Albany, NY -- (SBWire) -- 05/31/2018 --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.
There are various such opportunities in the global market that will encourage the manufacturers to move their concentration from developed economies to developing countries.
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Hospital Pharmaceuticals Market Is Expected to Reach US$ 280.3 Billion by the End of 2023