PUBLISHER: Mordor Intelligence | PRODUCT CODE: 927816
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 927816
The global large volume parenteral (lvp) market is projected to expand at a CAGR of 6.1% by 2025. Rising number of surgeries, need for a faster route of drug administration, growing preference for single dose administration of vaccines and drugs, and increase in local manufacturing is expected to drive the market for LVP.
Increasing patient pool suffering from chronic disease is one of the major drivers in the large volume parenteral market. As per the National Cancer Institute, in 2019, around 1.8 million people diagnosed with cancer in the United States. These patients must need a proper balance of vital nutrients that help in maintaining the hydration level, energy, and strength. Parenteral route of administration helps provide accurate dose of medication as majority of the drug is directly absorbed in circulation, bypassing the gastrointestinal tract. Therefore, target disease act as a vital factor to surge market growth throughout the forecast period.
Moreover, individuals and healthcare authorities are paying extensive focus on limiting the mortality rate due to early birth and are thereby propelling the use of large volume parenteral. Ongoing developments in health insurance and medical technology can also boost the pharma industry by eliminating financial and physical barriers to healthcare access, thereby surging the market growth.
However, challenges in formulation of large volume parenteral such as achieving drug substance and excipient compatibility may restrict the market.
North America dominated the overall market over the forecast period owing to presence of high research expenditure by government agencies and private entities in the healthcare sector, technologically advanced medical devices, and collaborations among regulatory authorities, medical device industry, and universities. Approximately 740 units of normal saline are utilized every minute in this region which govern the regional growth of the market for large volume parenterals.
Moreover, favorable reimbursement policies have led to an increase in the hospital admission that is anticipated to boost the usage rates in this region. The reimbursement scenario is promising for IV nutrition. In the U.S., Medicare covers up to 80% of the expenses of parenteral and enteral nutrition including medical equipment, physician services, and other associated medical services, thereby benefiting the patients.
The market for large volume parenteral is moderately competitive and consists of the global as well as local players. Due to the technological advancements, small and mid-sized companies are focusing on market penetration to grab the market share. The market is witnessing dynamic merger and acquisition activities. Some of the companies which are currently present in the market are B. Braun Melsungen AG, Baxter Healthcare Corporation, Fresenius Kabi AG, Pfizer, Inc. and BML Parenteral Drugs. For instance, in July 2017, Baxter completes acquisition of Claris injectables. This transaction was expected to strengthen the company's generic injectable medicines portfolio.