In an era stricken by the prevalence of chronic diseases, the global parenteral nutrition market stands as one of the prominent verticals in the health & nutrition fraternity. The rising cases of chronic disorders worldwide on account of the increasing aging population paired with changes in living standards are majorly contributing to the occurrence of long-term health conditions. Owing to rapid urbanization, several individuals are adapting to a more sedentary lifestyle, which is driving obesity rates and occurrences of diseases like diabetes upwards.
According to the World Health Organization, instances of chronic diseases are estimated to rise by 57% by 2020. Developing nations will experience the hardest hit since population growth would be more significant. This would ultimately result in heavy demand for healthcare products, thereby contributing significantly to the global parenteral nutrition market growth.
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Malnutrition is another driving force for this industry. A highly universal issue, malnutrition is responsible for more ill health and rate of mortality compared to any other cause. Malnutrition is also a huge socioeconomic problem, capable of halting development and costing billions a year. The consequences of malnutrition spur childhood deaths, adult disability, comprising non-communicable diseases and massive economic and human capital costs. The availability of proper nutrition though, is a viable alternative, and is likely to help curtail the negative impact of malnutrition to an extent.
On these grounds, governments in developing nations have lately raised their spending on nutrition, bringing forth a slew of opportunities for parenteral nutrition industry players. For example, the Nutrition for Growth financial commitment of $19.6 billion has already been achieved along with initiatives to provide finance at scale. The Power of Nutrition is another initiative to unlock new financing for undernutrition by the year 2022. Such efforts will generate a demand for nutrition products, especially in low- and middle-income nations, providing a significant impetus to parenteral nutrition market trends in these regions.
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Although child mortality rates around the world have dropped, the prevalence of pediatric diseases and chronic diseases in children continues to rise globally. Pediatric chronic illnesses usually last for more than three months and affect a child’s normal activities, while requiring frequent hospitalization. Data by Michigan Medicine, University of Michigan states that nearly 15% to 18% of children in the United States suffer from chronic health conditions.
According to recent research, children whose mothers suffered from gestational diabetes during pregnancy are highly susceptible to the condition before the age of 22. This would massively augment the need for child nutrition products in the years ahead, eventually expediting the overall parenteral nutrition industry. As a matter of fact, parenteral nutrition market size from children and newborns is estimated to grow at a CAGR of 4.6% over 2019-2025, owing to the increasing prevalence of chronic diseases in infants and young adults.
In developed nations, the parenteral nutrition industry market will gain momentum on account of the growing healthcare expenses along with rising awareness amongst the population regarding parenteral nutrition services and products. For instance, in the United States, healthcare costs in 2017 had risen faster compared to the average annual income. The year recorded approximately $3.5 trillion as healthcare expenditure, making healthcare one of the nation’s biggest industries. There were two main factors responsible for this growth – namely, government policies and lifestyle changes. A perfect example of the former is when government programs such as Medicare and Medicaid helped patients without insurance and generated a huge demand for healthcare services, including parenteral nutrition products. Amidst the backdrop of such massively increasing healthcare spending and rising awareness concerning such services, global parenteral nutrition market will witness substantial returns over the coming years.
All in all, as the global medical industry expands and the healthcare infrastructure worldwide continues to retain more and more sophistication, the demand graph of parenteral nutrition industry is likely to remain exponential. The increasing competition in terms of product expansion as well as geographic outreach strategies will underline the industry dynamics in the years ahead. In terms of profitability potential, the global parenteral nutrition market share is slated to surpass $5,704 million by 2025.