DUBLIN--(BUSINESS WIRE)--The "Healthcare Distribution Market by Type (Pharmaceutical (Brand-name, Generic, OTC, Vitamins), Medical Device, Biopharmaceutical (Vaccines, Monoclonal Antibodies)), End User (Retail Pharmacies, Hospital Pharmacies) - Global Forecasts to 2024" report has been added to ResearchAndMarkets.com's offering.
The Healthcare Distribution Market is Projected to Reach USD 1,048.4 Billion By 2024 From USD 765.4 Billion in 2019, at a CAGR of 6.5%
The growth of this market is primarily driven by the rising incidence of chronic diseases, growing importance of generics, rising adoption of track & trace solutions, and the growth of the medical device industry. In addition, emerging markets such as China and India, growth in the biosimilars market, increasing specialty drug dispensing, and the rising uptake of biopharmaceuticals are expected to offer potential growth opportunities to market players in the coming years. However, increasing pricing pressure is a major challenge faced by market players.
Pharmaceutical product distribution services segment is expected to account for the largest share of the healthcare distribution market, by type, in 2018
Based on type, the healthcare distribution market is segmented into pharmaceutical product distribution services, medical device distribution services, and biopharmaceutical product distribution services. In 2018, the pharmaceutical product distribution services segment accounted for the largest share of this market owing to the increasing production of pharmaceutical formulations, rising pharmaceutical R&D expenditure, outsourcing of pharmaceutical manufacturing to Asian countries, and the establishment of new manufacturing facilitates by global pharmaceutical giants in newer geographies.
Retail pharmacies segment to dominate the healthcare distribution market, by end user, during the forecast period
The retail pharmacies segment accounted for the largest share of the market in 2018. These pharmacies deal with a large volume of prescriptions on a daily basis. Moreover, in the US and other developed countries, the implementation of programs to ensure affordable healthcare for citizens has significantly increased the volume of prescriptions in retail pharmacies.
APAC market to witness the highest growth during the forecast period
North America accounted for the largest share of the global healthcare distribution market in 2018, followed by Europe. However, the APAC market is estimated to grow at the highest CAGR during the forecast period. This can primarily be attributed to the growing regulatory requirements in the healthcare industries of several APAC countries to maintain compliance with good manufacturing and distribution practices and the rising number of pharmaceutical and biotechnology companies in the region.
China and India are the fastest-growing markets in this region primarily due to the expanding pharmaceutical industries in these countries and the implementation of stringent regulations to enhance the quality and reliability of pharmaceutical drugs (as they move from manufacturing to the consumer).
Market Dynamics
Drivers
- High Incidence and Large Economic Burden of Chronic Diseases
- Favorable R&D Investment Scenario and Subsequent Increase in Drug Launches
- Growth of Track & Trace Solutions
- Growing Importance of Generics
- Growth of the Medical Devices Industry
Opportunities
- Growth in the Biosimilars Market
- Emerging Markets
- Increasing Specialty Drug Dispensing
- Increasing Uptake of Biopharmaceuticals
Challenges
- Pricing Pressures
Companies Mentioned
- AmerisourceBergen Corporation
- Attain Med, Inc.
- Cardinal Health, Inc.
- Curascript Specialty Distribution
- Dakota Drug
- FFF Enterprises, Inc.
- McKesson Corporation
- Medline Industries
- Morris & Dickson Co. L.L.C.
- Owens & Minor, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/cyyx3v
