The global parenteral drug market is experiencing a surge in demand, projected to reach a value of US$ 595.63 billion in 2024. This growth is attributed to the increasing need for effective and rapid-acting treatments, particularly for patients who cannot take medications orally. The market is anticipated to expand at a CAGR of 5.5% over the forecast period from 2024 to 2034.
Parenteral drugs offer several advantages, including rapid onset of action, bypassing the digestive system for faster absorption, and suitability for patients in an unconscious state. These factors have contributed to their growing popularity among healthcare professionals.
The leading regional markets for parenteral drugs are North America, South Asia & Pacific, and Western Europe. Monoclonal antibodies are projected to generate the highest revenue, followed closely by immunoglobulin and cytokines.
Key takeaways from the market study include:
* The market for parenteral drugs is expected to reach a value of US$ 1,020.17 billion by 2034.
* Global sales of monoclonal antibodies are projected to rise at a CAGR of 6.9% and reach US$ 224.1 billion by 2034.
* North America is projected to account for 33.6% of the global market by 2034.
* Worldwide sales of parenteral drugs through retail pharmacies are forecasted to rise at 6.5% CAGR and reach US$ 381.79 billion by 2034.
* Demand for parenteral drugs for use in oncology is forecasted to increase at a CAGR of 8.3% and reach a market value of US$ 233.09 billion by 2034.
Leading pharmaceutical companies, including Merck & Co. Inc., Pfizer Inc., Teva Pharmaceutical Industries Ltd., Novartis AG, and Sanofi S.A., are driving innovation in the parenteral drug market. The implementation of rigorous regulations in the United States is leading to the adoption of isolator technology, minimizing potential risks to patient safety and expanding the application scope.
The demand for parenteral drugs in the United States is projected to increase at a CAGR of 4.9% and reach a market value of US$ 296.97 billion by the end of 2034. This growth is driven by the increasing demand for these drugs and the development of advanced technologies by pharmaceutical companies to meet these needs.
The parenteral drug market is poised for continued growth, driven by the increasing need for effective treatments and the ongoing development of new technologies. As the global population ages and the demand for personalized medicine increases, the parenteral drug market is expected to remain a significant force in the healthcare industry.
