The looming patent expiry of blockbuster drugs and the need for maintaining the flow of novel therapeutics have led to realization that pharmaceutical companies cannot allow the status quo to remain as it is. Collaborating with other key players has thus become a popular strategy among leading enterprises vying to benefit from a stronger product pipeline.
As per Transparency Market Research, Sanofi, Roche, Novartis, and Pfizer dominated the global hospital pharmaceuticals market in 2014, collectively holding a share of 18.6%. Among these companies, Novartis held the dominant share of 5.5% in the global market, followed by Pfizer that held 4.8% share in the global market.
Developing Economies to Exhibit Lucrative Opportunities
Developing economies are expected to report the most lucrative prospects for these companies. Lower pricing therefore could be of advantage for enterprises seeking to expand their operations. TMR recommends that focusing on value adding activities could reduce operational cost incurred by a pharmaceutical company and improve its process efficiency.
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The global hospital pharmaceuticals market is expected to gain significantly from the increasing emergency visits. As told by TMR’s lead analyst, “The rate of emergency department visits has outpaced growth reported by the hospital pharmaceuticals market in the last decade, which has significantly contributed in boosting sales of specialty drugs.” “The increasing spending on nominal drugs, combined with rising per capital healthcare expenditure, is expected to positively influence the market’s trajectory,” he added.
Market to Gain Impetus from High Prevalence of Chronic Ailments
Besides this, the high prevalence of chronic ailments worldwide is also likely to fuel demand from the global hospital pharmaceuticals market. The increasing prevalence of these diseases is primarily contributed by the changing lifestyle, rising geriatric population, and excessive addition to tobacco and alcohol.
The market is also expected to significantly gain from the increasing trend of using telemedicine technology. However, the impending patent expiry of blockbuster drugs is likely to impact the market negatively. The rising trend of home healthcare will also negatively influence the market’s trajectory in the near future. Entry of generic drug producers also pose a threat to the companies operating in the global hospital pharmaceuticals market.
Nevertheless, the extensive research and development activities undertaken by key players and research organizations are expected to boost prospects for the market in the near future. Opportunities for the market is also expected to bolster with the increasing construction of hospitals and the rising healthcare spending worldwide.
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North America to Emerge as Dominant Regional Market
Regionally, the opportunities for the global hospital pharmaceuticals market seem the most lucrative in North America. As per TMR, the North America hospital pharmaceuticals market is expected to surge at a CAGR of 3.4% between 2015 and 2023. The region held a dominant share of 57.5% in the global market in 2014. Europe is likely to emerge as the second-largest market for hospital pharmaceuticals during the same forecast period.
In the meantime, the increasing opportunities in Asia Pacific and Latin America will compel leading vendors to shift their focus from developed to developing economies. The large population base in Asia Pacific and the increasing investment on the healthcare sector will boost opportunities for the hospital pharmaceuticals market in the region.
As per TMR, the global hospital pharmaceuticals market is expected to surge at a CAGR of 3.9% between 2015 and 2023. The market stood at US$197.3 bn in 2014 and is expected to reach US$280.3 bn by the end of 2023.
This review is based on information published by Transparency Market Research in a report, titled “Hospital Pharmaceuticals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”