Self-administered medications delivered via pre-filled syringes allow consumers to save money on caregiver services. Furthermore, by including this drug delivery medium in their portfolio, manufacturers are reaping higher profit margins. In this context, the global parenteral drug market, which was valued at US$ 451 billion in 2019, is expected to increase at a modest rate from 2019 to 2029.
In nations where the market is monopolistic and access to such medicines is dominated by a single player, cancer drugs are always in limited supply. The increased frequency of chronic illnesses such as cancer, cardiovascular disease, and diabetes has been the primary revenue driver for parenteral medications around the world, and this trend is unlikely to change very soon.
Furthermore, parenteral drug manufacturers are currently concentrating on maintaining good product quality. The quality of biologic parenteral drug is maintained through single-use technology. Manufacturers are also attempting to integrate Quality by Design (QbD) into their processes.
The parenteral drugs market is expected to reach a startling valuation of US $ 802 billion by the end of the forecast period based on this assumption (2019-2029)
Key Segments of Parenteral Drugs Market
The parenteral pharmaceuticals market is broken down into six categories in Fact.MR’s report product type, application, molecule type, method of administration, distribution channel, and region.
This study provides in-depth data and analysis on the key market dynamics and growth indicators that are linked with these categories.
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Parenteral Drugs Market Study Key Takeaways
- Monoclonal antibodies have the highest market share in terms of revenue in the parenteral medicines market by product category. This is due to a surge in biologics adoption and, as a result, a rise in the number of biologics approved for marketing.
- Because of the increased number of new product launches in these regions, North America and Europe now account for more than 60% of the global parenteral medication market.
- In the parenteral medicines industry, hospital pharmacies are likely to remain the leading distribution channel.
- The market for parenteral medications is quite fragmented. Merck & Co. Inc., Teva Pharmaceutical Industries Ltd., Sanofi S.A., Novartis AG, and Pfizer Inc. are just a few of the many parenteral medication makers.
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