May 29, 2024

The Global Small Volume Parenteral Market Is Trending Towards Prefilled Syringes By 2030

The global small volume parenteral market comprises sterile drug products and solutions administered through intravenous routes in small quantities. Small volume parenterals provide essential medications to patients and help deliver nutrition, fluid balance, and electrolytes. They offer various advantages such as ease of self-administration, controlled delivery of accurate doses, and prevention of contamination. The rising prevalence of chronic diseases and growing geriatric population suffering from multiple medical conditions is driving the demand for small volume parenteral drugs. The Global Small Volume Parenteral Market is estimated to be valued at US$ 179.62 BN in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period from 2024 to 2031.

Key Takeaways
Key players operating in the global small volume parenteral market are Fresenius Kabi AG, Baxter, Sichuan Kelun, BML Parenteral Drugs, ICU Medical, Inc., Pfizer Inc., Becton Dickinson and Company, B. Braun Melsungen AG, WuXi AppTec, Akums Drugs & Pharmaceuticals Ltd., Orion Corporation, Rusoma Laboratories Private Limited, Higgs Healthcare and Syntegon Technology GmbH. These players are focusing on new product approvals and launches to strengthen their global presence.

The demand for small volume parenterals is growing significantly with rise in incidence of chronic diseases and growth in geriatric population worldwide. Chronic illnesses such as cancer, diabetes, and cardiovascular diseases require long term medication, driving the demand. Additionally, growth in ambulatory surgeries and short hospital stay is propelling the market growth.

The small volume parenteral market is expanding globally with presence of major market players in developed regions of North America and Europe and active product development and marketing in developing Asian nations. The Asian market is expected to witness highest growth due to rapid improvements in healthcare infrastructure and rising medical tourism in the region.

Market key trends
One of the key trends gaining traction in the small volume parenteral market size is the growing demand for prefilled syringes. Prefilled syringes offer benefits such as improved dosing accuracy, less contamination risk, and ease of self-administration. The rising preference for injectable drug delivery formulations is propelling the demand for prefilled syringes. Additionally, the increasing incidence of anaphylaxis requiring emergency injections at home or outdoors is augmenting the uptake of prefilled syringes.

Porter’s Analysis
Threat of new entrants: Low barrier to entry but established players have strong brand recognition and distribution networks.

Bargaining power of buyers: Large healthcare facilities can negotiate lower prices but individual consumers have little influence.

Bargaining power of suppliers: Raw material suppliers have some pricing power due to patented compounds and technologies required for manufacturing.

Threat of new substitutes: Alternatives available but not significantly differentiated; customer switching costs are low.

Competitive rivalry: Intense competition between major global players; differentiation is through innovation, quality, and service.

Geographical Regions
North America region accounts for the largest share in terms of value owing to high healthcare spending and presence of major manufacturers. Asia Pacific is expected to grow at the highest CAGR during the forecast period due to increasing healthcare expenditure, rising incidence of chronic diseases and growing medical tourism in countries like India and China.

Europe captures a significant market share and is anticipated to grow at a steady pace over the next few years. This is attributed to factors such as increasing R&D, improving healthcare infrastructure, and rising number of surgical procedures in countries like Germany, UK and France. Latin America and Middle East & Africa represent the untapped growth opportunities for small volume parenteral market players.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it