth prospects only served to heighten, given the increasing preference for parenteral route of administering drugs and other essential nutrients to infected patients. This method also reduced chances of contracting the COVID-19 infection, especially within the healthcare staff.
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In the future, growth is expected to remain elevated amid the rising nutritional intake requirements, particularly in the developing world. Rising cases of premature births and growing cases of malnutrition are among some primary growth drivers expected to influence future parenteral nutrition products sales.
Key Takeaways from the Market Study
- Global parenteral nutrition market likely to be valued at US$ 7 Bn by 2022-end
- 31% of parenteral nutrition market revenue to be contributed by single dose amino acids
- By nutrient type, parenteral lipid emulsions to experience a CAGR of 6.7% through 2032
- North America to account for more than 2 out of 5 parenteral nutrition products sales in 2022
- Asia-Pacific to be the fastest growing market, flourishing at a CAGR of 8% from 2022-2032
Increasing nutritional requirements among infants and other non-geriatric population pools is prompting key parenteral nutrition product manufacturers to introduce specific product lines, providing a considerable boost to market growth, remarks a Fact.MR analyst.
Competitive Landscape
Prominent parenteral nutrition products manufacturers are striving to continuously improve their product offerings. They do so by introducing new product lines, consolidating their presence through collaborations and acquiring some small to medium-scale providers among others. Some key developments are as follows:
- In January 2020, Fresenius Kabi completed its clinical trial for SmofKabiven- a new range of lipid emulsions. The product is manufactured from multiple oils, including fish, soybean & olive oils and medium-chain triglycerides.
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