Global Hospital Pharmaceuticals Market to be worth US$10,907.5 Million by the year 2020: Transparency Market Research

Albany, NY, Nov. 20, 2014 (GLOBE NEWSWIRE) -- In its market research report published recently, Transparency Market Research, a U.S. - based market intelligence firm states that the global hospital pharmaceuticals market will report a declining CAGR of 10.5% from 2014 to 2020. The report, titled 'Hospital Pharmaceuticals Market (Cardiology, Oncology, Nephrology & Urology, Neurology, pain and Infection) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020,' is now available for sale on the company's website.

Globally, the hospital pharmaceuticals market was worth US$26.5 billion in 2013. It is projected to fall to US$11.6 billion by 2020.

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This market research report provides a detailed analysis of the global hospital pharmaceuticals market which is significantly driven by rising incidence of acute and chronic diseases all across the globe. Medications and drugs that are sold exclusively in clinics, professional healthcare facilities, and hospitals are known as hospital pharmaceuticals market. Professional healthcare facilities in this context do not include the skilled nursing facilities. Hospital pharmaceuticals include drugs that are used for a variety of ailments from minor pains and aches to chronic ailments like cancer, blood pressure, and diabetes.

This TMR research report has segmented the global hospital pharmaceuticals market on the basis of the therapeutic areas, the indications, and geography. Based on therapeutic areas, the hospital pharmaceuticals market is classified into oncology, cardiology, neurology, urology, nephrology, and pain and infection. All these aforementioned segments have further been classified on the basis of the drug classes. The global hospital pharmaceuticals market has also been studied on the basis of the various indications of the different types of ailments. This includes cardiological anomalies, different types of cancers, neurological diseases, kidney problems, and infections and pains. The hospital pharmaceuticals market is studied on the basis of different types of pains like cancer pain, neuropathic pain, rheumatoid arthritis, fibromyalgia, osteoarthritis, and others.

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According to this market research report, most of the public hospitals based in the US spend close to US$ 200 million every year on several pharmaceutical products via their respective pharmacies. The hospital pharmaceuticals market in the developed world like Europe and the US is mainly fueled by and supported by various government policies and initiatives. These policies aim at ensuring that hospitals attain fair value for money and have easy access to policies of government procurement. Rising health issues and chronic health problems drive the global hospital pharmaceuticals market.

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This market research report states that geographically, the global hospital pharmaceuticals market is led by North America. However, as per industry forecasts, it is expected that within the next five years, the Asia Pacific will witness highest growth in the global hospital pharmaceuticals market. The Asia Pacific hospital pharmaceuticals market will be driven by factors like greater incidence of cancer and cardiovascular diseases, and a huge population base.

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Greater awareness about branded drugs for treating chronic ailments, and greater proliferation of hospitals are the other factors driving the hospital pharmaceuticals market in the Asia Pacific region.

Some of the key industry players mentioned in this report are Sanofi-Aventis, Pfizer, Inc., Novartis AG, Merck & Co., Inc., Johnson & Johnson, GlaxoSmithKline plc, Eli Lilly and Company, Bristol-Myers Squibb Company, Bayer AG, and AstraZeneca plc.

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Source:Transparency Market Research