Hospital pharmaceuticals are special medicines that are prescribed and administered to patients for treatment of various illnesses and diseases in hospitals. They help treat diseases such as cancer, diabetes, cardiovascular diseases, and other acute and chronic conditions. The rising geriatric population and growing prevalence of chronic diseases globally have boosted the demand for hospital pharmaceuticals.

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 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Improved healthcare infrastructure across major world economies has accelerated the growth of the global hospital pharmaceuticals market over the forecast period. Government initiatives aimed at enhancing access to healthcare facilities have led to increased hospitalization rates and rising demand for pharmaceutical products used in hospitals. For instance, in 2021, the Indian government announced initiatives to strengthen primary, secondary, and tertiary healthcare systems by setting up more than 75,000 new health and wellness centers and increasing the number of hospitals and critical care units over the next few years. This has created opportunities for manufacturers of hospital pharmaceuticals to expand their operations in the country. Rapidly developing pharmaceutical infrastructure in emerging nations is expected to drive the hospital pharmaceuticals market during the forecast period.

Segment Analysis
The global hospital pharmaceuticals market is segmented by type into cardiovascular drugs, anti-infective drugs, respiratory drugs, anti-cancer drugs, gastrointestinal drugs, central nervous system drugs, hematology drugs, and others. The anti-infective drugs segment dominates the market currently due to the increase in hospital acquired infections and the emergence of new viruses and bacteria resistant to existing anti-infectives.

Key Takeaways
The Global Hospital Pharmaceuticals Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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 5.8% over the forecast period 2023 to 2030.

Regional analysis
North America holds the leading share currently due to advancements in healthcare facilities and increasing healthcare expenditure. Asia Pacific region is expected to grow at the fastest pace owing to rising healthcare infrastructure development, large patient pool, and growingmedical tourism.

Key players
Key players operating in the hospital pharmaceuticals market are Iofina Chemical, Inc., Sociedad Química y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A. Iofina Chemical is a leading supplier in iodine and iodine specialty chemical derivatives.

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