The Hospital Pharmaceuticals Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Chronic Diseases

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 administered to patients during diagnosis, treatment, and rehabilitation in hospitals. Key products supplied to hospitals include analgesics, anti-infectives, cardiovasuclar agents, diagnostic agents, dermatology agents, and respiratory agents. Rapid growth in chronic diseases and increasing geriatric population have created high demand for pharmaceuticals in hospitals for effective treatment and management of diseases.

Market Dynamics:
The growth of the global hospital pharmaceuticals market is driven by rising prevalence of chronic diseases globally and increasing healthcare expenditure. According to WHO, chronic diseases accounted for approximately 60% of all reported deaths in the world in 2020, with cardiovascular diseases, cancers, respiratory diseases, and diabetes being the leading causes. Growing geriatric population is more prone to chronic diseases, thus fueling demand for pharmaceuticals in hospitals. Furthermore, innovations in drugs and therapies to effectively manage diseases and reduce healthcare costs are encouraging hospitals to stock advanced pharmaceutical products. However, stringent regulations for drug approval and high costs of drug development pose challenges to market players.

SWOT Analysis

Strength: The hospital pharmaceuticals market has a large customer base as pharmaceuticals are used widely in hospitals. The demand for new and innovative drugs is increasing in hospitals. Quality healthcare services and treatment rely heavily on the availability of effective pharmaceutical drugs in hospitals.

Weakness: High setup and operational costs associated with drug manufacturing and distribution makes pharmaceutical products expensive. Regulations regarding drug pricing and approvals vary across countries adding compliance challenges.

Opportunity: Rising healthcare expenditure worldwide is driving the demand for cost-effective pharmaceutical drugs. Growing prevalence of chronic diseases is increasing the adoption of pharmaceuticals for treatment in hospitals.

Threats: Price control policies imposed by regulators can impact drug pricing. Stringent regulations around clinical trials and product approval procedures extend timelines for new market entrants.

Key Takeaways
The global Hospital Pharmaceuticals Market Share is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing prevalence of chronic diseases. Rising geriatric population suffering from ailments like cancer, cardiovascular diseases and diabetes is a key growth driver.

Regional analysis: North America dominated the global market with over 30% market share in 2023 owing to high healthcare spending and access to advanced medical facilities in the US and Canada. However, Asia Pacific is expected to grow at the fastest pace during the forecast period supported by expanding healthcare infrastructure, large patient pool and rising medical tourism in the region.

Key players operating in the hospital pharmaceuticals market are Novartis, Pfizer, Roche, Sanofi, Merck &Co., AstraZeneca, GlaxoSmithKline, Johnson & Johnson, Gilead Sciences, and others. Key players are investing in R&D to develop new drugs and therapeutics with focus on chronic disease areas to strengthen their market position.

Read More: https://blogger-veritas.blogspot.com/2023/12/smart-healthcare-technologies-are.html