Hospital Pharmaceuticals Market Opportunity will Rise to US$280.3 bn By 2023

In the recent past, there have been increased cases of persistent health issues, accompanied by rise in the spending on healthcare. Owing to this, the market for hospital pharmaceuticals is anticipated to demonstrate a moderate growth rate in coming years, states Transparency Market Research (TMR) in a recent research report. Sanofi — like GlaxoSmithKline, which is again indicating a major move into oncology — loses the competition with the key players like Bristol-Myers Squibb, and, Merck and Roche. Another well-known name in the industry, AstraZeneca has been working rigorously to come up with an efficient solution for tumor, and has drugs such as Lynparza, and Tagrisso. Although it has faced a blow in the first-stage of its new immuno-oncology combo experiment for lung cancer drug.

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According to a TMR analyst, the global hospital pharmaceuticals market is estimated to project a heathy CAGR of 3.9% between 2015 and 2023. The market was w worth US$197.3 bn in 2014. This valuation is anticipated to rise up to US$280.3 bn by the end of year 2023. Besides, cancer is one of the leading cause of high mortality rate that encourages the companies all over the world to develop an efficient drug to reduce the cases. Owing to this, TMR report anticipates the oncology segment to witness a rise at steady CAGR of 6.35% during the forecast period. Based on the region, the North America will dominate the global market at a CAGR of 3.4% from 2015 to 2023.

Rise in Cardiovascular Disease and Other Cancers to Boost the Demand for Hospital Pharmaceuticals

The rise in the cases of chronic illnesses around the world, combined with the increase in the spending on medical treatment is relied upon to keep the interest for hospital pharmaceuticals industry high in the coming years. Moreover, the increase in number of people suffering from parasitic infections will bolster the demand for anti-parasitic medications, which in turn will act as a driving force for global hospital pharmaceuticals market in the prospective years. The worldwide rise in the population suffering from cancer has also shot the oncology sector to the front line of the global hospital pharmaceutical market. Besides this, the expanding frequency of cardiovascular cases will likewise stir up the demand for the hospital pharmaceuticals. The rise in awareness about the disease, expanding government activities and effective relaxation for companies engaging in research and development, and beneficial mediations in order to reduce the rate of cardiovascular diseases are some of the supporting factors for the growth of hospital pharmaceuticals market. According to World Health Organization (WHO) the worldwide prevalence of patients suffering from cancer is likely to soar 22 million by 2030. Moreover, there has been a significant rise in the cases suffering from parasitic infections as well, which stirs the demand for anti-parasitic drugs needed for the hospital pharmaceutical treatment.

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Improper Reimbursement Policies and Regulatory System to Hamper the Growth of Hospital Pharmaceuticals

The growing demand for anti-hypersensitive drugs is also anticipated to rise during estimated time frame. The betterment of the pharmaceutical business and the growth in R&D departments from 2013 to 2014 have also paved the roads for the hospital pharmaceutical market. In some regions of the world the property protection laws have also helped the market growth to a large extent. However, the market lacks proper remuneration policies and administrative system for empowering the advancement of novel drugs. This could limit the market's development, pulling down the growth of hospital pharmaceuticals. There has been a substantial population growth worldwide along with the increased spending abilities on research work of innovative therapeutics. This is likely to support the growth of hospital pharmaceuticals in the global market. Moreover, as reported by World Cancer Research Funds Association, in 2012 there were almost around 14.1 million cases of cancer. This figure is likely to reach to 24 million by 2035.

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There are various such opportunities in the global market that will encourage the manufacturers to move their concentration from developed economies to developing countries.

Hospital Pharmaceuticals Market Outlook and Forecast up to 2023

The looming patent expiry of blockbuster drugs and the need for maintaining the flow of novel therapeutics have led to realization that pharmaceutical companies cannot allow the status quo to remain as it is. Collaborating with other key players has thus become a popular strategy among leading enterprises vying to benefit from a stronger product pipeline.

As per Transparency Market Research, Sanofi, Roche, Novartis, and Pfizer dominated the global hospital pharmaceuticals market in 2014, collectively holding a share of 18.6%. Among these companies, Novartis held the dominant share of 5.5% in the global market, followed by Pfizer that held 4.8% share in the global market.

Developing Economies to Exhibit Lucrative Opportunities

Developing economies are expected to report the most lucrative prospects for these companies. Lower pricing therefore could be of advantage for enterprises seeking to expand their operations. TMR recommends that focusing on value adding activities could reduce operational cost incurred by a pharmaceutical company and improve its process efficiency.

This 192 page report gives readers a comprehensive overview of the hospital pharmaceuticals market. Browse through 12 data tables and 43 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/hospital-pharmaceuticals-market.html

The global hospital pharmaceuticals market is expected to gain significantly from the increasing emergency visits. As told by TMR’s lead analyst, “The rate of emergency department visits has outpaced growth reported by the hospital pharmaceuticals market in the last decade, which has significantly contributed in boosting sales of specialty drugs.” “The increasing spending on nominal drugs, combined with rising per capital healthcare expenditure, is expected to positively influence the market’s trajectory,” he added.

Market to Gain Impetus from High Prevalence of Chronic Ailments

Besides this, the high prevalence of chronic ailments worldwide is also likely to fuel demand from the global hospital pharmaceuticals market. The increasing prevalence of these diseases is primarily contributed by the changing lifestyle, rising geriatric population, and excessive addition to tobacco and alcohol.

The market is also expected to significantly gain from the increasing trend of using telemedicine technology. However, the impending patent expiry of blockbuster drugs is likely to impact the market negatively. The rising trend of home healthcare will also negatively influence the market’s trajectory in the near future. Entry of generic drug producers also pose a threat to the companies operating in the global hospital pharmaceuticals market.

Nevertheless, the extensive research and development activities undertaken by key players and research organizations are expected to boost prospects for the market in the near future. Opportunities for the market is also expected to bolster with the increasing construction of hospitals and the rising healthcare spending worldwide.

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North America to Emerge as Dominant Regional Market

Regionally, the opportunities for the global hospital pharmaceuticals market seem the most lucrative in North America. As per TMR, the North America hospital pharmaceuticals market is expected to surge at a CAGR of 3.4% between 2015 and 2023. The region held a dominant share of 57.5% in the global market in 2014. Europe is likely to emerge as the second-largest market for hospital pharmaceuticals during the same forecast period.

In the meantime, the increasing opportunities in Asia Pacific and Latin America will compel leading vendors to shift their focus from developed to developing economies. The large population base in Asia Pacific and the increasing investment on the healthcare sector will boost opportunities for the hospital pharmaceuticals market in the region.

As per TMR, the global hospital pharmaceuticals market is expected to surge at a CAGR of 3.9% between 2015 and 2023. The market stood at US$197.3 bn in 2014 and is expected to reach US$280.3 bn by the end of 2023.

This review is based on information published by Transparency Market Research in a report, titled “Hospital Pharmaceuticals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”

Hospital Pharmaceuticals Market Outlook and Forecast up to 2023

The leading players in the global hospital pharmaceutical market held a share of 22.5% in 2014. The players, Novartis, Pfizer, Sanofi, Roche, and Merck & Co., have remained dominant in the overall market due to their well-planned, strategic partnerships with small and medium-sized local players to strengthen their pipeline. Furthermore, the development of new drugs will also help the companies remain relevant in the intense competition. “Shifting focus towards Asia Pacific will prove to be beneficial to the players in the global market as the region is undergoing a positive economic change that is characterized with rising disposable incomes and improving infrastructure,” states the lead author of the research report.
This 192 page report gives readers a comprehensive overview of the hospital pharmaceuticals market. Browse through 12 data tables and 43 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/hospital-pharmaceuticals-market.html
Rising Number of Heart Patients Catapults Cardiovascular Segment to Forefront
According to the research report, the opportunity in the global hospital pharmaceuticals market is expected to be worth US$280.3 bn by the end of 2023 from US$197.3 bn in 2014. The global market is anticipated to progress at a CAGR of 3.9% during the forecast period of 2015 to 2023. The global market is likely to witness North America in the lead as the regional market is anticipated to expand at a CAGR of 3.4% during the forecast years. The recovery of the pharmaceutical industry in North America and the rising per capita spending on health care are expected to boost the regional hospital pharmaceuticals market in the coming few years. Amongst the various types of indications being treated by hospital pharmaceuticals, the cardiovascular segment is anticipated to gain notable traction in the next few years. The high prevalence of cardiovascular diseases is expected to boost this segment at a 0.8% CAGR during the forecast years.
Demand for Hospital Pharmaceuticals Soars as Patents Cliff
The growing incidents of accidents, traumas, and other emergencies have spiked the demand for specialty drugs in hospitals across the globe. Additionally, growing prevalence of pneumonia, malaria, AIDS, and tuberculosis have also triggered a significant uptake of hospital pharmaceuticals in recent years. The growing number of cancer cases have also accelerated the consumption of hospital pharmaceuticals. The oncology segment includes drugs such as alkylating agents, anti-metabolites, hormonal agents, and immunomodulating agents. These pharmaceuticals are used for treating lung, breast, colorectal, and prostate cancer. A sudden jump in the number patients suffering from cardiovascular diseases has also augmented the demand for related hospital pharmaceuticals. All in all, growing cases of chronic conditions are responsible to the rising consumption of these pharmaceuticals
The looming patent expiry for blockbuster drugs such as Lyrica (pregabalin), Nucynta (Tapentadol), Avastin (bevacizumab), and Alimta (Pemetrexed) has created a promising ground for the entry of generic drugs. This emerging trend is expected to improve the affordability of several hospital pharmaceuticals for the low-income groups and thus result in increased spending. The high adoption rate of telemedicine technology across the healthcare sector to reach out of patients in remote locations has also proved to be a critical growth factor for the global hospital pharmaceutical market.
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Preference for Home Care Reduces Chances for Sale of Hospital Pharmaceuticals
Though a perspective suggests that patent expirations could benefit the overall market, it is also logical to conclude that patent cliff could result in reduced sales and thus lesser revenues for certain drugs. Significant patent expirations are likely to hamper the global market during the forecast period. Furthermore, growing preference for home care has reduced hospital visits to a large degree, which has made a noticeable negative impact on the demand for hospital pharmaceutical in recent years.
The review is based on Transparency Market Research’s report, titled “Hospital Pharmaceuticals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”