Global Small Volume Parenteral Market: Booming with Opportunities
The global small volume parenteral (SVP)has been witnessing steady growth over the past few years and this growth is expected to continue in the coming years. SVPs are solutions like lyophilized drugs and liquid drugs used for hydration and nutrition that are administered via intravenous injections in small volumes of 100 ml or less. With increasing incidence of chronic and infectious diseases worldwide, the demand for these life-saving products is rising significantly.
Market Dynamics
Lyophilization - Driving Widespread Adoption
One of the major factors supporting the growth of SVP is the increased use of lyophilization or freeze drying technique for manufacturing drugs. Lyophilization helps extend the shelf life of drugs without refrigeration and also reduces transportation costs. Many drug makers are focusing on lyophilized drugs due to their stability at room temperature. This is benefiting patients in remote areas who have limited access to refrigeration.
Rise in Chronic Conditions
The global burden of chronic diseases like cancer, diabetes, cardiovascular diseases is rising rapidly. According to the WHO, chronic diseases accounted for over 70% of all deaths worldwide in 2020. SVPs play a vital role in the treatment of such diseases by offering convenient modes of drug delivery. The growth in prevalence of chronic conditions is directly translating to increased demand for SVPs.
Infectious Disease Outbreaks
There has been a spurt in infectious disease outbreaks like COVID-19 pandemic in recent times. SVPs are indispensable during such public health emergencies for delivering life-saving therapies to large patient populations. They offer cost-effective and stable drug formulations for mass vaccination and treatment efforts. The increased risk of epidemics and pandemics will continue to drive the need for SVPs in the foreseeable future.
Regional Analysis
North America Dominates
North America currently dominates The Global SVP owing to the presence of major market players, rising healthcare spending, urgent need to address the opioid crisis through injectable therapies, and growth in disease burdens in an increasingly aging population. The U.S. represents the largest market.
Asia Pacific to See Faster Growth
However, the Asia Pacific region is expected to see the fastest growth during the forecast period attributed to improving access to healthcare, increasing healthcare expenditures, rising incidence of chronic diseases, and expansion efforts by global key players in developing countries. China and India with their huge population base and unmet medical needs present lucrative opportunities.
Emerging Markets to Offer Lucrative Prospects
The SVP s in Latin America, Middle East, and Africa are projected to provide high growth prospects over the coming years. This can be accredited to the rising burden of infectious diseases, improving access to healthcare in resource-poor areas, and growing medical tourism. Global players are exploring opportunities in these underpenetrated developing regions.
Key Players
The global SVP remains largely consolidated with a few major players holding a lion's share. Some of the key players operating in this market include Baxter, B. Braun, Kelun Group, Fresenius Kabi, Hospira, Otsuka, and Teva Pharmaceutical among others. These companies are engaged in new product launches, capacity expansions, and geographical expansions to strengthen their market position. Partnerships and mergers and acquisitions remain regular features of this competitive marketplace.
Conclusion
In conclusion, the global SVP holds immense growth potential driven by the increase in prevalence of chronic and infectious diseases worldwide. Lyophilization technology, initiatives towards mass vaccination, growth in pharmaceutical outsourcing, and penetration in emerging markets will aid the sustained growth of this market over the forecast period. The market is expected to witness increased consolidation activities among players to gain leadership positions.
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