Hospital Pharmacies Market Size, Share, Competitive Landscape and Trend Analysis Report, by Application,, by Therapeutic Area, by Product and, by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032

COVID-19 Impact Analysis

• COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020. 
• Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness significant growth in the future, owing to the demand for vaccines and treatment drugs for COVID-19. 
• However, with COVID-19, the supply chain of the raw material required to manufacture drugs for hospital pharmacies has been disrupted in many countries. In addition, the market growth of pharmaceuticals is declining as the manufacturers of drugs have slowed down their production because of the pandemic. This, in turn, is expected to have a significant impact on the hospital pharmacies market. 

Top Impacting Factors
Rise in prevalence of cardiovascular diseases (CVD) is the major factor contributing to the growth of the hospital pharmacies market. As per the report by the World Health Organization, in 2015, around 17 million people died due to CVDs with major deaths taking place in low-income countries, indicating the need for better hospital pharmacies that focus on public health in such regions.
In addition, rise in geriatric population is a key factor propelling the growth of the hospital pharmacies market. This is attributed to the fact that elderly individuals are frequently admitted to hospitals for different chronic illnesses for which they receive medications from hospital pharmacies.
Furthermore, the cases of road accidents have increased all over the world leading to long-term admissions of patients in hospitals. Healthcare providers use the medical supplies from hospital pharmacies for such patients for easy access to medicines. This factor is positively influencing the growth of the hospital pharmacies market.
However, shrinking medical reimbursements regarding healthcare insurance in many countries is one of the factors that is impeding the growth of the hospital pharmacies market.
Key Market Trends

• Hospital pharmacies have rapidly emerged as the preferred distribution channel for compounded drugs. Drug compounding is the process of mixing, combining, or altering pharmaceutical ingredients to create medications that are tailored for the need of an individual. The presence of skilled professionals who can do such tasks in hospitals has led to rise in need for the procedure of drug compounding in hospital pharmacies.
• North America is anticipated to hold the major market share of the hospital pharmacies market, owing to increase in prevalence of occurrence of chronic diseases, which, in turn, boosts the requirement of proper and personalized medication arranged in hospital pharmacies.
• Europe is expected to be the emerging region in the hospital pharmacies market. This can be attributed to increase in funding by the governments of different nations in this region to improve the healthcare infrastructure.
• Many regional players are adopting technologies to help make personalized drugs, which will help them capitalize on the growing demand for customized medicine in the hospital pharmacies market.

Key Benefits of the Report

• This study presents the analytical depiction of the hospital pharmacies industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the hospital pharmacies market share.
• The current market is quantitatively analyzed to highlight the market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.

Questions Answered in the Hospital Pharmacies Report

• Which are the leading players active in the hospital pharmacies market?
• How is each segment of the market expected to grow during the forecast period?
• What are the adoption trends for hospital pharmacies in emerging economies and established economies across the world?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What future projections would help in taking further strategic steps in the market?
• What are the impacts of COVID-19 on the industry?
• What are hospital pharmacies?
• What are the current and predicted trends of the market?