The Global Small Volume Parenteral Market is estimated to be valued at US$ 179.62 BN in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.
Small volume parenteral (SVP) products are pre-filled syringes or vials containing less than 30mL of medication that are administered intravenously or subcutaneously to treat a variety of acute and chronic conditions. Key advantages of SVPs include minimal risk of contamination, improved patient safety and compliance, and ease of administration. With rising prevalence of chronic diseases and growing geriatric population worldwide, demand for SVPs is increasing significantly.
Key Takeaways
Key players operating in the Global Small Volume Parenteral Market include Fresenius Kabi AG, Baxter, Sichuan Kelun, BML Parenteral Drugs, ICU Medical, Inc., Pfizer Inc., Becton Dickinson and Company, B. Braun Melsungen AG, WuXi AppTec, Akums Drugs & Pharmaceuticals Ltd., Orion Corporation, Rusoma Laboratories Private Limited, Higgs Healthcare and Syntegon Technology GmbH.
Rising disease burden of chronic conditions such as cancer, diabetes and cardiovascular diseases is a key factor driving demand for SVPs globally. According to WHO, cardiovascular diseases are the leading cause of death worldwide with over 17 million deaths each year. Growing geriatric population which is more prone to chronic diseases will further boost SVP market growth.
Technological advancements are helping improve stability, safety and efficiency of SVPs. Development of new polymer formulations, self-sealing elastomeric closures and IV-push adapters have enhanced convenience of SVP administration for healthcare professionals. Automation of SVP filling and packaging lines has increased production efficiency.
Market Trends
- Increasing focus on emergency and intensive care is prompting greater adoption of SVPs for various critical care medications and fluid replacement therapy.
- Growing preference for pre-filled syringes over conventional vials due to advantages like prevention of needlestick injuries and minimized dosing errors.
Market Opportunities
- Expanding healthcare infrastructure and access in emerging economies presents lucrative opportunities. Underpenetrated rural areas represent major untapped potential.
- Development of specialty and personalized SVP formulations targeted at orphan and rare diseases will open new growth avenues going forward.
Impact of Covid-19 on Global Small Volume Parenteral Market
The COVID-19 pandemic has significantly impacted the growth of the global small volume parenteral market analysis. During the initial outbreak in early 2020, pharmaceutical production and supply chains were disrupted due to lockdowns imposed worldwide. This led to shortages in stocks of SVPs used for various therapeutic areas such as nutrition, cardiology, gastroenterology etc. Hospitals faced difficulties in procuring adequate volumes of SVPs to meet the increasing demand from COVID-19 as well as non-COVID patients requiring intravenous medication support.
With the spread of the virus, SVP demand grew sharply from 2020 itself as majority of hospitalized COVID patients required IV medication and fluid administration. However, the supply could not keep up due to manufacturing and logistical challenges faced by pharma companies during the first year of the pandemic. This caused price hikes and short supply situations for certain SVP products in many countries during the peak COVID waves.
Post pandemic from 2021 onwards, the global small volume parenteral market has seen accelerated growth. Pharma firms have increased production capacities, streamlined supply chains and stocked higher inventory levels to ensure adequate availability of SVPs. Meanwhile, healthcare expenditure increased significantly worldwide to strengthen preparedness against future outbreaks. SVP demand remains high from hospitalized non-COVID patients as well as those recovering from long term effects of COVID infection requiring chronic therapy. Overall, the COVID-19 pandemic has brought greater focus on accessibility and continuity of IV medication, driving the market growth. However, persistent raw material shortages and price volatility remain key challenges.
Geographical Concentration Of Global Small Volume Parenteral Market
In terms of value, North America accounted for the largest share in the small volume parenteral market till 2023 owing to high healthcare expenditure and developed healthcare infrastructure in the US and Canada. The availability of advanced treatments and widespread health insurance coverage driving hospitalization rates in the region. Europe held the second largest market value during this period due to universal healthcare coverage and presence of leading pharmaceutical players. Asia Pacific emerged as the fastest growing regional market during 2020-2023 mainly attributable to the growing medical needs and healthcare financing of large economies like China and India. The availability of low-cost generic SVPs in Asian markets also supported faster adoption.
South America currently represents the fastest growing regional market for SVP globally. This growth can be attributed to ongoing government initiatives for improving public access to healthcare through universal health coverage programs across most countries in the region. Rising healthcare standards accompanied with economic development is likely to substantially increase the demand and uptake of small volume parenteral products. Meanwhile, the Middle East and Africa offer untapped opportunities for market players given the rising healthcare priorities in these developing markets.
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