by Hospital pharmaceuticals refer to prescription and over-the-counter drugs that are prescribed or used by hospitals to treat diseases and chronic conditions. They include antibiotics, steroids, painkillers, antihypertensives and more. With the rising prevalence of chronic and lifestyle-related diseases globally, the need for pharmaceutical drugs to effectively manage these conditions has increased significantly.
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 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for pharmaceutical drugs to treat chronic diseases has been a key trend propelling the growth of the hospital pharmaceuticals market. Chronic diseases such as cardiovascular diseases, cancer, diabetes and respiratory diseases have been on the rise worldwide due to sedentary lifestyles and changing demographics. Pharmaceutical drugs play a vital role in the management and treatment of such long-term health conditions. With chronic diseases affecting a large population globally, pharmaceutical companies have been developing novel drugs with better efficacy and safety profiles to cater to this high demand. This has significantly driven the sales and production volumes of hospital pharmaceuticals for chronic disease management over the past few years.
SWOT Analysis
Strength: Hospital pharmaceuticals offer customized treatment for diseases and health conditions which improves patient outcomes. They also strengthen hospital infrastructure for quality patient care.
Weakness: High prices of patented drugs significantly increase healthcare costs and burden patients. Frequent new drug approvals lead to supply chain issues.
Opportunity: Growing geriatric population and increasing incidence of chronic diseases drive demand for specialized drugs. Expanding healthcare coverage widens access in developing nations.
Threats: Stiff competition from generic drug manufacturers pressures profit margins of innovator companies. Stringent regulations delay new product approvals.
Key Takeaways
The Global Hospital Pharmaceuticals Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to reach US$ 280.3 billion, indicating a CAGR of 5.8% during the forecast period.
North America currently dominates the market owing to the increasing prevalence of chronic diseases and growing healthcare expenditure in the US. Europe follows closely due to supportive reimbursement policies and universal healthcare coverage in major countries such as Germany, UK and France.
Key players operating in the hospital pharmaceuticals market are Iofina Chemical, Inc., Sociedad QuÃmica y Minera (SQM), IOCHEM Corporation, ISR Holding, Qingdao Bright Moon Seaweed Group Co. Ltd., and Algorta Norte S.A. These companies focus on expanding their product portfolios through acquisitions and new drug approvals to capitalize on the high market potential. Generic drugs manufacturers also pose strong competition by providing cost-effective treatment options.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
