NEW YORK, Oct. 26, 2016 /PRNewswire/ -- The global parenteral nutrition market is expected to reach USD 7.3 billion by 2024, according to a new report by Grand View Research, Inc. The increasing natality rate, the growing malnutrition coupled with the prevalence of chronic conditions such as cancer and gastro-intestinal tract diseases are expected to boost the market over the forecast period.
The presence of malnourished children in the developing countries leading to the rise in the natality rate and the rising geriatric population suffering from a deficiency of essential nutrients are some of the major factors that are expected to fuel the global parenteral nutrition market.
According to the WHO around 40.0% patients across the world were malnourished in 2010. The study also indicated that about one-third of the patients in Europe were malnourished in 2012, thereby fueling industry growth.
According to the statistics provided by the World Bank Group, India had the highest natality rate followed by China in 2012. Moreover, a consistent increase in the rate of natality was observed in the European countries such as the U.K. and France. Therefore, Asia Pacific and Europe are expected to witness the fastest growth over the forecast.
North America is expected to witness lucrative growth due to the increase in consumer awareness paired with the increasing healthcare costs. As parenteral nutrition products are available in the home health care sector, it further facilitates the market growth due to the increasing trend in home health care. The increasing incidence of heart diseases is another vital driver. According to the WHO around 49.0% of the American population is endangered with the risk of cardiac arrest.
Further key findings from the study suggest:
North America is expected to dominate the overall market with a revenue share of about40.0% in 2024, owing to the increasing incidences of heart diseases coupled with the rise in home health care.
Asia Pacific and Europe are anticipated to be the fastest growing region with a CAGR of over5.5% over the forecast period. The rise in the natality rate, rising geriatric population and the growing awareness regarding the importance of nutritional value and its impact on health are the vital impact rendering drivers for the region.
Key players of the industry include Baxter International, Inc., Hospira, Inc., B. Braun Melsungen AG, Grifols International S.A., Fresenius Kabi AG, Otsuka Pharmaceutical Factory, Inc., Actavis, Inc., Sichuan Kelun Pharmaceutical Co., Ltd. Most of these companies have been in the business for over a decade and are bringing in expertise and technological advancements that are expected to help them sustain over the forecast period.
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