Hospital Pharmaceuticals Market to Reach US$280.3 bn by 2023; Oncology Constituted Largest Indication Segment in 2014 Transparency Market Research has published a new market report titled, “Hospital Pharmaceuticals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.� According to the report, the global hospital pharmaceuticals market was valued at US$ 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. Hospital pharmaceuticals are medications and drugs administered to patients in hospital settings that include both inpatient and outpatient treatment. Drugs under hospital pharmaceuticals range from paracetamol used to ease pain and minor aches to prescription drugs prescribed for several chronic diseases such as blood pressure, diabetes, and cancer. The hospital pharmaceuticals market has been largely affected due to the economic slowdown and expiration of patents for major blockbuster as well as branded drugs.
However, increasing prevalence of diseases, affordability, rising awareness, and health care spending are some of the factors driving the hospital pharmaceuticals market in emerging economies in Asia Pacific and Rest of the World. The global hospital pharmaceuticals market was valued at US$ 197.3 Bn in 2014 and is estimated to reach US$ 280.3 Bn by 2023, expanding at a CAGR of 3.9% during the forecast period from 2015 to 2023. The global hospital pharmaceuticals market has been studied from two perspectives: therapeutic class and indications. Based on therapeutic class, the hospitals pharmaceuticals market has been segmented into cardiology, oncology, neurology, pain, and infection. The cardiology therapeutic area has been divided further into dyslipidemia drugs, antihypertensive drugs, and others (anticoagulants and anti-arrhythmic drugs). The oncology segment accounted for the largest share of over 35% of the hospital pharmaceuticals market in 2014. Moreover, this segment is expected to register the highest growth rate during the forecast period from 2015 to 2023. Immunomodulating agents was the largest sub-segment of the oncology segment in 2014. However, alkylating agents is likely to be the fastest growing segment during the forecast period from 2015 to 2023 due to their ability to demonstrate activity against cancer cells during every phase of its life cycle. The market for hospital pharmaceuticals by indications is sub-segmented into cardiology, oncology, nephrology and urology, neurology, pain and infection. Each of the aforementioned indications is further studied on the basis of the prominently occurring diseases. For instance, the