Hospital Pharmaceuticals Market is Expected to Reach US$280.3 Bn by the End of 2023
With the massive rise in the hospitals across the globe, pharmaceutical companies can expect a promising rise in growth opportunities in the hospital pharmaceutical sector, observes Transparency Market Research in a recent report. The level of competition is rising as a number of leading pharmaceutical companies are venturing into the field of oncology, which is presently one of the most lucrative therapeutic segments in the hospital pharmaceuticals market.
Some of the leading companies in the market are Sanofi, Bristol-Myers Squibb, Roche, Merck, GlaxoSmithKline, and AstraZeneca.
According to the report, as economic slowdown and looming patent expiration of a number of blockbuster drugs shadow its growth prospects, the global hospital pharmaceuticals market will exhibit a moderate 3.9% CAGR over the period between 2015 and 2023. At this pace, the market is expected to rise to a valuation of US$280.3 bn by 2023.
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Demand for Cancer Therapeutics to Remain High
According to WHO data, cardiovascular diseases are responsible for nearly 31% of the world’s deaths annually. Thus the volume of therapeutic as well as diagnostics products dispensed by hospital pharmacies for cardiovascular diseases is high. However, owing to a high level of saturation in the market, the segment of cardiovascular diseases is likely to register a lower CAGR as compared to other indications over the report’s forecast period.
The segment of oncology, on the other hand, is expected to witness a massive rise in valuation owing to the mounting number of cancer cases diagnosed every year globally. Geographically, the market in North America is likely to maintain its dominance, exhibiting a CAGR of 3.4% over the report’s forecast period.
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Rising Prevalence of Chronic Diseases to Boost the Demand for Hospital Pharmaceuticals
Some of the key factors working in favor of the global hospital pharmaceuticals market are the vast rise in prevalence of chronic diseases such as cancer, diabetes, and a number of cardiovascular conditions and the rising expenditure on healthcare across emerging economies.
The market is also expected to flourish in the face of rising prevalence of parasitic infections, which has bolstered the demand for anti-parasitic drugs in hospitals. The mounting rise in numbers of cancer patients is also pushing the market ahead and is expected to continue to remain a key driving factor for the market over the forecast period.
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Besides these factors, the market will benefit from a steady rise in awareness regarding diseases, increased focus of pharmaceutical companies on the development of experimental drugs for rare diseases, and the vast rise in the number of specialty clinics and hospitals globally. In developed countries such as the U.S. and U.K., purchase of pharmaceutical drugs and other products in hospitals is driven by government policies that aim at assuring that hospitals get a fair share of profits from government procurement policies. The market in these countries is expected to remain lucrative over the forecast period as well.
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