PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1517359
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1517359
Global Parenteral Formula Market is valued approximately at USD 7.11 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 5.96% over the forecast period 2024-2032. Parenteral nutrition often referred to as parenteral formula or parenteral feeding, is a method of feeding a person intravenously when they are unable to consume food through the gastrointestinal tract. It involves delivering a specialized liquid formula containing nutrients directly into the bloodstream via a vein to provide essential nutrients such as carbohydrates, proteins, fats, vitamins, minerals, and electrolytes. These Parenteral formulas are carefully balanced to meet the individual patient's nutritional needs based on factors such as age, weight, medical condition, and metabolic requirements.
The Parenteral Formula Market is driven by the increasing prevalence of chronic disorders such as cancer, kidney failure, and diabetes. These conditions often necessitate parenteral nutrition, which provides essential nutrients directly into the bloodstream for patients unable to consume food orally. The aging global population significantly contributes to the market's growth, as older adults frequently encounter difficulties in medication intake due to frailty, dysphagia, or other age-related complications. Parenteral formulas thus play a crucial role in managing nutritional deficiencies among senior citizens. Furthermore, rising cases of malnutrition across economically deprived regions are expected to push the demand for parenteral nutrition solutions. Additionally, there is an increasing demand for whole protein and general formulas for both children and adults to help maintain overall health, presenting significant growth opportunities in the market. However, high cost of parenteral nutrition and regulatory constraints is going to impede the overall demand for the market during the forecast period 2024-2032.
The key regions considered for the global Parenteral Formula market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in 2023, driven by advanced healthcare infrastructure and high awareness regarding parenteral nutrition. North America benefits from a high level of awareness among healthcare professionals and the general population regarding the importance and benefits of parenteral nutrition. There is a robust understanding of when and how to utilize parenteral formulas, particularly in cases where patients cannot consume food orally or via tube feeding due to severe illness, surgery recovery, or digestive disorders. Furthermore, the market in Asia Pacific is anticipated to develop at the fastest rate over the forecast period 2024-2032.