The small volume parenteral market consists of parenteral drugs and formulations administered in small volumes usually less than 100 milliliter. Small volume parenteral find widespread application in treating conditions such as diabetes, cancer, infections, and congestive heart failures. They aid in delivering medications directly into the bloodstream through routes such as intravenous, intramuscular, subcutaneous, and intradermal delivery. The small volume parenteral formulations market has been witnessing steady growth driven by the growing prevalence of chronic and acute diseases worldwide. Moreover, the rising geriatric population prone to multiple health conditions has boosted the demand for easily administrable drugs in mini doses. However, stringent regulations for manufacturing parenteral drugs and high costs that are associated with drug development may impede the market expansion to some extent.
Market Dynamics:
Global small volume parenteral market is primarily driven by the rising prevalence of chronic diseases such as diabetes, cardiovascular disorders, cancer, and respiratory diseases. As per the estimates of World Health Organization (WHO), chronic diseases accounted for over 70% of all deaths worldwide in 2020. Growing geriatric population base which is also susceptible to multiple health issues, has intensified the demand for small volume parenteral formulations to manage complex conditions. Furthermore, advantages such as precise dosing, immediate delivery of medication, and bypassing gastrointestinal absorption have augmented the adoption of small volume parenteral. However, high costs associated with parenteral drug development and stringent regulatory framework for manufacturing injectable drugs continues to restrict the market growth. On the other hand, ongoing advancements in novel drug delivery systems are expected to unleash lucrative opportunities for stakeholders.
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