Parenteral Drugs Market; Growing Investment in Biologic Drugs to Foster Industrial Growth – By PMI
The Parenteral Drugs Market Size, Share, Growth Analysis, By Product Type (Insulin, Monoclonal Antibodies, Cytokines, Peptide Hormones and Others), By Route of Administration (Subcutaneous, Intramuscular, Intravenous), By Application (Oncology, Diabetes, Cardiovascular Diseases, Blood Disorders and Others), By Distribution Channel (Hospital Pharmacies, Drug Stores, Online Pharmacies, Retail Pharmacies), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2032 report has been added to Prophecy Market Insights offering.
Covina, Sept. 22, 2023 (GLOBE NEWSWIRE) — What is Parenteral Drugs Market?
Parenteral drugs are pharmaceuticals administered through routes other than the digestive tract. They are directly injected into the body using various methods, such as intravenous (IV), intramuscular (IM), subcutaneous (SC), or intradermal (ID) injections. Parenteral administration is often chosen when drugs need to be rapidly absorbed, achieve precise dosing, bypass the digestive system, or when the patient is unable to take medications orally.
The development of biopharmaceuticals, including monoclonal antibodies and other protein-based therapies, is on the rise. These complex molecules often require parenteral administration, and their increasing use is fueling Parenteral Drugs Market growth.
Some key highlights:
- In May 2023, Cleveland, OH – Lubrizol Life Science (LLS) Health, a global leader in accelerating success and innovation in pharmaceutical development, launched “Apisolex”, a novel solubility-enhancing excipient for use in parenteral drug products. This approach gets rid of solubility problems that can’t be fixed by excipients or manufacturing processes currently in use.
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- NO OF PAGES:170
- Forecast Period: 2022 – 2032
The parenteral drugs market encompasses the production and distribution of pharmaceuticals that are administered through routes other than the digestive tract, such as intravenous, intramuscular, subcutaneous, and intradermal injections. This market is influenced by a variety of dynamic factors that impact its growth, trends, and competitiveness. Here are the key market dynamics of the parenteral drugs market:
- Increasing Prevalence of Chronic Diseases: The rising incidence of chronic diseases like cancer, diabetes, cardiovascular diseases, and autoimmune disorders is a significant driver of the parenteral drugs market. These conditions often require precise dosing and rapid drug delivery, which parenteral routes can provide.
- Biologics and Biosimilars: The development and approval of biologics and biosimilars, many of which are administered parenterally, have expanded the scope of this market. These drugs treat various chronic and complex diseases, and their growing availability is driving market growth.
A key driver of the parenteral drugs market is the rising prevalence of chronic diseases, necessitating precise and immediate drug delivery through parenteral routes, leading to increased demand for these pharmaceuticals.
The parenteral drugs market faces significant restraints, including high development costs and regulatory requirements, limited patient self-administration options, pricing pressures, supply chain vulnerabilities, intense competition, safety concerns, and the impact of healthcare reimbursement policies, all of which can affect market growth and accessibility.
Here are some notable market trends in the parenteral drugs market:
- Biologics Dominance: The parenteral drugs market has seen a growing emphasis on biologics and biosimilars. These complex molecules, administered via injections, are increasingly used for the treatment of various chronic and autoimmune diseases.
- Personalized Medicine: Advancements in genomics and molecular biology have led to a shift towards personalized medicine. Tailored therapies often involve parenteral drug administration for precise dosing and targeted treatment.
- Technological Innovations: The market has witnessed continuous innovation in drug delivery technologies, such as autoinjectors, prefilled syringes, and wearable devices, to improve patient convenience, compliance, and safety.
- Home Healthcare: A trend towards self-administration of parenteral drugs at home has emerged, driven by patient preferences and the development of user-friendly devices. This trend has been accelerated by the COVID-19 pandemic.
- Growth in Oncology: Parenteral drugs used in oncology have seen significant growth due to the increasing incidence of cancer and the development of novel therapies, including immunotherapies and targeted therapies.
Advances in drug delivery technologies, such as prefilled syringes, auto injectors, and novel formulations, are making parenteral drug administration more convenient and precise. These innovations improve patient compliance and comfort. The global burden of chronic diseases, such as diabetes, cardiovascular diseases, and cancer, is increasing. Many of these conditions require ongoing parenteral drug treatments, driving the demand for injectable medications.
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A selection of companies mentioned in this report includes:
- Teva Pharmaceutical Industries Ltd.
- Merck & Co. Inc.
- Pfizer Inc.
- Novartis AG
- Sanofi S.A.
- Beximco Pharma
- Baxter Healthcare Corporation
- Ostuka Pharmaceutical
The Parenteral Drugs Market was experiencing steady growth, driven by factors like an aging population and advancements in drug delivery technologies. Established pharmaceutical companies and emerging biotech firms were actively participating in R&D efforts, while regulatory oversight remained stringent. Please consult the latest market reports for up-to-date insights on the current state of the Parenteral Drugs Market in 2023.
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Some related Reports:
- Insulin Biosimilars Market – Increasing prevalence of diabetes
- Insulin Delivery Devices Market – Trends, Analysis and Forecast till 2030
- Non-Insulin Therapies for Diabetes Market – The increasing prevalence of diabetes and advancements in research and technology
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