Dublin, Ireland, Aug. 19, 2022 (GLOBE NEWSWIRE) — 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 diseases.
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.
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 the chances of contracting the COVID-19 infection, especially within the healthcare staff.
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COVID-19 Impact on Parenteral Nutrition Market
The parenteral nutrition market value has been impacted by the extraordinary global health issue caused by the COVID-19 virus outbreak. Parenteral nutrition played a crucial part in the treatment of malnutrition caused by the COVID-19 infection in patients all over the world. A severe lack of appetite brought on by the COVID-19 infection was accompanied by other symptoms that worsened immune defenses and caused muscle mass loss. In response to this illness, hospitals and clinics have increased the number of healthcare facilities available for patients who need diet tailored to their sickness. Such advancements are likely to increase patient demand for and adoption of intravenous nutrition administration.
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
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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Parenteral Nutrition Market Report Highlights
- Key players operating in the market are mainly focused on enhancing patient safety. Companies are also focusing on advancing their PN products to complement the parenteral nutrition compounding by incorporating technologies
- The ability to provide improved lipid and protein formulations to patients is one of the key parameters that companies leverage to differentiate their products from competitors.
- Also, high infection rate, poor water quality and sanitation facilities, and lack of awareness are prevalent factors increasing the incidence of malnourishment in developing nations, which creates a significant demand for PN sources, thereby aiding market growth
- The single-dose amino acid solution nutrient type segment dominated the market in 2021 due to the introduction of newly available amino acid solutions with minimal side effects
- North America dominated the global market in 2021 owing to the rising incidence of chronic conditions & malnutrition, coupled with increasing US FDA approvals in the region
Key Segments Covered in the Parenteral Nutrition Research Report
By Nutrient Type :
- Carbohydrate-Based Parenteral Nutrition Products
- Parenteral Lipid Emulsion
- Single Dose Amino Acid Parenteral Nutrition Solution
- Parenteral Nutrition Trace Elements
- Parenteral Vitamins & Minerals
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the parenteral nutrition market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of nutrient type (carbohydrates, parenteral lipid emulsion, single dose amino acid solution, trace elements and vitamins & minerals) across five major regions (North America, Europe, Asia-Pacific, Latin America and Middle East) & Africa).
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