With the increasing rise in development of biologic-based drugs, the number of parenteral drugs that are under development or are getting FDA approval is anticipated to increase, thereby being one of the most prominent factor fueling the growth of parenteral drug market. However, high costs associated with the parenteral drug is restraining the revenue growth in Parenteral Drug Market.
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Parenteral drugs are called the dosage forms that are intended for administration of medicine as injection or infusion. Parenteral form refers to administration of medications skipping the digestive system, rather injected or infused via intravenous or intramuscular mode of delivery. There are four most common delivery routes for parenteral drug administration including intravenous (IV) route, intraosseous infusion, subcutaneous route and intramuscular route. In Intravenous route of drug delivery, medicines or medicinal fluids are directly injected into patient's vein. However, subcutaneous parenteral drug is given under the skin and intramuscular parenteral drug is injected into muscle. The intravenous (IV) administration route for parenteral drug delivery is highly preferred over other delivery routes. Though solid dosage medicinal products are still prevailing in the market, parenteral drugs despite being a small molecule or a biologic-based drug is expected to increase their revenue share in the overall drug market.
The increasing approval for new parenteral drug across the globe is projected to propel parenteral drug market revenue growth over the forecast years. For instance, in 2016, 22 New Molecular Entities (NMEs) were approved by the US Food and Drug Administration’s Center for Drug Evaluation and Research. 13, or say 59 percent of these 22 NMEs approved were registered to be parenteral drugs. The increase in product launch activities for parenteral drugs by leading manufacturers such as Eli Lilly and Company, Biogen Inc., Merck and others.
The parenteral drug market is categorized based on drug class, route of administration and distribution channel. Based on drug class, the parenteral drug are classified into six major drug classes. Out of the six major drug class, antibiotics are the most preferred parenteral drug type.
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On the basis of product type, antibiotics parenteral drug segment is anticipated to expand its growth at a highest CAGR over the forecast years on the account of more demand for antibiotics from end use segments. However, the analgesics and anesthetics parenteral drug segment cumulatively holds the highest revenue share in parenteral drug market. Also, anti-inflammatory parenteral drug generates more revenue when compared to anti-diabetic parenteral drug. However, an upsurge in demand for Anti-diabetic parenteral drug is expected to exist in global parenteral drug market over the forecast period. Also, based on route of administration, parenteral drug are majorly injected via intravenous route. Hospital pharmacies followed by retail pharmacies is expected to register highest revenue growth rate during the forecast period.
North America and Europe cumulatively are expected to register highest market revenue share in global parenteral drug market due to the increased patient pool in the regions along with presence of top manufacturing companies across the region. The launch of new parental drug after FDA approval in the U.S. market enables North America to capture highest revenue share in parenteral drug market. Asian countries due to strong footprint for pharmaceutical companies entirely focused on production of parenteral drug allows Asia Pacific to grow at a significant CAGR over the forecast period.
Some of the major key manufacturers involved in global parenteral drug market are Eli Lilly and Company, Biogen Inc., Merck & Co., Sanofi, Novo Nordisk, AbbVie, Intercept Pharmaceuticals, Jazz Pharmaceuticals, Teva Pharmaceuticals and others.
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Parenteral Drug Market Expansion Strategies Set to Generate Substantial Revenue in the Near Future
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