Market Trends of Parenteral Nutrition Industry
This section covers the major market trends shaping the Parenteral Nutrition Market according to our research experts:
The Hospital Segment is Expected to Hold a Major Market Share in the Parenteral Nutrition Market
Most of the parenteral nutrition is given in hospitals, which is the major factor responsible for a major share of hospitals.
Key companies operating in the market are coming up with innovative products that are benefiting hospitals. For instance, in July 2021, Micrel Medical, a medical device company specializing in infusion therapy, and Baxter Healthcare, a global leader in clinical nutrition, signed an agreement for the distribution of the Micrel Mini RythmicPN+ infusion pump for parenteral nutrition (PN) across Australia and New Zealand. Such developments are expected to boost demand for parental nutrition, driving segment growth.
Besides, as per the Medical Nutrition International Industry (MNI) data published in March 2021, up to 50% of the patients hospitalized with COVID-19 were malnourished in Belgium, which surged the demand for parenteral nutrition across the hospitals.
The prevalence of malnutrition in hospitalized patients is generally high, especially in the elderly. As per the article from PubMed published in February 2022, more than 55% of geriatric patients in hospitals were malnourished. An observational study of 6,518 seriously ill adult patients demonstrated that the survival of patients treated in surgical intensive care units is linked to malnutrition. Malnutrition is associated with an increased risk of 28-day mortality in critically ill patients.Hence, with the high prevalence of malnutrition, the segment is expected to witness healthy growth in the coming years.
Also, the fact that hospitals have better treatment options and facilities to give complete parenteral care to people with long-term illnesses is likely to make patients want to go to hospitals more often. For example, according to data from PubMed that was published in June 2022, hospitals give people with chronic intestinal obstruction total parenteral nutrition. Parenteral nutrition is one of the crucial elements of nutrition in hospitals. Thus, the segment is believed to witness strong growth in the coming years.
North America is Expected to Hold a Significant Share of the Market Over the Forecast Period
North America is expected to have a big share, and most people think that in the coming years, the United States will rule the area.
Many hospitalized patients in the United States receive parenteral nutrition. For instance, as per the Medicare data of 2021, overall, approximately 34,000 patients in the United States receive parenteral nutrition (PN) every year for critical ailments. With the high number of people receiving parenteral nutrition in the country, the market studied is expected to witness significant growth in the future.
Furthermore, as per the data provided by the American Society for Parenteral and Enteral Nutrition (ASPEN), as of January 2021, there was a 23.4% shortage of injections for certain parenteral products, including multi-vitamin infusion (adult and pediatric), amino acids, potassium acetate injection (USP), sodium acetate injection (USP), and sodium chloride. The shortage was largely attributed to the high demand for parenteral products.
According to a National Heart, Lung, and Blood Institute of the National Institute of Health article on metabolic syndrome, updated in May 2022, metabolic syndrome is very common in the United States, and around one in three American adults suffer from a type of metabolic syndrome. With the increasing occurrence of metabolic syndrome, there is a growing demand for parenteral nutrition, which is expected to boost market growth.
Due to the above-mentioned factors, it is expected that the studied market will grow significantly in North America during the forecast period.
