China Hospitals and Pharmacy Market, By Component (Equipment, Software, and Services), Type (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), Application (Diagnostics & Monitoring, Therapeutics, Lab & Pharmacy Automation, Medical Logistics & Training, and Others), Connectivity (Wired and Wireless), End User (Hospitals, Pharmacies), Distribution Channel (Direct Tender, Retail Sales, Online Sales, and Others) – Industry Trends and Forecast to 2030.
China Hospitals and Pharmacy Market Analysis and Size
Increasing demand and huge adoption of medical automation techniques in hospitals, such as robotic-assisted systems used for health check-ups, are expected to boost the market growth, thus improving patient safety. Lately, a rising number of Chinese pharmaceutical and investment companies are widely engaged in several mergers and acquisitions abroad, increasing the internationalization progress in the market. Several pharmaceutical manufacturers in China have mainly focused on producing basic chemicals, intermediates, and active pharmaceutical ingredients (APIs), with approximately 4,000 API manufacturers in the country.
Data Bridge Market Research analyses a growth rate in the hospitals and pharmacy market in the forecast period 2023-2030. The 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. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
China Hospitals and Pharmacy Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Equipment, Software, and Services), Type (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), Application (Diagnostics & Monitoring, Therapeutics, Lab & Pharmacy Automation, Medical Logistics & Training, and Others), Connectivity (Wired and Wireless), End User (Hospitals, Pharmacies), Distribution Channel (Direct Tender, Retail Sales, Online Sales, and Others)
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Market Players Covered
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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.), and Johnson & Johnson Services, Inc. (U.S.)
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Market Opportunities
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Market Definition
Hospital and pharmacy help to detect the abnormal changes in patients’ body and aid them with better and more effective treatment plans to support their health. It involves the techniques used to reduce medical errors and promote better management of numerous chronic illnesses. Hospital is responsible for the monitoring, diagnostic, and therapeutic processes, wherein healthcare providers perform the major responsive tasks in numerous healthcare facilities.
China Hospitals and Pharmacy Market Dynamics
Drivers
- Increasing Adoption of Medication Dispensing Systems
The medication dispensing system led to the higher growth of the market. The high share is because of the accuracy in dispensing medicines and improved safety provided by these systems, leading to fewer incidences of wrong medications being dispensed to patients. It has been proven that wrong medications being given to patients pose harm to their health and have major implications on costs incurred. A research article by StatPearls reports approximately 9,000 people to die every year because of errors in their medication, and costs associated with medication errors in terms of patient management amount to more than USD 40 billion every year. Thus, this factor boosts market growth.
- Rising Growth of Generic Medicines
The area of generic medicines is letting the market grow rapidly. Generic medicines include anti-infection drugs, cardiovascular system drugs, anti-tumor, cancer drugs, and several drugs for the digestive system. Generic drugs are found to be the mainstay of China's pharmaceutical industry. The revenue is anticipated to increase strongly in upcoming years because of its large market demand. China will use generics to reduce total healthcare expenditures in its public insurance plan. Thus, this increasing growth of generic medicines is enhancing the market growth.
Opportunities
- Growing Demand For Retail Pharmacies
The growing demand for retail pharmacies, among other end-users of this market, led to the market's growth. This can be attributed to a rise in retail pharmacies in this region. Automation in retail pharmacies leads to the reduction of costs at multiple levels. For instance, the OECD library states that the number of pharmacies has increased across all the OECD companies. Thus, this factor increases the market growth.
- Expansion of Pharmaceutical Industries and their Associated Medicinal Products
The pharmaceutical manufacturing industry of China witnessed huge growth when the country was relatively isolated from international trade. In 2021, China will have more than 5,000 pharmaceutical manufacturers, and the Government is strongly encouraging the consolidation of the pharmaceutical industry, particularly to decrease the number of smaller companies that do not have the financial capacity to meet several new regulatory standards. Chinese pharmaceutical manufacturers have focused on producing intermediates, basic chemicals, and active pharmaceutical ingredients (APIs), with approximately 4,000 API manufacturers in the country. It has been witnessed that within a short time, China has become the top global supplier of APIs in terms of volume. Thus, this factor increases the market growth.
Restraints/Challenges
- Increased Production Costs
The increased expenditure associated with the manufacturing of medicines hinders market growth. Growing production costs because of stricter production standards and ecological regulations is uplifting the cost price of the process. The increased cost related to manufacturing, supply and hospitals and pharmacy is not possible many times for developing and underdeveloped countries, which leads to the undertreatment of numerous patients. This impedes market growth.
This hospitals and pharmacy market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the hospitals and pharmacy market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In 2020, Ai Linghang, launched by Shanghai Qiyou Precision Electromechanical Co., Ltd., was showcased at the Arab Health 2020 held in Dubai. The people witnessed the new technologically sound pill packaging machine combined with a pill box and an alarm system which will reduce the huge pill packaging process.
China Hospitals and Pharmacy Market Scope
The hospitals and pharmacy market is segmented on the basis of component, type, application, connectivity, end user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Equipment
- Software and Services
Type
- 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
Application
- Diagnostics & Monitoring
- Therapeutics
- Lab & Pharmacy Automation
- Medical Logistics & Training
- Others
Connectivity
- Wired
- Wireless
End User
- Hospitals
- Pharmacies
Distribution Channel
- Direct Tender
- Retail Sales
- Online Sales
- Others
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The hospitals and pharmacy market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for hospitals and pharmacy market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the hospitals and pharmacy market. The data is available for historic period 2011-2021.
Competitive Landscape and China Hospitals and Pharmacy Market Share Analysis
The hospitals and pharmacy market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, China presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to hospitals and pharmacy market
Key players operating in the 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.)
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