Hospital Pharmaceuticals Market Size, Share, Huge Demand, Incredible Growth 2024-2031 | Bayer AG, Novartis AG, Pfizer, Inc., AstraZeneca plc, GlaxoSmithKline plc

Market Overview:

Hospital pharmaceuticals are drugs that are prescribed and administered to patients as part of their hospital treatment and healthcare. Hospital pharmaceuticals include drugs used for pain management, critical care medicines, anesthesia etc.

Market Dynamics:

The hospital pharmaceuticals market is expected to grow at a steady rate during the forecast period owing to increasing number of hospitalizations and rise in chronic diseases. It is estimated that hospital admissions will increase by 25% globally by 2030. Moreover, increasing geriatric population is also contributing to the growth of the market. Older adults are more likely to have multiple health issues and need extensive medical care and pharmaceuticals. Additionally, the entry of new drugs and innovations in drug delivery systems are further fueling the market growth.

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Hospital Pharmaceuticals Market Drivers

Chronic diseases such as cancer, diabetes, cardiovascular diseases etc. are becoming highly prevalent worldwide. It is projected that chronic diseases will account for almost three-quarters of all deaths globally by 2020. Since pharmaceutical drugs play a vital role in both treatment and management of chronic diseases, the rising cases of chronic conditions is directly increasing the demand for pharmaceutical products in hospitals. This makes increasing prevalence of chronic diseases a major driver for growth in the hospital pharmaceuticals market.

Hospital Pharmaceuticals Market Restrain

Pharmaceutical drugs, especially specialty and biologic drugs used for complex chronic conditions, entail high costs which put pressure on hospital budgets. At the same time, governments are undertaking various measures like reference pricing, compulsory licensing, and formulary management to control rising healthcare expenditures. Hospital formularies are also moving towards more generic substitution which exerts downward pressure on drug prices. Such pricing pressures and cost containment initiatives pose a challenge for revenue growth of pharmaceutical companies catering to the hospital segment.

Hospital Pharmaceuticals Market Opportunity

There is a widespread shift happening from traditional fee-for-service models towards value-based healthcare delivery focused on quality and patient outcomes rather than volume of services. Under new payment models like bundled payments, hospitals and healthcare providers gain or lose money according to how well they are able to deliver efficient, high quality and coordinated care. This encourages increased focus on preventive care, disease management programs and pharmaceutical interventions that can help curb hospital readmissions. It thus generates opportunities for pharmaceutical companies to demonstrate the cost-effectiveness and value proposition of their products and solutions.

Hospital Pharmaceuticals Market Trends

A major trend observed in the hospital pharmaceuticals market is the rising prominence and demand for specialty and biologic drugs which are typically used for treatment of complex chronic conditions such as cancer and autoimmune diseases. Biologics especially have revolutionized therapy areas but they are characterized by staggering development costs and higher prices. Still their uptake is growing across hospital settings due to better clinical outcomes as compared to traditional drugs. This shift towards specialty, biologic and personalized medicines forms an important growth driver for hospital pharmaceutical suppliers and service providers in the coming years.

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Leading Key Players Include in This Report:

Bayer AG, Novartis AG, Pfizer, Inc., AstraZeneca plc, GlaxoSmithKline plc, Johnson & Johnson, F. Hoffmann-La Roche Ltd, Sanofi S.A., Merck & Co., Inc. and Eli Lilly and Company.

Since the report focuses on the healthcare sector, it also sheds light on key development in the said industry and latest R&D activities. It educates business owners on newly approved products, ongoing research and development, and products under the trial phase and in the pipeline.

Detailed Segmentation:

By Therapeutic Application (Cardiology, Oncology, Nephrology & Urology)

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