Global Parenteral Drugs to Attain Market Valuation of US$ 802 Bn
The global parenteral drugs market - which was valued at market estimated at US$ 451 Bn in 2019 - is forecasted to expand at a healthy pace during the forecast period (2019 to 2029), according to a new market study by XploreMR. The growth of the market is predominantly attributed to penetration of automation technologies in the pharmaceutical landscape, coupled with increased government spending on the development of biological drugs.
Furthermore, the U.S. Food and Drug Administration (FDA) has recommended the usage of automation technologies in the production of drugs to expedite production, which is bestowing lucrative revenue opportunities to market players. Moreover, manufacturers of parenteral drugs are adopting a single-use strategy for antibodies, proteins, cell therapy, vaccines, and gene therapy, leveraging the growing consumer demand.
Besides, the market players are focusing on producing drugs with superior quality and are incorporating Quality by Design (QbD) to achieve the same. On the back of the aforementioned factors, the global parenteral drugs market will surge past a valuation of US$ 802 Bn by the end of 2029.
Penetration of Automation into Pharmaceuticals Manufacturing Landscape Expands Profit Margins
With the advent of latest automation technologies, players operating in the pharmaceutical landscape have shifted production to automation and this is positively influencing the growth of the market. Although the existing manufacturing technologies offer both time and cost benefits; adopting automation reduces labour cost and exponentially increases the production efficiency.
On the demand-side, consumers always experience shortage of cancer drugs due to the monopoly of single player and limited production. As a result the high demand for cancer drugs is creating tremendous revenue opportunities to market players. Likewise, rising prevalence of chronic illnesses such as cancer, cardiovascular diseases, and diabetes, across the globe will continue to complement the growth of the market.
Burgeoning Number of Drug Developments Activities Foster Growth
In 2018, it was reported that over 500 parenteral drugs were in the pipeline. Increased development of parenteral drugs have been directly associated with increased spending on R&D by pharmaceutical players. Moreover, oncology remains at the focal point of R&D on the back of a large patient pool and high demand for effective drugs.
Besides, the proportion of drugs in the pipeline requiring parenteral administration rose by 2%, from 2018 to 2019, and this has been attributed to increased number of biologic drugs in the market. High spending on the development of novel drugs will continue to drive the market on a positive growth trajectory.
Segmental Highlights: Monoclonal Antibodies Prevail as Most Popular Products
On the basis of different types of products available, monoclonal antibodies (mAb)are forecasted to drive the majority of revenue through the assessment period. The segment accounted for nearly 20% in 2018 and will remain the leading segment through 2029. The dominance of the segment is majorly attributed to expansion of product pipeline and high number of product approvals by the FDA.
Likewise, the large molecules parenteral drugs, which are biological injectable preparations, will witness an upsurge in the forthcoming years on the back of increasing adoption in treating chronic disease like cancer, diabetes and blood diseases. Market players are currently focusing on developing large molecules drugs on the back of biocompatible nature of large molecules. Besides, long approval process for large molecules and biosimilars high investment for research are holding them back to a certain extent.
Competitive Landscape of Parenteral Drugs Market Forecast
Some of the key players studied in the report include Beximco Pharma, Baxter Healthcare Corporation, Cook Pharmica, Teva Pharmaceutical Industries, Ostuka Pharmaceutical, Kelun Pharma, Fresenius, BAG Healthcare, Patheon, B. Braun, Ozon Pharmaceuticals Ltd, Wintac Limited, and Albert David among others.
Parenteral Drugs Market – Report Scope
XploreMR recently published a market study on the global market for parenteral drugs. The study provides detailed assessment on the key market dynamics, including drivers, trends, opportunities, and restraints, as well as detailed information about the parenteral drugs market structure. The market study presents exclusive information about how the parenteral drugs market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market and compounded annual growth rate (CAGR) are explained in XploreMR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the parenteral drugs market during the forecast period.
The study is relevant for stakeholders in the parenteral drugs market, including, manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the parenteral drugs market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in XploreMR’s study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the parenteral drugs market. Furthermore, small businesses and new entrants in the parenteral drugs market too can make use of the information presented in this study, based on which, they can make appropriate business decisions to gain momentum in the market.
Key Segments of Parenteral Drugs Market
XploreMR’s study on the parenteral drugs market offers information divided into six important segments - product type, application, molecule type, route of administration, distribution channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Route of Administration
Key Questions Answered in XploreMR’ Parenteral Drugs Market Report
- Which regions will continue to remain the most profitable regional markets for parenteral drugs market players?
- Which factors will induce a change in demand for parenteral drug manufacturers during the assessment period?
- How will changing trends impact the parenteral drugs market?
- How can market players capture the low-hanging opportunities in the parenteral drugs market in developed regions?
- Which companies are leading the parenteral drugs market?
- What are the winning strategies of stakeholders in the parenteral drugs market to upscale their position in this landscape?
Parenteral Drugs Market: Research Methodology
In XploreMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the parenteral drugs market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of conclusions.
Secondary resources referred to analysts during the production of the parenteral drugs market study include statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the parenteral drugs market, and makes XploreMR’s projection on the growth prospects of the parenteral drugs market more accurate and reliable.
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