The global Hospital Pharmaceuticals Market is estimated to be valued at US$ 280.3 Bn
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 mainly include prescription and over-the-counter (OTC) drugs used to treat both chronic and acute medical conditions in hospitals and clinics. They provide relief from pain and aid recovery from surgeries and injuries for admitted and out-patients. Advancements in drug delivery methods and the development of combination therapies have improved treatment outcomes.
Market key trends:
One of the major trends witnessed in the global hospital pharmaceuticals market is increasing adoption of smart healthcare technologies. Pharmaceutical manufacturers are leveraging technologies such as AI, IoT, and big data analytics to gain real-time insights to boost drug development processes as well as enable remote monitoring of patients. They are developing specialized drug delivery devices integrated with these technologies to provide tailored treatment, improve therapeutic outcomes, and facilitate medication adherence. This is expected to supplement the growth of the hospital pharmaceuticals market over the forecast period.
Segment Analysis
The hospital pharmaceuticals market is segmented by therapeutics- cardiovascular, anti-infective, respiratory, oncology, central nervous system, and others. Among these, the cardiovascular segment dominates the market and is expected to continue its dominance over the forecast period. This is due to the high prevalence of cardiovascular diseases worldwide and increasing availability of advanced drugs for cardiovascular conditions.
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 and rising geriatric population.
Regional analysis
North America dominated the global hospital pharmaceuticals market in 2023,accounting for around 35% share. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period due to increasing healthcare expenditure, improving availability of medicines and advancing hospital infrastructure in emerging economies such as China and India.
Key players
Key players operating in the hospital pharmaceuticals market are Novartis, Pfizer, Roche, Sanofi, Merck &Co., AstraZeneca, GlaxoSmithKline, Johnson & Johnson, Gilead Sciences, and others. The market is highly competitive with these players introducing new drugs and focusing on R&D to gain more market share.
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