Self-administered drugs through pre-filled syringes offer opportunities to reduce consumer spending on caregiver fees. Furthermore, manufacturers are gaining sharper profit margins with the introduction of this drug delivery medium in their portfolio. On this backdrop, the global parenteral drugs market estimated at US$ 451 Bn in 2019, is projected to witness moderate growth during the forecast period (2019 – 2029).
Drugs for cancer are always short in supply in countries where the market is monopolistic and access to such medicines is dominated by a single player. Rising prevalence of chronic illnesses such as cancer, cardiovascular diseases, and diabetes, across the globe has been the prime revenue driver for parenteral drugs and this trend is not likely to abate any time in the foreseeable future.
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Key Takeaways of Parenteral Drugs Market Study
“Patent expiration of branded products and fewer new product launches have resulted in the rise of generic versions of drugs, and in the emergence of a number of players in the market – this factor has intensified total parenteral drugs sales,” says a Fact.MR analyst.
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Increased Research Funding to Drive Parenteral Drugs Market Growth
Research funding has surged significantly in recent years, which has resulted in an increase in the number of projects undertaken as well as newly employed personnel for the same. The funding for research comes from governments, private players, and other commercial entities. For instance,
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The research study on parenteral drugs market by Fact.MR incorporates an unbiased assessment of key demand-driving factors and trends, which have shaped the landscape of parenteral drugs over 2014 – 2018 and includes a detailed assessment of key parameters that are anticipated to exert influence over 2019 – 2029. Market statistics have been presented on the basis of product type (monoclonal antibodies, immunoglobulin, cytokines, indulin, peptide harmones, blood factors, peptide antibiotics, vaccines, small molecule antibiotics, chemotherapy agents, and others), application (oncology, infectious diseases, diabetes, hormonal disorders, musculoskeletal disorders, CNS diseases, pain management and cardiovascular diseases), route of administration (intravenous, intramuscular and subcutaneous), and distribution channel (hospital pharmacies, retail pharmacies, drug stores and online pharmacies) across seven major regions.
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Content Source: https://www.factmr.com/media-release/1226/global-parenteral-drug-market