In China, pharmaceutical manufacturers have primarily focused on the production of basic chemicals, intermediates, and active pharmaceutical ingredients (APIs). With approximately 4,000 API manufacturers in the country, China has become a major player in the global pharmaceutical industry. This vast manufacturing capacity and expertise contribute to the market's growth and establish China as a key player in the global pharmaceutical market.
According to Data Bridge Market Research the China Hospitals and Pharmacy Market expected CAGR of the hospitals and pharmacy market tends to be around 12.5% in the mentioned forecast period. The market was valued at USD 1,471.23 million in 2022 and would grow to USD 3,774.85 million by 2030.
“Adoption of medication dispensing systems surges”
The market has experienced significant growth due to the adoption of medication dispensing systems. These systems offer high accuracy in dispensing medicines and enhance safety by reducing instances of incorrect medication distribution to patients. Research has shown that administering wrong medications can have detrimental effects on patient health and lead to substantial financial implications. A StatPearls research article reports an estimated 9,000 annual deaths due to medication errors, with costs exceeding USD 40 billion per year for patient management. Consequently, the improved safety and accuracy provided by medication dispensing systems drive market growth.
What restraints the growth of China hospitals and pharmacy market?
“Growing expenditure in medicine manufacturing”
The growing expenditure related to medicine manufacturing poses a challenge to market growth. Factors such as stricter production standards and ecological regulations contribute to increased production costs, impacting the overall cost price of the manufacturing process. This increased cost, coupled with the rising expenses in supply, hospitals, and pharmacies, creates financial burdens that are not always feasible for developing and underdeveloped regions. Consequently, this hindrance leads to under-treatment of numerous patients and impedes the growth of the China hospital and pharmacy market.
Segmentation: China Hospitals and Pharmacy Market
The China hospitals and pharmacy market is segmented on the basis of component, type, application, connectivity, end user and distribution channel.
- On the basis of component, the China hospitals and pharmacy market is segmented into equipment, software, and services.
- On the basis of type, the China hospitals and pharmacy market is segmented into automated prescription formulation and dispensing, automated health assessment and monitoring, automated imaging, and image analysis, automated healthcare logistics, resource and personnel tracking, medical robotics and computer-assisted surgical devices, automated therapeutic (nonsurgical) procedures, automated laboratory testing, and analysis.
- On the basis of application, the China hospitals and pharmacy market is segmented into diagnostics and monitoring, therapeutics, lab and pharmacy automation, medical logistics and training, and others.
- On the basis of connectivity, the China hospitals and pharmacy market is segmented into wired and wireless.
- On the basis of end user, the china hospitals and pharmacy market is segmented into hospitals, pharmacies.
- On the basis of distribution channel, the China hospitals and pharmacy market is segmented into direct tender, retail sales, online sales, and others.
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Recent Developments in China Hospitals and Pharmacy Market
- In 2020, During the Arab Health exhibition held in Dubai, Shanghai Qiyou Precision Electromechanical Co., Ltd. introduced their remarkable innovation, Ai Linghang. This cutting-edge pill packaging machine, combined with a pill box and an integrated alarm system, captivated attendees with its advanced technology. Its implementation promises to streamline and simplify the arduous pill packaging process, marking a significant advancement in medication management.
The Prominent Key Players Operating in the China Hospitals and Pharmacy Market Include:
- Baxter (U.S.)
- Takazono Corporation (Japan)
- TOSHO CO., INC.(Japan)
- YUYAMA Co.,Ltd / YUYAMA MFG Co.,Ltd (Japan)
- Shandong New Beiyang Information Technology Co., Ltd (China)
- Asahi Kasei Corporation (Tokyo)
- Intuitive Surgical (U.S.)
- Medtronic (Ireland)
- Stryker (U.S.)
- Omnicell, Inc (U.S.)
- B.D. (U.S.)
- Siemens Healthcare GmbH (Germany)
- Koninklijke Philips N.V.(Netherlands)
- G.E. Healthcare (U.S.)
- Johnson & Johnson Services, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of China hospitals and pharmacy market company’s contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global China Hospitals and Pharmacy Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.