The global market for large volume parenteral (LVP) is predicted to grow at a CAGR of 7.08% from a market size of USD7.918 billion in 2019 to achieve a market size of USD11.939 billion by the end of 2025.
Parenterals are referred to as the dosage forms other than the oral route of drug administration, hence the drug administration is performed by the other routes especially, intramuscular, subcutaneous, and intravenous. Large volume parenteral is delivered through an intravenous route of administration and is present in a volume greater than 100ml. These comprise of 100 ml, 250 ml, 500 ml, 1000 ml, and 2000 ml. hence, these are packaged in large amounts for use in many applications for example for nutrition requirements, for the correction of electrolyte & fluid balance disturbances, and as a vehicle for administering other drugs. The growing prevalence of chronic diseases is propelling the market demand in the forecast period. The prevalence of the number of hospitalizations in a year for the treatment of diseases requiring LVPs is burgeoning the market demand in the forecast period. In the cases of surgeries, LVPs find immense use, hence, the growing number of surgical procedures is also providing an impetus in propelling the market growth in the forecast period. Common large volume parenterals include sodium chloride solution, dextrose solution, Ringer’s solution, and lactated Ringer’s solution, also the combination of dextrose and sodium chloride. The LVPs serve as a mode of faster drug delivery for patients when in need, particularly at the time of surgeries, hence are quite effective. The growing drug delivery industry is also providing strong growth prospects for the market to proliferate in the forecast period. The increasing demand of patients for single-dose vaccine administration is also fueling the market growth in the forecast period.
However, there are a limited number of producers for the supply of large volume parenterals in the United States, these shortages are due to the manufacturing problems interrupting the production operations in the country. It has been noticed that inspite of high interest for large volume parenterals in the country, very few manufacturers produce these products, hence, an increased demand along with the delay in the manufacturing of LVP, this has further resulted in shortages of important LVPs in the United States of America. Some manufacturers have discontinued the products in certain packaging formats or have withdrawn from the market altogether. According to the second report by the US, Council of Science and Public Health on national drug shortages, the report stated that the problems specifically for the sterile injectables which include the LVPs including product discontinuations accounted for over 80% of the drug shortages in 2014 and 2015. It was reported that there were shortages of sodium chloride (saline) and dextrose solutions that are sold in large volumes for injection.
The company, Grifols has implemented its vertical integration strategy for a constant supply of high-quality sodium chloride 0.9% solution to the blood/plasma centers. The company stated that it will supply these large volume parenterals in 500 ml in 2018. The company, a Spanish pharmaceutical and chemical manufacturer is providing important LVPs to various hospitals, pharmacies, and compounding centers in the US region. The production of high-quality, sterile parenteral drug products consists of complicated processes, hence, there are limited manufacturers producing parenteral goods. Grifols has a long history of producing large volume parenterals for the European region, hence, the company has shown its capability for implementing cost-effective processes for the sustainable production of high-quality parenterals in large volumes.
The presence of cardiac diseases is fueling the market demand in the forecast period.
The growing number of people diagnosed with heart disease is one of the major drivers of large volume parenterals market. According to the World Health Organization (WHO), 17.9 million people die each year due to cardiovascular diseases (CVDs), an estimated 31% of all deaths worldwide. Increasing consumption of tobacco, unhealthy diet and physical inactivity are raising the risk of heart attacks and strokes. According to the Centres for Disease Control and Prevention, heart disease has been the major cause of death in the United States in which coronary heart disease is the most common type of heart disease. The rising obese population is one of the major causes of a heart attack. According to the WHO, the worldwide prevalence of obesity nearly tripled between 1975 and 2016. All these factors are driving the demand for LVPs with use in cardiac surgeries when required across the globe as doctors are focusing on a combination of risk factors for these diseases, implementing medical screening for individuals at risk, and then providing effective treatment to prevent disability and death while improving the quality of life. Thus, the increasing number of patients suffering from cardiovascular diseases is significantly impacting market growth in a positive manner in the forecast period.
Large volume parenterals are utilized in cardiac surgeries for the prevention of ischemic injury to the myocardium at the time of blood flow supply to the heart. LVPs are also used to maintain a bloodless operating field and for making myocardium flaccid, as these are electrolytic solutions where the composition is intended for maintaining diastolic arrest. Hence, these solutions are in demand for administering cold for cooling the myocardium and minimizing activity. The solutions are slightly alkaline in nature and hypertonic used for compensating for metabolic acidosis and minimizing reperfusion injury occurring out of tissue edema.
COVID-19 impact overview of the global large volume parenteral market.
It has been widely observed that the ongoing global pandemic crisis is affecting the manufacturing operations of various markets worldwide. This is mainly due to the prevention measures taken by the individuals for the prevention of transmission of the deadly viral disease. Necessary medicines as required for the treatment of the critically-ill patients include cardiac drugs, analgesics, anti-clotting medicines, and medical nutrition along with large volume parenterals, these are at risk of being scarce amid the novel coronavirus scenario. This is due to the soaring demand for these essential medications. Hence, the COVID-19 pandemic is projected to affect the growth of the global large volume parenteral (LVP) market in a negative manner in 2020.