The global large volume parenteral (LVP) market is anticipated to expand at a promising rate from 2021 to 2031 (forecast period). The overall demand for large volume parenteral preparations has increased significantly in recent years. The ever-increasing number of surgeries and the soaring incidence of hospitalization are observed to be the primary reasons that have laid the groundwork for the market to acquire lucrative growth opportunities.
Moreover, the growing demand for faster, safer, and more efficient drug delivery procedures in patients undergoing surgery is expected to boost the global large volume parenteral (LVP) market. Furthermore, consumer adoption of single-dose vaccines and drugs for central nervous system illnesses, diabetes, and oncology is projected to stimulate demand for large volume parenteral formulations.
The worldwide large volume parenteral (LVP) market is fairly competitive, with both global and local manufacturers present. Due to technical improvements, small and mid-sized businesses are focused on market penetration in order to gain market share. The global large volume parenteral (LVP) market is experiencing a surge in mergers and acquisitions.
B. Braun Melsungen AG, Fresenius Kabi AG, Baxter Healthcare Corporation, Pfizer, Inc., and BML Parenteral Drugs are some of the key players operating in the worldwide large volume parenteral (LVP) market.
The worldwide large volume parenteral (LVP) market is expected to benefit from a surge in health-related difficulties, which causes an increase in hospitalization rates. Surgeries are expanding at a fast pace. As a result, there is a greater demand for a speedier route of drug administration and an increasing preference for single-dose administration of vaccinations and pharmaceuticals. Furthermore, local production is expanding due to rising demand, which is expected to drive the global large volume parenteral (LVP) market.
The parental route aids in administration by providing an appropriate dose of medication since the bulk of the drug is immediately absorbed in circulation, bypassing the gastrointestinal tract. The parental route aids in administration and supports market growth. Patients with chronic and other lifestyle-related disorders are on the rise, and as a result, hospitalization rates are increasing. The development of single-dose nervous system illnesses, cancer, and diabetes are expected to present profitable prospects for the global large volume parenteral (LVP) market.
Moreover, patients increasingly prefer single-dose administration of vaccines and medications to address chronic diseases, which is projected to propel the global large volume parenteral (LVP) market during the forecast period.
The current COVID-19 outbreak has had a beneficial impact on the global large volume parenteral (LVP) market due to increased acceptance of LVPs for diverse applications and physicians' inclination for single-dose drug administration for improved drug uptake and faster and safer patient recovery.
The North America global large volume parenteral (LVP) market is expected to grow due to the increased research spending by governments and private entities in the healthcare industry, technologically sophisticated medical equipment, and alliances between the medical device industry, regulatory agencies, and academic institutions.
Moreover, beneficial reimbursement policies have resulted in a rise in hospital admissions, which is expected to promote market growth in this region. The reimbursement outlook for IV nutrition appears to be promising. In the United States, Medicare provides up to 80% of parenteral and enteral nourishment costs, including physician services, medical equipment, and other related medical services, thereby helping patients.
The large volume parenteral (LVP) market in Europe and Asia Pacific is projected to rise during the forecast period due to increased R&D efforts, increasing healthcare spending, and a rising emphasis on emerging economies.