May 22, 2024

Hospital Pharmaceuticals Market Is Poised To Grow At A Steady Pace Owing To Increasing Geriatric Population

The hospital pharmaceuticals market has witnessed a significant growth globally in recent years. Hospital pharmaceuticals are medicines that are administered to patients who are admitted in hospitals or undergoing treatment. These include antibiotics, analgesics, anti-thrombotic drugs, cardiovascular drugs, anaesthetics and respiratory drugs among others. The use of pharmaceuticals in hospitals helps in effective treatment of various conditions and hastens recovery. It also prevents the spread of hospital acquired infections.

The global Hospital Pharmaceuticals Market size is estimated to be valued at Us$ 322.91 Mn in 2024 and is expected to exhibit a CAGR Of 5.8% over the forecast period of 2024 To 2030.

Key Takeaways

Key players: Iofina Chemical, Inc., IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A. are some major players in the hospital pharmaceuticals market. These players are actively engaged in developing and launching new and innovative medicines in different drug categories.

Key opportunities: Rising healthcare expenditure in developing countries and increasing preference for generic drugs are expected to create new growth avenues for players in the hospital pharmaceuticals market. There is an opportunity to target the large untreated patient population in emerging economies.

Global expansion: Leading players are focusing on tapping opportunities in Asia Pacific and Latin America through partnerships, mergers and acquisitions. These regions have a high burden of diseases and demand for hospital pharmaceuticals is increasing rapidly.

Market drivers

The Hospital Pharmaceuticals Market is driven by the rapidly growing geriatric population globally. According to statistics, the number of people aged 65 years and above is projected to reach 1.5 billion by 2050 from 703 million in 2019. The aged population is more prone to chronic diseases like cancer, diabetes, cardiovascular diseases which require medical treatment. This will boost the demand for various pharmaceutical drugs in hospitals over the forecast period. Rising incidence of infectious diseases also acts as a growth driver as these are usually treated in medical settings by hospital staff.

PEST Analysis

Political: The government legislation and regulations have a major impact on the pharmaceutical industry. Any changes made to laws related to drug approval, pricing, and import/export have significant implications for hospital pharmaceutical companies.

Economic: Economic downturns can negatively impact the hospital pharmaceutical market as hospitals may cut back on expensive drug purchases during recessions. Conversely, economic growth ties to increased healthcare spending.

Social: As populations age, demand is expected to rise for pharmaceuticals used to treat chronic diseases prevalent in older age groups. Social trends around preventive healthcare and wellness also factor in.

Technological: Technology advancements enable new drug development and allow for more targeted, specialized treatments. E-prescriptions and automation in dispensing are gaining traction.

North America accounts for the largest share of the global hospital pharmaceuticals market, both in terms of value and volume. This is attributed to factors such as the large healthcare expenditure, high proportion of elderly population suffering from chronic diseases, and growing awareness about various diagnostic and treatment options. Europe follows North America in terms of market size for hospital pharmaceuticals, driven by rising healthcare spending per capita and government focus on providing universal care.

The Asia Pacific region is projected to witness the fastest growth over the forecast period for the global hospital pharmaceuticals market. Rapid economic expansion, rising income levels, growing medical insurance penetration, and improving healthcare infrastructure are driving increased healthcare spending and demand for pharmaceuticals in several Asia Pacific countries such as India and China. Other emerging regions including Latin America, Middle East, and Africa also show high expectations for future market potential.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it