Hospital Pharmaceuticals Market Overview:
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.
Pharmaceuticals needed for the treatment of either inpatients or outpatients are purchased directly by hospitals from various pharmaceutical companies and are kept in hospital pharmacies. Therapeutic and critical care medications are available in hospital pharmacies. These medications are used in urology, neurology, cardiology, dermatology, haematology, and pathogenic infections. Purchasing, stocking, and dispensing pharmaceuticals to hospital patients is the main goal of hospital pharmacy. During the hospital-enabled therapy time, patients receive hospital medications.
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Impacting Factors:
The primary driver of the hospital pharmacies market’s expansion is the rise in the prevalence of cardiovascular illnesses (CVD). According to a World Health Organization assessment, approximately 17 million fatalities worldwide in 2015 were attributable to CVDs, with the majority of these deaths occurring in low-income nations. This underscores the need for improved hospital pharmacies in these areas that prioritize public health.
The market for hospital pharmacy is expanding due in large part to the growing elderly population. This is explained by the fact that older people are regularly brought to hospitals for various chronic conditions, for which hospital pharmacies provide their prescriptions.
In addition, there is a global rise in traffic accident instances, which results in hospital stays for extended periods of time for patients. For patients like these, medical professionals use hospital pharmacies’ medical supplies to get easy access to medications. This element is favourably impacting the market expansion for hospital pharmacy.
Market Trends:
Compound medications are increasingly being distributed through hospital pharmacies. Drug compounding is the process of combining, mixing, or modifying medicinal substances to create custom drugs. The increase in demand for medicine compounding services has been caused by the availability of competent personnel who can do such jobs in hospital settings.
The market for hospital pharmacies is anticipated to dominate in North America, mainly because chronic disorders are becoming more common. This trend increases the need for accurate, customized drugs that are easily accessible in hospital pharmacies.
In contrast, Europe is expected to become a significant player in the hospital pharmacy industry. This is explained by more government spending intended to improve the healthcare systems in the region’s several countries.
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Market Segmentations:
Based by Industries:
- Anti-hypertensive
- Dyslipidaemia drugs
- Alkylating agents
- Anti-metabolites
- Hormonal agents
- Antidepressant drug
- Miscellaneous drugs
- others
Based by Application:
- Cardiology
- Oncology
- Neurology
- Pain
- Infection
- Nephrology and urology
- Others
Market Regional Analysis:
The Global Hospital Pharmaceuticals Market is segmented into five geographic regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America holds the largest market share, dominating the market. The presence of key market leaders in the region is one of the primary factors driving the growth of the Asia-Pacific market.
Key Market Players:
- 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.
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