Rockville, MD, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The global parenteral drug market is projected to reach a value of US$ 595.63 billion in 2024, according to an updated industry analysis compiled by proficient analysts at Fact.MR, a market research and competitive intelligence provider. The market has been analyzed to expand at a CAGR of 5.5% over the forecast period from 2024 to 2034.
Growing demand for parenteral drugs is owing to their suitability among patients who are unable to consume medicines through the oral route. Moreover, these drugs also ensure a quick onset of action, even among patients in an unconscious state. Parenteral medicines are comparatively easier to absorb than oral medicines, which is further stimulating their demand among healthcare professionals for use on patients unable to consume oral drugs. Parenteral medicines do not need to go through the digestive process in the gastrointestinal tract, subsequently having a different metabolism.
Leading regional markets for parenteral drugs are North America, South Asia & Pacific, and Western Europe, in order of market share. Over the next ten years, monoclonal antibodies will account for higher revenue generation, closely followed by immunoglobulin and cytokines.
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Key Takeaway from Market Study:
- The market for parenteral drugs is projected to reach a value of US$ 1,020.17 billion by 2034-end.
- Global sales of monoclonal antibodies are projected to rise at a CAGR of 6.9% and reach US$ 224.1 billion by 2034.
- North America is evaluated to account for a share of 33.6% of the global market by 2034.
- Worldwide sales of parenteral drugs through retail pharmacies are forecasted to rise at 6.5% CAGR and reach US$ 381.79 billion by 2034-end.
- Sales of parenteral drugs in South Korea are evaluated to climb at 7% CAGR through 2034.
- Demand for parenteral drugs for use in oncology is forecasted to increase at a CAGR of 8.3% and reach a market value of US$ 233.09 billion by 2034.
- The market in China is forecasted to expand at a CAGR of 9.4% through 2034.
“Investments in the incorporation of QbD (Quality by Design) in the pharmaceutical development process is expected to help market players ensure a consistent delivery of high-quality parenteral drugs,” says a Fact.MR analyst.
Leading Players Driving Innovation in Parenteral Drug Market:
Some of the leading manufacturers of parenteral drugs are Merck & Co. Inc., Pfizer Inc., Teva Pharmaceutical Industries Ltd., Novartis AG, and Sanofi S.A.
Implementation of Rigorous Regulations Driving Adoption of Isolator Technology in United States:
Demand for parenteral drugs in the United States is forecasted to increase at a CAGR of 4.9% and reach a market value of US$ 296.97 billion by the end of 2034. Several biopharma and pharma companies in the country are coming up with more advanced technologies to match the increasing requirements for parenteral drugs. In addition, the implementation of a stringent framework is also pushing the incorporation of isolator technology for minimizing potential risks to patients’ safety and further expanding the application scope.
Parenteral Drug Market News:
- Merck & Co., Inc. is an American MNC headquartered in Rahway, New Jersey. The company is actively involved in the development of vaccines, medicines, parenteral drugs, animal health products, and biological therapies.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the parenteral drug market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on product type (monoclonal antibodies, immunoglobulin, cytokines, insulin, blood factors, peptide hormones, vaccines, small molecule antibiotics, chemotherapy agents), application (oncology, infectious diseases, diabetes, autoimmune disorders, hormonal disorders, musculoskeletal disorders, CNS diseases, pain management, cardiovascular diseases), molecular type (small, large), route of administration (intravenous [IV], intramuscular [IM], subcutaneous [SC]), and distribution channel (hospital pharmacies, retail pharmacies, drug stores, online pharmacies), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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