Market Trends of Large Volume Parenteral (LVP) Industry
Therapeutics Injections Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Therapeutic injections are administered directly into the joint to reduce inflammation and pain. Due to their long-lasting effects, therapeutic injections are commonly recommended for individuals suffering from chronic joint pain who cannot manage their pain with physical therapy. Factors such as an increase in pain-related diseases such as osteoarthritis, rheumatoid arthritis etc., and a rise in the adoption of therapeutic injections for pain due to their quick action and benefits are expected to fuel the segment growth over the forecast period. For instance, according to the November 2021 update by CDC, 24% of all adults, or 58.5 million people, have arthritis in the United States. Thus, people tend to undergo therapeutic injection treatments to alleviate the pain associated with arthritis, which is expected to drive market growth over the forecast period.
An increase in research studies showing the advantages of therapeutic injection in pain relief is expected to drive segment growth over the study period. For instance, corticosteroid injections are one of the most common types of therapeutic injections, which are used along with an anaesthetic numbing agent to relieve joint pain and inflammation. Common corticosteroids used include triamcinolone, methylprednisolone, and dexamethasone. Also, according to a study published in April 2023 in the Clinical Rehabilitation journal, corticosteroid subdeltoid injection, combined with physiotherapy, was found to be beneficial in chronic subacromial bursitis compared to physiotherapy alone. Furthermore, epidural injections alleviate spinal pain and the pain in the legs or arms from an inflamed spinal nerve. Like corticosteroid injections, epidural injections use an anaesthetic combined with a corticosteroid. For instance, according to a study published in August 2022 in PubMed, epidural steroid injections (ESI) received by the geriatric population for back and leg pain were found to have a long-term improvement with low pain episodes. Thus, owing to the increased benefits of therapeutic injections, the studied segment is expected to witness significant growth over the forecast period.
Hence, the studied segment is expected to witness significant growth over the forecast period due to the increase in the incidence of pain and the rise in the utilisation of therapeutic injections in chronic pain conditions.
North America Anticipated to Hold a Significant Market Share Over the Forecast Period
North America is expected to hold a significant market share over the forecast period owing to robust healthcare infrastructure and a high prevalence of pain-related diseases, as these can increase the utilisation of LVPs. Also, the rise in cases of surgeries coupled with an increase in fluid replacement therapies across North America is further likely to bolster the market growth over the forecast period. For instance, as per the June 2022 update by Canadian Institute for Health Information, approximately 110,000 joint replacements were performed in 2020-2021, of which more than 7,300 were performed as day surgery, representing a four-fold increase from the previous year in Canada. Proper fluid intake is essential for joint replacement surgeries, which is expected to increase the demand for LVP, contributing to market growth in the North American region.
Furthermore, as LVP can continuously disperse a selected drug, generally morphine, through the catheter into the intraspinal space, it is beneficial in pain management among cancer patients. For instance, according to the statistics published by the American Cancer Society, around 1.9 million new cancer cases are expected to be diagnosed in the United States in 2023. Hence, a high prevalence of cancer cases is expected to utilise the LVP in pain management, and the demand for LVPs is likely to rise in the North American region, leading to market growth over the forecast period.
Furthermore, the LVP is commonly used for intravenous fluid resuscitation, as LVP can quickly restore the fluid balance of patients with haemorrhage/burns. For instance, according to an article published in June 2022 by a researcher at Virginia Commonwealth University School of Medicine, isotonic crystalloid solutions are typically given for intravascular repletion during shock and hypovolemia, and colloid solutions (e.g., hydroxyethyl starch, albumin, dextrans) are also effective for volume replacement during significant haemorrhage. Also, traumatic brain injury (TBI) can cause severe hemorrhagic cerebral contusion, leading to the adoption of LVP for fluid replacement purposes. For instance, according to the Traumatic Brain Injury Report 2022 published by the Tennessee Department of Health, 7,838 TBI patients were reported to the registry in 2021 in Tennesee. Thus, the high prevalence of TBI can create a significant demand for the LVP, which is expected to drive market growth over the forecast period.
Thus, owing to the rise in surgical procedures, the adoption of LVPs in the pain management of cancer patients and the increase in healthcare expenditure, North America is expected to hold a significant market share of the studied market over the forecast period.
