by 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 refers to drugs used for the treatment of various diseases and medical conditions for hospitalized patients. These pharmaceuticals help treat acute and chronic conditions with high efficacy and safety.
Market key trends:
One of the key trends in the hospital pharmaceuticals market is the shift towards specialty and biopharmaceutical drugs. Biopharmaceuticals such as monoclonal antibodies, recombinant therapies, and stem cell and gene therapies are revolutionizing the treatment of various chronic and complex diseases. The approval and launch of novel specialty drugs to treat cancer, respiratory diseases, autoimmune disorders and other indications is driving significant growth in the hospital pharmaceuticals market.
SWOT Analysis
Strength: Hospital pharmaceuticals market is experiencing steady growth due to the rising burden of chronic diseases. The hospital settings allow for efficient administration and monitoring of drugs.
Weakness: Hospital pharmaceuticals have to adhere to strict regulations set by the health authorities which increases costs and complexity. Reduced reimbursements act as a restraint for this market.
Opportunity: Increasing investments in R&D of novel drugs offer lucrative opportunities. Growing geriatric population susceptible to various diseases will augment the demand.
Threats: Price control policies by regulatory bodies and socialized payment systems hinder profit margins. Patent expiries of blockbuster drugs pose a major threat.
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. The growing burden of non-communicable diseases such as cancer, cardiovascular diseases, and diabetes have enhanced the utilization of pharmaceutical products in hospitals.
Regional analysis: North America dominates the global hospital pharmaceuticals market, owing to the rising healthcare expenditure and developed healthcare infrastructure in the region. However, Asia Pacific is anticipated to grow at the fastest rate during the forecast period due to growing medical tourism, increasing healthcare spending, and expansion of private hospitals across developing nations.
Key players operating in the Hospital Pharmaceuticals market are Novartis, Pfizer, Roche, Sanofi, Merch &Co., AstraZeneca, GlaxoSmithKline, Johnson & Johnson, Gilead Sciences, and others. The leading players are engaged in new product launches, mergers & acquisitions and strategic collaborations to expand their product portfolio and global reach. For instance, in 2021, Sanofi completed the acquisition of Kadmon Holdings to strengthen its transplant portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
