The Business Research Company's parenteral nutrition market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Sept. 29, 2022 /PRNewswire/ -- Olive oil-based parenteral nutrition products are gaining popularity in the parenteral nutrition market trends. The companies in the parenteral nutrition market are focusing on innovating new products such as olive oil-based parental nutrition. The olive oil provides effective nutrition, is associated with fewer infections, and confers greater ease-of-use than other oils such as soybean oil. Soybean oil-based emulsions high in linoleic acid used in parenteral nutrition (PN) could interfere with immune function and may increase the risk of septic complications. Olive oil-based emulsions, high in oleic acid, could have fewer immune effects. For example, in August 2019, Baxter International Inc., a US-based healthcare company launched Olimel N12, a new olive oil-based parental nutrition formulation to meet high protein needs in critically ill patients. The ready-to-use formulation combines a high protein formulation with low glucose content, resulting in the lowest energy to protein ratio.
The global parenteral nutrition market size is expected to grow from $5.85 billion in 2021 to $6.26 billion in 2022 at a compound annual growth rate (CAGR) of 7.02%. The global parenteral nutrition market growth is expected to reach $7.99 billion in 2026 at a compound annual growth rate (CAGR) of 6.28%.
An Increase In The Geriatric Population Will Drive The Growth Of The Parental Nutrition Market
As per the parenteral nutrition market analysis, an increase in the geriatric population is expected to contribute to the growth of the parental nutrition market. Geriatric population refers to the population aged 65 years and above and are considered as the old age people. The geriatric population naturally develops multiple health problems and other issues that require parental nutrition products that in turn will grow the parental nutrition market. According to the World Health Organization, a Switzerland-based government agency, by 2030, 1 in 6 people in the world will be aged 60 years or above, with the population aged 60 years and above will increase from 1 billion in 2020 to 1.4 billion in 2030.
North America Was The Largest Region In The Parenteral Nutrition Market In 2021
North America was the largest region in the parenteral nutrition market and was worth $1.96 billion in 2021. The parenteral nutrition market in North America is supported by rise in chronic diseases, and high R&D investments. The market is also supported by high healthcare expenditure in the region and increasing investments in the form of acquisitions and mergers. For example, in 2021, an estimated 14 million adults in Mexico are living with diabetes – a rise of 10% in the past.
Baxter International Inc. Held The Largest Share In The The Parenteral Nutrition Market
Baxter International, Inc was the largest competitor in the parenteral nutrition market in 2021, with a 16.55% share of the market. Baxter International Inc is a health care company that manufactures and distributes healthcare products including innovational therapies and technologies to treat patients. Baxter's growth strategy focuses on helping clinicians in meeting their patients' nutritional goals through the launch of new products. For instance, in September 2020, the company received the U.S. Food and Drug Administration (FDA) approval for the new formulations of its Clinimix E, and Clinimix injections. The Clinimix and Clinimix E with higher protein provides 60% more protein (amino acid) to the patients requiring parenteral nutrition, compared to the previous Clinimix formulations.
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