Increasing Prevalence of Chronic Diseases to Augment the Hospital Pharmaceuticals Market Growth

 

Hospital pharmaceuticals consist of medicines purchased for hospitals, healthcare centers to be administered to patients during hospitalization. Hospital pharmaceuticals include therapeutic and critical care drugs applied in infections, neurology, urology, cardiology, hematology, dermatology, respiratory system, musculoskeletal system, sensory organs, alimentary tract and metabolism, and other. The primary responsibility of hospital pharmacy is procurement, storage and selling of medications.

Market Dynamics:

Increasing incidence or prevalence of chronic diseases across the world, especially in the North America, is expected to propel the growth of the hospital pharmaceuticals market. For instance, chronic diseases such as diabetes, cancer, and heart disease, are the leading causes of death and disability in the United States, according to the Centers for Disease Control and Prevention (CDC). They are also leading drivers of the nation's $3.8 trillion in annual health care costs.

Moreover, the emergence of COVID-19 (SARS-CoV-2) is expected to augment the growth of the hospital pharmaceuticals market. For instance, in February 2021, Facing the challenge of a fast-paced and complex rollout of COVID-19 vaccines, Pennsylvania Hospital deployed radio frequency identification (RFID) technology to track the status of every vial that is removed from an ultra-freezer, then transported to the vaccination clinic, and sometimes returned to refrigeration, all while ensuring no vial expires before reaching a patient's arm.

Increasing demand for hospital pharmaceuticals and increasing spending on pharmaceuticals is also expected to fuel the growth of the hospital pharmaceuticals market. However,

Competitive Analysis:

Major players operating in the hospital pharmaceuticals market are Eli Lilly and Company, Merck & Co., Sanofi S.A., F. Hoffmann-La Roche Ltd, Johnson & Johnson, GlaxoSmithKline Plc., AstraZeneca Plc., Pfizer, Inc., Novartis AG, and Bayer AG.

Major players in the market are adopting various strategies, such as partnership, collaboration, product launch, etc., to enhance their market presence. For instance, in February 2021, Recce Pharma Ltd. formalized an agreement with Fiona Stanley Hospital for a Phase 1/2 clinical trial to assess the potential of RECCE 327’s new spray-on, broad-spectrum antibiotic for the treatment of topical burn wound infections.

In February 2021, Algernon Pharmaceuticals provided an update on the final data set of the Phase 2b part of the Phase 2b/3 COVID-19 Ifenprodil study.

In February 2021, Valeo Pharma and Ingenew Pharma announced that HespercoTM capsules, approved by Health Canada for immune support, will be at the core of the Montreal Heart Institute's clinical trial, "The Hesperidin Coronavirus Study".