Smart Healthcare Technologies Are Fastest Growing Segment Fueling Growth Of The Hospital Pharmaceuticals Market

https://www.coherentmarketinsights.com/market-insight/hospital-pharmaceuticals-market-2611
Hospital Pharmaceuticals Market 


The global Hospital Pharmaceuticals Market is estimated to be valued at US$ 280.3 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Hospital pharmaceuticals mainly include prescription and over-the-counter (OTC) drugs used to treat both chronic and acute medical conditions in hospitals and clinics. They provide relief from pain and aid recovery from surgeries and injuries for admitted and out-patients. Advancements in drug delivery methods and the development of combination therapies have improved treatment outcomes.

Market key trends:

One of the major trends witnessed in the global hospital pharmaceuticals market is increasing adoption of smart healthcare technologies. Pharmaceutical manufacturers are leveraging technologies such as AI, IoT, and big data analytics to gain real-time insights to boost drug development processes as well as enable remote monitoring of patients. They are developing specialized drug delivery devices integrated with these technologies to provide tailored treatment, improve therapeutic outcomes, and facilitate medication adherence. This is expected to supplement the growth of the hospital pharmaceuticals market over the forecast period.

Segment Analysis

The hospital pharmaceuticals market is segmented by therapeutics- cardiovascular, anti-infective, respiratory, oncology, central nervous system, and others. Among these, the cardiovascular segment dominates the market and is expected to continue its dominance over the forecast period. This is due to the high prevalence of cardiovascular diseases worldwide and increasing availability of advanced drugs for cardiovascular conditions.

Key Takeaways

The global Hospital Pharmaceuticals Market Share is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing prevalence of chronic diseases and rising geriatric population.

Regional analysis

North America dominated the global hospital pharmaceuticals market in 2023,accounting for around 35% share. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period due to increasing healthcare expenditure, improving availability of medicines and advancing hospital infrastructure in emerging economies such as China and India.

Key players

Key players operating in the hospital pharmaceuticals market are Novartis, Pfizer, Roche, Sanofi, Merck &Co., AstraZeneca, GlaxoSmithKline, Johnson & Johnson, Gilead Sciences, and others. The market is highly competitive with these players introducing new drugs and focusing on R&D to gain more market share. 

Comments

Post a Comment

Popular posts from this blog

Agricultural Micronutrients Market Growth Accelerated By Increasing Need For Improved Soil Fertility

Image
Agricultural Micronutrients Market Agricultural micronutrients are essential plant nutrients required in small quantities for healthy plant growth and development. Micronutrients such as iron, zinc, manganese, molybdenum, and boron play vital roles in various metabolic functions of crops such as photosynthesis, nitrogen fixation, and enzyme activity. The increasing need to boost crop yields and improve soil fertility has raised the demand for micronutrient fertilizers globally. The growing population and reducing arable land have fueled the need for sustainable agricultural practices, propelling the micronutrients market. The global Agricultural Micronutrients Market is estimated to be valued at US$ 5.19 Bn in 2024 and is expected to exhibit a CAGR of 27.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: The increasing adoption of precision farming and digital technologies in the agriculture sector is
Read more

Dairy Alternative Market Expected To Reach USD 26.01 Billion By 2023

Image
Dairy Alternative Market Market Overview: Dairy alternative products are gaining significant popularity due to their numerous advantages. These products are plant-based, making them suitable for individuals with lactose intolerance or those following a vegan diet. They offer similar nutritional benefits as traditional dairy products such as milk, cheese, and yogurt, while also addressing concerns related to animal welfare and environmental sustainability. The growing demand for dairy alternative products among health-conscious consumers is driving market growth. Market Key Trends: One key trend observed in the dairy alternative market is the increasing preference for plant-based milk substitutes. Plant-based milk alternatives such as almond milk, soy milk, and oat milk, among others, are gaining traction among consumers as a healthier and more sustainable option compared to traditional dairy milk. These plant-based milk alternatives offer various benefits such as being lactose-free, c
Read more

Antimicrobial Additives Market Growth Accelerated By Rising Demand From End-Use Industries

Image
Antimicrobial Additives Market Antimicrobial additives are extensively used in a wide range of end-use industries such as healthcare, packaging, food and beverage, construction, and automotive. These additives help protect various materials from microorganisms such as bacteria, viruses, etc. Some key applications of antimicrobial additives include packaging of food, medical devices, fabrics, flooring, coatings, etc. The ongoing COVID-19 pandemic has further increased the importance of hygiene and sanitation, driving demand for antimicrobial materials from various sectors. The global Antimicrobial Additives Market is estimated to be valued at US$ 3.47 Bn in 2024 and is expected to exhibit a CAGR of 25.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: One of the key drivers of the market's growth is the rising demand for antimicrobial additives from the packaging industry. Packaging manufacturers
Read more