July 19, 2024
Hospital Pharmaceuticals Market

The Growing Focus On Personalized Medicine Is Anticipated To Open Up New Avenues For The Hospital Pharmaceuticals Market

The global Hospital Pharmaceuticals Market is estimated to be valued at US$ 280.3 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Hospital pharmaceuticals include prescription and over-the-counter medicines that are dispensed to patients admitted in hospitals or hospitals’ outpatient clinics. The applications involve treatment of acute and chronic diseases such as diabetes, cancer, cardiovascular diseases, gastrointestinal disorders and others. Various forms of drugs are used including pills, capsules, injections, liquids, ointments and creams depending on the route of administration and condition being treated.

Market Dynamics:

Rising prevalence of chronic and lifestyle diseases: Chronic diseases such as cardiovascular diseases, cancer, respiratory diseases and diabetes caused 60% of all deaths globally in 2015 accounting for 70% of all deaths in the United States. According to WHO, cardiovascular diseases and cancer remain the #1 and #2 leading causes of death globally, respectively. Growth in geriatric population: According to Population Reference Bureau, number of geriatric population aged 65 years and above in the United States is projected to double from 52 million in 2018 to around 95 million by 2060. Elderly population is more susceptible to chronic diseases requiring long term treatment with pharmaceutical drugs in hospitals.

Segment Analysis

The global hospital pharmaceuticals market is dominated by the cardiology segment which holds more than 15% share of the overall market. This is because of the rising burden of cardiovascular diseases globally coupled with increasing spending on treatment of such diseases. Within cardiology, anti-hypertensive drugs constitute over 30% share due to the high prevalence of hypertension.

PEST Analysis

Political: The hospital pharmaceuticals market is positively impacted by rising government healthcare spending worldwide for better access and quality of care. However, stringent regulations around drug approvals poses challenges to market growth.
Economic: Growth in the global economy is driving higher healthcare spends and demand for pharmaceutical drugs from hospitals. The recovering post-pandemic economy also supports market expansion.
Social: Rising lifestyle diseases, growing health awareness and longer life expectancy are some key social factors increasing the demand for pharmaceuticals through hospitals. Aging population further boosts need for medical care.
Technological: Adoption of digital health solutions by hospitals for efficient inventory management and better supply chain is enhancing the hospital pharmaceuticals market. Advancements in drug delivery also widen the range of treatment options.

Key Takeaways

The global Hospital Pharmaceuticals Market Share is expected to reach US$ 480.2 Bn by 2030, expanding at a CAGR of 3.9% during the forecast period. Growth will be driven by rising numbers of hospital admissions and increasing prevalence of chronic diseases globally.

North America dominated the market in 2023 with over 30% share led by the US due to high healthcare spending and access to cutting-edge therapies. Asia Pacific is anticipated to witness highest CAGR during the forecast period supported by growing medical tourism industry and availability of low-cost treatment options.

Key players operating in the hospital pharmaceuticals market are Novartis, Pfizer, Roche, Sanofi, Merch &Co., AstraZeneca, GlaxoSmithKline, Johnson & Johnson, Gilead Sciences, and others. They are focusing on developing specialty drugs for complex diseases and expanding geographical presence through strategic collaborations with regional players.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it