Global Hospital Pharmaceuticals Market: Description
Medications used in hospitals for inpatient or outpatient therapy are referred to as hospital pharmaceuticals. Pharmaceuticals used in hospitals include critical care and therapeutic medications for infections, the digestive tract and metabolism, cardiology, urology, neurology, sensory organs, the musculoskeletal and respiratory systems, dermatology, haematological, and other conditions. The purchase, storage, and sale of pharmaceuticals is the hospital pharmacy's main duty. Pharmaceuticals for hospitals and healthcare facilities are drugs that are bought to be given to patients during hospital-facilitated treatment periods.
Global Hospital Pharmaceuticals Market: Overview
The Global Hospital Pharmaceuticals Market is presently worth USD 280.3 billion, and is anticipated to grow to a value of more than USD 366.38 billion by 2030, with a growing CAGR (compound annual growth rate) of over 3.9% from 2022 to 2030.
In many nations over the past ten years, the increase of pharmaceutical spending has surpassed the value of their GDP and other healthcare spending. High growth rates in the market for hospital medications were largely to blame for this increase in expenditures. Due to the rising incidence of cancer, it is anticipated that demand for oncology drugs would increase dramatically in the near future.
Oncology drugs now frequently cost twice as much for the same treatment in the US due to a new trend of hospitals purchasing physician offices. Hospitals attribute this increase in price to greater acquisition-related administrative and overhead expenditures. The selection, acquisition, costing, and distribution of hospital medications differ significantly from those used in the pharmaceutical retail industry in several European nations.
Global Hospital Pharmaceuticals Market: Key trends
Demand from Oncology Segment to Surge in Response to Growing Incidence of Cancer
The oncology industry has surged to the top of the Global Hospital Pharmaceuticals Market, by therapeutic class, due to the rising incidence of cancer worldwide. The most common causes of cancer-related mortality now include stomach, breast, liver, and lung cancer. As more drugs acquire FDA approval in the future, it is predicted that the market will pick up steam thanks to a healthy product pipeline. Scientists from all over the world are working to develop more effective treatments for cancer because it frequently has a high fatality rate. Therefore, it is anticipated that demand for cancer medications would increase during the future years.
Huge increase in the number of hospitals will aid the market
Pharmaceutical companies will probably see a significant increase in growth potential in the Global Hospital Pharmaceuticals Market as the number of hospitals increases dramatically around the world. The competitive environment is going to get more intense as more significant pharmaceutical companies enter the field of oncology, which is actually one of the most lucrative therapeutic areas in the Global Hospital Pharmaceuticals Market.
Global Hospital Pharmaceuticals Market: Segment Assessment
Based by industries
Based by application
Nephrology and urology
Oncology segment holds the largest market share and is projected to increase in the future years.
Global Hospital Pharmaceuticals Market- Geographical Landscape
In term of geographic region, the Global Hospital Pharmaceuticals Market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America dominates the market with the highest market share. Presence of potential market leaders in the locale is one of the main considerations contributing toward the development of the Asia-Pacific market.
Global Hospital Pharmaceuticals Market: Competitive terrain
Major players competing in Global Hospital Pharmaceuticals Market are Sanofi-Aventis., Pfizer, Inc., Novartis AG, Bristol-Myers Squibb Company, Eli Lilly and Company, GlaxoSmithKline plc, Bayer AG, Johnson and Johnson, Novartis AG, Merck and Co., Inc., and Others.
Global Hospital Pharmaceuticals Market: Historical Years: 2018-2021
Global Hospital Pharmaceuticals Market: Forecast Years- 2022-2030
Global Hospital Pharmaceuticals Market 2022: $280.3 billion
Global Hospital Pharmaceuticals Market 2030: $ 366.38 billion
Global Hospital Pharmaceuticals Market CAGR: 3.9%
Key Segments covered-
By industries (anti-hypertensives, dyslipidaemia drugs, alkylating agents, anti-metabolites, hormonal agents, antidepressant drugs, miscellaneous drugs, and others).
By application (cardiology, oncology, neurology, oncology, pain, infection, nephrology and urology, and others).
Major Regions & Countries covered-
North America (the United States, Canada, and Mexico).
Europe, (Germany, France, UK, Russia, and Italy).
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia).
South America (Brazil, Argentina, Colombia, etc.).
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa).
Prominent Players profiled- Sanofi-Aventis., Pfizer, Inc., Novartis AG, Bristol-Myers Squibb Company, Eli Lilly and Company, GlaxoSmithKline plc, Bayer AG, Johnson and Johnson, Novartis AG, Merck and Co., Inc., and Others.