Parenteral nutrition (PN) can be explained as the intravenous administration of nutritional solutions of carbohydrates, lipid emulsions, amino acids, vitamins, and trace elements. Parenteral nutrition is needed for patients that are unable to take adequate nutrition via the gastrointestinal tract on a regular basis. In addition, PN is needed for patients in which oral or enteral intake of nutrition supplements is not viable as well.
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Cancer, Malnourishment on the Rise, says WHO; Supplement Nutrition Needed to Combat Maladies
The global parenteral nutrition market is progressing due to the increasing incidence of chronic diseases such as diabetes, cancer, and other conditions such as ischemic bowel disease, short bowel syndrome etc. According to the World Health Organization (WHO), in 2012, cancer was the leading cause of morbidity and mortality, with almost 14 million new cases registered in the same year. The prevalence of the disease is expected to increase by 70% between 2025 and 2035, as further stated by the organization. Thus, the increasing pool of patients affected with chronic diseases is fueling the demand for parenteral nutrition, which is benefitting the global market.
Preterm births, the number of which is increasing around the world, and the malnourished population in developing regions depend on parenteral nutrition considerably for nutritional requirements. This will drive the parenteral nutrition market in these regions. Malnutrition accounts for almost one-third of the total child mortality every year, adds the WHO.
Faster approval of newer parenteral nutrition formulations and the growing aging population are other major factors driving the market. However, parenteral nutrition is subject to apparatus and functional limitations, such as catheter infection, particulate contamination, refeeding syndrome, and liver dysfunction, which are detrimental to the market’s growth. These factors will lead the global parenteral nutrition market to expand at a CAGR of 5.70% in the 2015-2023 period. The market’s valuation will reach US$6.9 bn by 2023, increasing from US$4.1 bn in 2014.
Single Dose Amino Acid Segment Leads Parenteral Nutrition Market
By nutrient type, the market is divided into the segments of carbohydrates, single dose amino acid solution, vitamins and minerals, parenteral lipid emulsion, and trace elements. In 2014, the single dose amino acid segment held a share of close to 34.1% in the global parenteral nutrition market. However, it is the parenteral lipid emulsion segment that will register the highest growth rate in the foreseeable years. The advantage of the product segment lies in minimal interference with pulmonary hemodynamics, which is leading to the rising uptake of this product.
The global parenteral nutrition market is divided into the regional segments of North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America. In 2014, North America stood as the largest market for parenteral nutrition. Increasing incidence of chronic diseases and faster approval of newer parenteral nutrition formulations are the reasons for this. Europe stood as the second largest market for parenteral nutrition in the same year. Favorable growth prospects for biotechnology and pharmaceutical companies due to the demand for branded formulations from consumers has propelled the European regional market for parenteral nutrition.
However, Asia Pacific will register the highest CAGR in the global parenteral nutrition market in the aforementioned forecast period. Leading companies such as Fresenius, Baxter, and others are interested in establishing a presence in Asia Pacific, which will lead to expansion of the parenteral nutrition market in the region.
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