Parenteral Drugs Market to Exhibit 6% CAGR, on Back of Surging Demand for Self-administered Drugs
Jan 13, 2020
Many parenteral drug manufacturers are adopting a single-use strategy for antibodies, proteins, cell therapy, vaccines, and gene therapy.
Rockville, United States - January 13, 2020 /MarketersMedia/ —
Self-administered drugs through pre-filled syringes offer opportunities to reduce consumer spending on caregiver fees. Furthermore, manufacturers are gaining sharper profit margins with the introduction of this drug delivery medium in their portfolio. On this backdrop, the global parenteral drugs market estimated at US$ 451 Bn in 2019, is projected to witness moderate growth during the forecast period (2019 – 2029).
Parenteral drugs are types of medications that require non-oral types of administration, mostly through the direct injection of drugs into the body of the patient either in intravenous, intramuscular, and subcutaneous methods.
As the complexity of active pharmaceutical ingredients goes up, and includes small molecule options and biologics, the number of parenteral drugs has gone up as well. The number of new molecular products which have received the approval of regulatory bodies such as the FDA has gone up and has aided the growth of the industry for the foreseeable future.
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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.
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.
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On the other hand, adequately equipped automation technologies have not been developed for advanced products such as biologics, which is a key issue as manufacturers continue to raise the quality of their offerings.
Single use technologies allows easier maintenance of quality standards for biologics parenteral drugs, even as the overall market value is projected to reach USD 802 billion by the end of the forecast period in 2029.
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.
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.
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