Albany, NY, May 24, 2016 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new market report titled, “Hospital Pharmaceuticals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.” According to the report, the global hospital pharmaceuticals market was valued at US$ 197.3 Bn in 2014 and is anticipated to expand at a CAGR of 3.9% from 2015 to 2023 to reach US$ 280.3 Bn by 2023.
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Hospital pharmaceuticals are medications administered to both inpatients and outpatients in hospital settings. The hospital pharmaceuticals market has been segmented based on type of indication for therapeutic areas such as cardiology, oncology, nephrology and urology, neurology, pain, and infection. These segments are further analyzed into different categories on the basis of highly prevalent disease conditions. The market has also been analyzed based on drug class and major geographic regions. Increasing prevalence of chronic diseases, rising patient awareness, rapidly growing geriatric population, and increasing affordability of patients toward medical treatments are the major drivers of the hospital pharmaceuticals market.
High prevalence of chronic diseases has been identified as one of the major factors driving the global hospital pharmaceuticals market. In terms of indication, the oncology segment accounted for the largest share of 35.3% of the hospital pharmaceuticals market in 2014. The segment is expected to expand at a CAGR of 6.5% from 2015 to 2023. According to the World Cancer Research Fund Association, around 14.1 million cancer cases were reported globally in 2012, and this number is expected to increase to 24 million by 2035.
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According to the World Health Organization, four out of five CVD deaths are due to heart attacks and strokes. Cardiovascular diseases (CVDs) account for as high as 31.0% of the total deaths worldwide. However, due to approaching saturation in the market, the estimated CAGR for the cardiology segment is indicated to be lower than other indications. According to the report, the market for nephrology and urology indications system is also expected to expand at a CAGR of 4.3%. Some of the major nephrology and urology disease indications include acute kidney failure, chronic kidney disease, glomerular diseases, diabetes, urinary tract infections and kidney stones. According to the National Kidney Foundation, U.S., around 10.0% of the world population is affected by chronic kidney disease (CKD), and millions die each year due to lack of affordable treatment.
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Neurological disorders are the diseases of central or peripheral nervous system. Epilepsy, Stroke, Parkinson’s disease, multiple sclerosis, Alzheimer’s disease are some of the major neurological indications affecting millions of people worldwide. The World Heart Federation suggests that every year, 15 million people worldwide suffer a stroke, whereas nearly six million die and five million are left permanently disabled. As per these statistics, it is suggested that stroke is the second leading cause of disability, after dementia. The report provides a detailed analysis of the global neurological diseases indications and their market. According to the American Academy of Pain Medicine, around 1.5 billion individuals around the world were suffering from one or the other kind of chronic pain in 2015.
Key players in the global hospital pharmaceuticals market are AstraZeneca plc, Bayer AG, Bristol-Myers Squibb, Eli Lilly and Company, GlaxoSmithKline, Johnson & Johnson, Merck, Novartis, Pfizer, and Sanofi.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research