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Hospital Pharmaceuticals Market is Expanding at a CAGR of 3.9% from 2015 to 2023

Transparency Market Research Report Added "Hospital Pharmaceuticals Market" to its database.

Albany NY, 19 November 2018 -- 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.

With the massive rise in the hospitals across the globe, pharmaceutical companies can expect a promising rise in growth opportunities in the hospital pharmaceutical sector, observes Transparency Market Research in a recent report. The level of competition is rising as a number of leading pharmaceutical companies are venturing into the field of oncology, which is presently one of the most lucrative therapeutic segments in the hospital pharmaceuticals market.

Report Overview @ https://www.transparencymarketresearch.com/hospital-pharmaceuticals-market.html

Some of the leading companies in the market are Sanofi, Bristol-Myers Squibb, Roche, Merck, GlaxoSmithKline, and AstraZeneca.

According to the report, as economic slowdown and looming patent expiration of a number of blockbuster drugs shadow its growth prospects, the global hospital pharmaceuticals market will exhibit a moderate 3.9% CAGR over the period between 2015 and 2023. At this pace, the market is expected to rise to a valuation of US$280.3 bn by 2023.

Demand for Cancer Therapeutics to Remain High

According to WHO data, cardiovascular diseases are responsible for nearly 31% of the world’s deaths annually. Thus the volume of therapeutic as well as diagnostics products dispensed by hospital pharmacies for cardiovascular diseases is high. However, owing to a high level of saturation in the market, the segment of cardiovascular diseases is likely to register a lower CAGR as compared to other indications over the report’s forecast period. The segment of oncology, on the other hand, is expected to witness a massive rise in valuation owing to the mounting number of cancer cases diagnosed every year globally. Geographically, the market in North America is likely to maintain its dominance, exhibiting a CAGR of 3.4% over the report’s forecast period.

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Rising Prevalence of Chronic Diseases to Boost the Demand for Hospital Pharmaceuticals

Some of the key factors working in favor of the global hospital pharmaceuticals market are the vast rise in prevalence of chronic diseases such as cancer, diabetes, and a number of cardiovascular conditions and the rising expenditure on healthcare across emerging economies. The market is also expected to flourish in the face of rising prevalence of parasitic infections, which has bolstered the demand for anti-parasitic drugs in hospitals. The mounting rise in numbers of cancer patients is also pushing the market ahead and is expected to continue to remain a key driving factor for the market over the forecast period.

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Besides these factors, the market will benefit from a steady rise in awareness regarding diseases, increased focus of pharmaceutical companies on the development of experimental drugs for rare diseases, and the vast rise in the number of specialty clinics and hospitals globally. In developed countries such as the U.S. and U.K., purchase of pharmaceutical drugs and other products in hospitals is driven by government policies that aim at assuring that hospitals get a fair share of profits from government procurement policies. The market in these countries is expected to remain lucrative over the forecast period as well.

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR syndicated research report covers a different sector – such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.

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Submitted by hawer on Monday, 19 November 2018 at 8:06 PM
Category: Health Care & Medical
 
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