According to a research report released by Transparency Market Research, the global parenteral nutrition market is experiencing a CAGR of 5.7% within a forecast period ranging from 2015 to 2023. This market is expected to be valued at US$6.9 bn in 2023. As per the data provided by the leading market intelligence firm, the global parenteral nutrition market was recorded at US$4.1 bn in 2014 and is currently influenced by a number of factors. These are the findings of a latest research report, titled “Parenteral Nutrition Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
As stated in the report, the global parenteral nutrition market is currently being driven by a growing count of patients that are suffering from chronic diseases. These include GI disorders, renal disorders and renal failure, Crohn’s disease, ischemic bowel disease, short bowel syndrome, and various types of cancers.
The report cites a study published by the WHO, in which it is stated there were 14 mn new cases of cancer in 2012. Cancer is one of the leading causes of mortality and morbidity across the world, and is expected to continue growing in prevalence. The number of cancer cases are expected to see a sharp increase of 70% between 2025 and 2035, thereby becoming a leading factor pushing for the growth and development of the global parenteral nutrition market.
The report divides the global parenteral nutrition market on the basis of nutrient type, into vitamins and minerals, trace elements, single dose amino acid solutions, parenteral lipid emulsion, and carbohydrates. The leading segment in the market in 2014 was single dose amino acids, owing to the high approval rates of novel amino-acid-based parenteral products. The segment of carbohydrates, which occupied over 23% of the market at the time, is particularly driven by the growing usage of parenteral nutrition for premature babies.
The fastest growth rate is currently attributed to the segment of parenteral lipid emulsion, owing to a rapidly growing demand for this potentially high nutritional drug delivery segment.
The global parenteral nutrition market is also divided based on region, into the major locations of North America, Asia Pacific, Latin America, and the MEA. According to the report, nearly 68% of the market was occupied by North America and Europe in 2014. Both regions showed a growth in the market due to the high rate of chronic disease, the growth in geriatric population, and the rapid approval of new parenteral formulations. On the other hand, Africa and the Middle East showed the lowest revenue and growth rate in the global parenteral nutrition market, owing to lack of adequate healthcare facilities and a shortage of parenteral nutrition products.
The key players in the global parenteral nutrition market, as stated in the report, include Claris LifeSciences Limited, Fresenius SE & Co. KGaA, Baxter International, Inc., Grifols S.A., B. Braun Melsungen AG, and Hospira, Inc.