According to the latest report published by Credence Research, Inc. “Parenteral Nutrition Market By Type (Carbohydrates, Amino Acids, Lipids, Electrolytes) – Growth, Future Prospects and Competitive Analysis, 2016-2022,” the global parenteral nutrition market was valued at USD 4,553.2 Mn in 2015, and is expected to reach USD 6,638.0 Mn by 2022, expanding at a CAGR of 5.5% from 2016 to 2022.
Market Insights:
The global parenteral nutrition market is anticipated to cross the 6 Bn mark by 2022. Growing prevalence of malnutrition and chronic conditions along with escalation in the geriatric population pool have key impact on driving this market. Additionally, perpetual growth in birth rates and premature births will also further support the growth of this market. Growing awareness about parenteral nutrition through government and non-profit channels has allowed growth in demand for clinical nutrition in the global patient population, and consequently parenteral nutrition products.
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High prevalence of chronic condition such as cancer is expected to promote the use of parenteral nutrition through chemotherapy sessions since this treatment mode leads to critical loss of nutrition, appetite and energy. Parenteral nutrition efficiently addresses these issues in chemotherapy patients and patients with other chronic conditions where oral nutrition is not possible or is not sufficient. Parenteral nutrition effectively overcomes the risk of dietary imbalance thus adding to growth in its demand. However, being an invasive process, risks of infection during administration and reporting of such instances may hold back the growth of this market to a minor extent.
North America and Europe together take approximately 45% of the global market share. Introduction of novel parenteral nutrition solutions for pediatric patient group is the most prominent trend in this market. Products for geriatric patient group are also in high demand corresponding to the growth in number of this population group. Asia-Pacific and Middle East and Africa are the fastest growing regional markets for parenteral nutrition products. High prevalence of malnutrition is the key driver for parenteral nutrition market in these regions. The number of low- and middle-income countries in Asia-Pacific and Middle East and Africa is high as against other parts of the world. Moreover, it is observed that the reported malnutrition during pregnancy and in children demonstrate higher numbers in Middle East and Africa. Based on such factors organizations such as the UN and local governments have initiated intensive awareness and aid programs to overcome the issue of malnutrition and associated mortality.
Expansion of product portfolio through introduction of novel products is a key trend observed in the parenteral nutrition market. Entry in untapped markets of Asia-Pacific and Africa forms one of the major strategies of the global market players. Some of the key players in the global parenteral nutrition market include Grifols International SA, Otsuka Pharmaceutical Factory, B Braun Melsungen AG, Baxter International, Fresenius Kabi and others.
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