The global small volume parenteral (SVP)has been witnessing steady growth over the past few years driven by increasing demand for drugs and therapies that need to be administered parenterally but require only small volumes. SVP or small volume injections refers to sterile aqueous solutions of one or more active pharmaceutical ingredients (APIs) used for parenteral administration in volumes ranging from 5 ml to 30 ml. Their demand has been rising owing to the growing prevalence of chronic diseases worldwide. In this article, we analyze the key dynamics of the global SVP and examine future growth opportunities.
Key Market Segments
The Global SVP can be broadly segmented into the following categories:
- By Product - The market is divided into bags, vials, ampoules and others based on the type of packaging used. Among them, small volume parenteral bags hold the largest share currently owing to their ease of administration.
- By Therapeutic Area - On the basis of applications, The SVP covers therapy areas like infectious diseases, cardiovascular disorders, cancer, neurological illnesses and others. Of them, infectious diseases indicate the highest demand at present due to the rising antibiotic resistant microbial strains worldwide.
- By Region - As discussed earlier, North America, Europe, Asia Pacific, Latin America and Middle East & Africa are the key regional markets for small volume parenteral drugs. Asia Pacific region has been exhibiting highest growth rates in recent times.
Driving Factors and Future Prospects
There are multiple factors that are contributing to the rising adoption of small volume parenteral products globally:
Increasing Disease Burden: As life expectancy increases globally and lifestyles change, prevalence of chronic and life-threatening diseases has been rising steadily. This includes ailments like cancer, cardiovascular diseases, diabetes and various infectious diseases. Treating such conditions often requires administration of medicines through intravenous or subcutaneous routes of administration rather than oral delivery. This is a major driver propelling SVP demand.
Growing Geriatric Population: Population aging is another megatrend currently being witnessed worldwide. The number of elderly citizens aged 65 years and above is projected to reach around 1.5 billion by 2050. Older adults are more prone to develop age-related illnesses and disabilities requiring parenteral medication delivery. This demographic shift will continue to boost SVP uptake.
Technological Advancements: Continuous R&D investments by pharmaceutical companies are leading to new technological enhancements in small volume parenteral drug manufacturing and packaging processes. This is allowing development of more stable and effective SVP formulations. Novel polymers, engineering innovations and automation are reducing production costs as well, auguring well for the market.
Healthcare Infrastructure Expansion: Developing regions across Asia Pacific and Latin America are witnessing heavy capital investments from their respective governments as well as private sector to ramp up healthcare facility networks and services. Ability to provide advanced treatments through parenteral routes will depend on a strong logistics and dispensing infrastructure - a factor future market prospects are positively leveraging.
The future therefore looks bright for small volume parenteral drug makers globally as demand drivers are expected to remain robust over the long term. Market players need to focus on portfolio expansion, cost control strategies and geographical footprint widening to capitalize on existing opportunities and capture a larger share in this growing industry segment.
In conclusion, the global small volume parenteral has demonstrated consistent expansion riding on significant medical need for parenteral therapies in treatment of chronic disorders. With progressive population aging worldwide and favourable reimbursement environment, the SVP industry seems poised for further advancement in the years ahead.
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