Global Small Volume Parenteral Market Size and Trends

Global small volume parenteral market size is expected to reach US$ 298.57 Bn by 2030, from US$ 179.62 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 7.5% during the forecast period.

Figure 1. Global Small Volume Parenteral Market Share (%), By Region, 2023

Figure 2. Global Small Volume Parenteral Market Share (%), By Form, 2023

Global Small Volume Parenteral Market- Trends

Increasing demand for prefilled syringes: The demand for prefilled syringes in the global small volume parenteral (SVP) market has been steadily increasing and is expected to continue to grow. Prefilled syringes provide several advantages over traditional vial and syringe packaging, which contribute to their rising popularity. Below outlined are the factors driving this demand and potential impacts on the market:

Advantages of Prefilled Syringes:

Convenience: Prefilled syringes save time and reduce the number of steps needed for medication preparation and administration
Accuracy: They deliver a precise dose, thus reducing medication errors that are associated with drawing from a vial
Safety: The closed system of a prefilled syringe reduces the risk of needle-stick injuries and exposure to hazardous drugs
Stability: Prefilled syringes can enhance the stability of drugs by minimizing their exposure to environmental factors and thereby reducing the risk of contamination.
Rise in homecare settings: Global small volume parenteral (SVP) market is witnessing a rising trend in homecare settings, which reflects a broader shift towards outpatient care and patient-centric models. The following factors are contributing to this increase:

Growth Drivers for SVP in Homecare Settings:

Patient Preference: Many patients prefer the comfort and convenience of receiving treatments at home rather than in a clinical setting
Cost-Effectiveness: Homecare can be more cost-effective for both patients and healthcare systems when compared to prolonged hospital stays
Technological Advancements: Developments in drug delivery systems, such as prefilled syringes and auto injectors, have made it easier for patients to self-administer parenteral medications safely
Chronic Disease Management: Prevalence of chronic diseases that require regular parenteral administration of medications, such as diabetes and rheumatoid arthritis, is increasing

Global Small Volume Parenteral Market - Restraints

Shortage of skilled professionals: The shortage of skilled professionals is a significant challenge impacting the global small volume parenteral (SVP) market. Here are some insights into the issue and possible strategies for addressing the problem:

Factors Contributing to the Shortage:

Specialized Knowledge: The production, handling, and administration of SVPs require specialized knowledge and expertise that is not as widely available in the workforce
Growing Market Demand: As the market for SVPs grows, driven by factors such as the rise of biologics and homecare settings, the demand for skilled professionals outpaces the supply.
High Regulatory Standards: The need for compliance with stringent regulatory standards increases the demand for professionals who are well-versed in good manufacturing practices and regulatory requirements.

Counterbalance: Efficient workforce should be employed who will be capable enough in production, handling and administration of the small volume parenteral market.

Stringent regulations: Stringent regulations in the global small volume parenteral (SVP) market are pivotal for ensuring patient safety, product quality, and efficacy. These regulations impact various aspects of the market, from product development to distribution. Understanding the regulatory landscape is crucial for companies operating in this space. Here's an outline of how stringent regulations affect the market:

Impact of Stringent Regulations:

Product Development: Each stage of SVP product development, from formulation to clinical trials, must adhere to strict regulatory guidelines, which can increase the time and cost of bringing new products to market
Manufacturing and Quality Assurance: Manufacturers must comply with Good Manufacturing Practices (GMP), and products must meet rigorous standards for sterility, stability, and purity. Compliance adds complexity and cost to the production process
Packaging and Labeling: SVPs require specialized packaging to maintain product integrity, which must meet regulatory standards. Labeling needs to accurately reflect contents and provide clear instructions to ensure safe use.