Significant advancements in the research & development activities for the development of new drugs is creating growth opportunities for the market players
Significant advancements in the research & development activities for the development of new drugs is creating growth opportunities for the market players
Fact.MR, New York: Fact.MR’s latest study on global parenteral drugs market forecasts an upward graph of revenue through 2021 and beyond. Increasing demand for pre-filled syringes and increasing research & development (R&D) activities for drug delivery are fuelling the demand of parenteral drugs market. On the back of these factors, the global parenteral drugs market is expected to expand at a CAGR of 6% over the upcoming decade.
Rising incidence of chronic illnesses such as cardiovascular diseases, diabetes and others are propelling the demand for pre-filled syringes. The market also is forecast to gain from increasing demand for R&D activities aimed at development of cancer drugs. Backed by these factors, the demand for parenteral drugs is expected to improve across developed countries such as the U.S., U.K., and Germany. According to Fact.MR, North America and Europe collectively accounted for 60% of the global parenteral market share owing to the rise of new product launches across the regions.
“Manufacturers, both public and private, are increasingly investing in research studies on monoclonal antibodies. Through this they aim at encouraging novel drug development,” says the Fact.MR analyst.
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Key Takeaways
- In terms of product, monoclonal antibodies is leading the market with 20% of global market share
- Hospital pharmacies are expected to be the dominant segment in terms of distribution channel
- In terms of route of administration, intravenous segment is expected to be dominant for global parenteral drugs market
- United States is expected to lead the North American parenteral market through 2021 & beyond
- Application in oncology and infectious disease to accelerate the sales of parenteral drugs
Prominent Drivers
- Rising prevalence of chronic diseases and growth in biologics market is expected to propel the demand of parenteral drugs market
- Increased spending on biologic drugs is improving the growth of parenteral drugs market
Discover more about the parenteral drugs market with figures, data tables and the table of contents.
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Competitive Landscape
Pfizer Inc., Novartis AG, Teva Pharmaceuticals Industries Ltd., Sanofi SA, Sun Pharmaceutical Industries Limited, AstraZeneca PLC, Merck & Co. Inc., Mylan NV, Cipla Inc., Dr. Reddy’s Laboratories Ltd., and Samsung Biologics. Key players are developing strategies such as strategic collaborations, product launches and investment in research and development activities to maintain their position in the industry.
For instance, on April 15th 2021, GSK and Vir Biotechnology announced EMA-review of dual-action monoclonal antibody VIR-7831 for the early treatment of COVID-19
Also, in 2020, IAVI, and Merck KGaA a non-profit organization dedicated to addressing urgent, unmet global health challenges, and Serum Institute of India Pvt. Ltd., a leading manufacturer of vaccines and biologics, announced an agreement with Merck KGaA, Darmstadt, Germany, a leading science & technology company, to develop SARS-CoV-2 neutralizing monoclonal antibodies co-invented by IAVI and Scripps Research as innovative interventions to address the COVID-19 pandemic.
Furthermore, in October 2020, Exonbio, a leading recombinant antibody CRO company announced the launch of the SARS-CoV-2 recombinant monoclonal antibodies for the global IVD and research communities in support of efforts to combat the pandemic.
More Insights on the Parenteral Drugs Market
In its new offering, Fact.MR delivers deeper insights on the global parenteral drugs market over the forecast period of 2019-2029. To understand the ongoing and upcoming trends of the global parenteral drugs market, the market is segmented on the basis of product type (monoclonal antibodies, immunoglobulin, cytokines, insulin, peptide hormones, blood factors, peptide antibiotics, vaccines, small molecule antibiotics, chemotherapy agents and others), application (oncology, infectious diseases, diabetes, blood disorders, hormonal disorders, CNS diseases, pain management and cardiovascular diseases), molecule type (small molecules and large molecules), route of administration (intravenous (IV), intramuscular (IM), subcutaneous (SC)), distribution channel (hospital pharmacies, retail pharmacies, drug stores and online pharmacies), and regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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Source: Fact.MR