The parenteral drug market refers to the segment of the pharmaceutical industry that involves the development, manufacturing, and commercialization of drugs that are intended to be administered through injection or infusion. Parenteral drugs are delivered directly into the body through intravenous (IV), intramuscular (IM), or subcutaneous (SC) injection.
Parenteral drugs are typically used in the treatment of serious or life-threatening conditions, such as cancer, autoimmune disorders, infectious diseases, and critical care. They are also used in emergency situations when rapid drug delivery is necessary. Parenteral drug products include injectable solutions, suspensions, emulsions, powders for reconstitution, and lyophilized products.
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Key Segments of Parenteral Drugs Market
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Key Takeaways of Parenteral Drugs Market Study
- By product type, monoclonal antibodies segment accounts for maximum market share in terms of revenue in the parenteral drugs market. This is primarily attributed to the rising adoption of biologics and subsequent rise in the number of biologics approved for marketing.
- North America and Europe collectively hold over 60% of the parenteral drugs market share owing to the rise in new product launches in the regions.
- Hospital pharmacies segment is expected to be the dominant distribution channel in the parenteral drugs market.
- The parenteral drugs market is highly fragmented. Some of the prominent parenteral drug manufacturers include Merck & Co. Inc., Teva Pharmaceutical Industries Ltd., Sanofi S.A., Novartis AG, and Pfizer Inc., among many others.
Increased Research Funding to Drive Parenteral Drugs Market Growth
Research funding has surged significantly in recent years, which has resulted in an increase in the number of projects undertaken as well as newly employed personnel for the same. The funding for research comes from governments, private players, and other commercial entities. For instance,
- In 2017, the National Cancer Institute (NCI) received over US$ 5.6 billion for research initiatives, which reflects a 7% increase as compared to 2016.
- Similarly, in 2018, in the U.S., the Omnibus Appropriations bill that provided additional funding of US$ 3 billion for the NIH (National Institutes of Health) was passed, which is the highest increase in NIH funding in the past 15 years. This boost in funding, which brings the total NIH investment to US$ 37.1 billion for FY 2018, is expected to speed up cancer research in the coming years.
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The expected trend indicates a significant rise in NIH funding in the fiscal year 2017 – 2018. In the future, investments in R&D are likely to increase in all countries across the world, especially in countries such as China and Brazil