The global parenteral nutrition market for the historical period 2017–2018 and forecast period 2019–2027, rising incidence of chronic diseases and growing approvals to novel parenteral nutrition components are projected to drive the global parenteral nutrition market during the forecast period
According to the report, the global parenteral nutrition market was valued at US$ 5.6 Bn in 2018 and is anticipated to grow at a CAGR of 4.6% from 2019 to 2027
High Incidence and prevalence of chronic diseases across the globe: Key Driver
High prevalence and rise in incidence rate of chronic diseases across the globe is a key factor driving the global parenteral nutrition market.
The rise in cancer, AIDS, diabetes, Crohn’s disease, gastro-intestinal disorders, and short bowel syndrome cases has also fuelled the consumption of parenteral nutrition in recent years
For instance, according the National Kidney Foundation stated around 10% of the world’s population is affected by chronic kidney disease each year.
Furthermore, rise in cases of malnutrition among the geriatric population is fuelling the growth of global parenteral nutrition market.
For instance, as per the National Resource Center on Nutrition, Physical Activity & Aging, around 1 million housebound older people are malnourished every year in North America
Moreover increase in approvals of novel parenteral components and rise in research & development activities by major companies for new product development are some of the major factors responsible for the growth of global parenteral nutrition market.
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Side effects and complications related to parenteral nutrition products hamper the market growth
Inappropriate usage of parenteral nutrition maximizes the potential risk of adverse events such as refeeding syndrome, particulate contamination, catheter infections, and liver dysfunction to the patients undergoing the therapy. This factor can restrain the market growth.
For instance, an article published by the American Society for Nutrition in 2014 indicated that long-term parenteral nutrition therapy significantly increases the risk of liver disease and metabolic complications in patients.
Global parenteral nutrition Market: North America dominated the global market
On the basis of region, the parenteral nutrition market is segmented as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
North America region dominated the global market owing to higher prevalence of chronic diseases such as cancer, diabetes in the region, growing approval of U.S. FDA approved parenteral nutrition products in recent years, and higher R&D investment funding by major companies.
However, Asia-Pacific region is considered as the most lucrative market during the forecast period from 2019 to 2027. The growth is mainly ascribed to factors such as growing aging population which is more prone to chronic diseases, growing awareness of parenteral nutrition, and improving healthcare infrastructure in the region.
Global Parenteral nutrition Market: Competitive Landscape
This report profiles major players in the global parenteral nutrition market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global parenteral nutrition market is highly consolidated, with a few global players accounting for a major share in market.
Leading players operating in the global Parenteral nutrition market are
Key Questions Answered in Global Parenteral Nutrition market Report
Global Parenteral Nutrition market – Segmentation