India Large Volume Parenterals Market Worth $121.7 Million By 2025
The India large volume parenterals (LVP) market size is expected to reach USD 121.7 million by 2025 at a 7.1% CAGR during the forecast period, according to a new report by Grand View Research, Inc. LVPs offer a faster method for administration of drugs to patients during surgery or while recovering in the hospital. Rising preference by physicians for single dose administration of drugs is responsible for growing demand for LVP.
Parenterally administered drugs gain quick access to systemic circulation with complete drug absorption. These drugs have high bioavailability and reach the site of action faster than drugs administered orally, thus delivering an immediate physiological response in clinical conditions such as shock, asthma, and cardiac arrest. Moreover, parenteral administration is essential for drugs that do not provide therapeutic effect orally or that are broken down by digestive secretions such as hormones (e.g. insulin) and antibiotics.
There is a rise in healthcare expenditure in India where households incur a high monthly per-capita out-of-pocket expense on account of diseases such as cancer, followed by injuries and cardiovascular disorders. In such disease conditions, the patient has to incur the cost of LVP as well as make repeat purchase over the period of treatment.
Further key findings from the report suggest:
- The Indian pharmaceutical industry is growing at a rapid pace and remains one of the largest contributors to the country’s economy. India’s pharma sector is placed third in terms of volume and 14th in terms of value in global rankings
- By application, the India LVP market is categorized into therapeutic injections, fluid balance injections, and nutritious injections. Of these, nutritious injections dominated the market in terms of revenue in 2017
- Based on volume, the LVP market is grouped into 100 ml, 250 ml, 500 ml, 1000 ml, and 2000 ml. Of these, the 100 ml injectable segment is expected to exhibit the fastest growth rate in the coming years
- Based on end use, the market is divided into hospitals & other healthcare facilities and home care. Hospitals & other healthcare facilities held a majority share in 2017
- Market players and manufacturers have developed a supply chain contract with reputed hospitals, leading to a better hold over the market. Some of these players are Fresenius Kabi AG; Baxter; Otsuka Pharmaceutical Co., Ltd.; and BML Parenteral Drugs.