Albany, NY -- (SBWIRE) -- 03/07/2018 -- Jolted by the economic slowdown and the looming patent expiry of blockbuster drugs, the global hospital pharmaceuticals market is forecasted to exhibit a moderate CAGR of 3.9% between 2015 and 2023. Nevertheless, the increasing prevalence of chronic ailments worldwide, coupled with increasing healthcare spending is expected to keep the demand for hospital pharmaceuticals high in the near future. As per Transparency Market Research, the market stood at US$197.3 bn in 2014 and is expected to reach US$280.3 bn by the end of 2023. Emerging economies in Asia Pacific and Rest of the World are currently exhibiting highest demand for hospital pharmaceuticals.
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As per reports from the World Health Organization (WHO), annual cases of cancer globally are expected to reach 22 million by 2030. This combined with the rising incidence of parasitic infections will boost demand for anti-parasitic drugs, thus driving the global hospital pharmaceuticals market in the forthcoming years.
Increasing Pharmaceuticals Spending in U.S. Boosts Prospects of Hospital Pharmaceuticals in North America
Regionally, North America held the largest share in the global market in 2014. The recovery of the pharmaceutical industry and the rise in R&D activities between 2013 and 2014 have bolstered opportunities for the hospital pharmaceuticals market in North America. As per TMR analysis, the increasing spending on pharmaceuticals by the U.S. government has considerably aided in the expansion of the hospital pharmaceuticals market in North America. The market in the region is projected to surge at a CAGR of 3.4% between 2015 and 2023.
Europe has emerged as the second-largest market for hospital pharmaceuticals, primarily due to the presence of renowned research organizations in the region. The sound intellectual property protection norms prevalent in Europe have also helped the market to thrive in the region. However, the region lacks proper reimbursement policies and regulatory framework for encouraging the development of novel therapeutics. This could restrain the market’s growth in Europe.
In the meantime, surging opportunities in Latin America and Asia Pacific will compel vendors to shift their focus from developed economies to emerging nations. The large population base in Asia Pacific, coupled with the increasing spending on research and development of novel therapeutics will aid expansion of the hospital pharmaceuticals market in emerging economies.
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Demand from Oncology Segment to Surge in Response to Increasing Incidence of Cancer
The increasing incidence of cancer worldwide has catapulted the oncology segment at the forefront of the global hospital pharmaceuticals market, by therapeutic class. Cancer types such as stomach, breast, liver, and lung cancer have emerged as the leading causes of deaths due to cancer. The market is forecasted to gain momentum from a strong product pipeline as more drugs receive FDA approvals in the future. Since cancer is often associated with a high mortality rate, scientists around the world are engaged in the discovery of better treatment options and more efficient drugs. Demand for oncology drugs is therefore expected to surge in the forthcoming years. TMR has pegged the oncology segment in the global hospital pharmaceuticals market to rise at a CAGR of 6.35% during the forecast period.
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Besides this, the increasing incidence of cardiovascular diseases will also fuel demand from the global hospital pharmaceuticals market. The increasing government initiatives, growing diseases awareness, and therapeutic interventions aimed at curbing the incidence of cardiovascular ailments are likely to boost demand for relevant hospital pharmaceuticals.
Demand for anti-hypersensitive drugs is also expected to increase during the forecast period.
Some of the most prominent vendors operating in the global hospital pharmaceuticals market include Novartis, Pfizer, Roche, Sanofi, Merch &Co., AstraZeneca, GlaxoSmithKline, Johnson & Johnson, Gilead Sciences, and others.