Parenteral Drugs Market to Reap Excessive Revenues by 2019 to 2029
The global parenteral drugs market is anticipated grow at a CAGR of 6.0% over the forecast period 2019-2029. In this parenteral drugs market study, the following years are considered to predict the market footprint:
- History Year: 2014 - 2018
- Estimated Year: 2019
- Forecast Year: 2019 – 2029
The business intelligence study of the parenteral drugs market covers the estimation size of the market both in terms of value (Mn/Bn USD) and volume (x units). In a bid to recognize the growth prospects in the parenteral drugs market, the market study has been geographically fragmented into important regions that are progressing faster than the overall market. Each segment of the parenteral drugs market has been individually analyzed on the basis of pricing, distribution, and demand prospect for the following regions:
- North America (Canada, US)
- Latin America (Argentina, Mexico)
- Europe (NORDIC, UK)
- APEJ (China, India)
Asia Pacific Being Targeted by Manufacturers
Major pharmaceutical companies from around the world are seeking the acquisition of smaller regional competitors, particularly those in the emerging markets of the Asia Pacific region, with the aim of maintaining sustainable rates of growth in terms of parenteral drugs. Further hospital pharmacies are gaining importance as primary channels of distribution owing to higher rates of hospitalization and the rising availability of requisitely skilled man power resources. Similar growth is also being projected for revenue being made by retail pharmacies.
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Major players in the parenteral drugs market are focusing their efforts on expanding their operations in terms of new countries to leverage opportunities in untapped markets, and also setting up new facilities for target markets. In a bid to secure a larger share of the market, manufacturers are also investing in the consolidation of extant production facilities.
Automation and Single Use Trends Support Rise
Single use strategies have been gaining traction in terms of proteins, antibodies, vaccines, cell therapy, and gene therapy processes. In addition, the FDA has been increasingly pushing for a higher rate of adoption of automation tech in the manufacturing of pharmaceuticals.
Large Molecule Drugs and Biologics are Key to Demand
Monoclonal antibodies are expected to generate major revenue share in the parenteral drugs market owing to the rising number of approvals by regulatory bodies in recent times. In addition, large molecule parenteral drugs are also expected to experience an upward trajectory, as they are finding use in treatment of ailments such as blood disease, cancer, and diabetes.
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The higher use of large molecule formulations are also going up owing to the biocompatible nature of these drugs. However, the industry is restricted owing to the high capital requirements for research and lengthy approval times. The parenteral drug industry is also witnessing increased spending on research and development, with most of the focus centering on oncology, owing to the vast patient pool, which is providing substantial growth opportunities for new drug launches of biologics, which are largely developed in injectable forms.