(Health-NewsWire.Net, June 11, 2019 ) According to the new market research report "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", published by MarketsandMarkets™, the market is projected to grow at a CAGR of 6.5% during the forecast period to reach USD 1,048.4 billion by 2024 from USD 765.4 billion in 2019.
Factors such as the rising incidence of chronic diseases, growing importance of generics, rising adoption of track & trace solutions, and the growth of the medical device industry are expected to drive the growth of this market during the forecast period.
Pharmaceutical product distribution services segment accounted for the largest share of the Healthcare Distribution Market, by type, in 2018
In 2018, the pharmaceutical product distribution services segment accounted for the largest share of the Healthcare Distribution Market. The large share of this segment can be attributed 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.
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OTC drugs/vitamins segment accounted for the largest share of the pharmaceutical product distribution services market in 2018
The OTC drugs/vitamins segment accounted for the largest share of the pharmaceutical product distribution services market in 2018. Recent innovations in this field, increased promotion of self-medication, rising access to OTC drugs, increasing awareness on precautionary care and health concerns that do not require investigations by doctors, lower price of OTC drugs, and rising OTC drugs sales are the major factors driving the demand for the distribution of OTC drugs/vitamins.
Monoclonal antibodies segment accounted for the largest share of the biopharmaceutical product distribution services market in 2018
The monoclonal antibodies segment accounted for the largest share of the market in 2018. The increasing incidence of cancer, rising investments in the R&D of monoclonal antibodies, technological advancements in genetic sequencing and target gene selection, and the growing preference for monoclonal antibodies (as a result of reduced side effects as compared to chemotherapy) are the major factors driving the growth of this market segment.
Retail pharmacies segment dominated the Healthcare Distribution Market, by end user, in 2018
Retail pharmacies form the largest end-user segment in the Healthcare Distribution Market. 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.
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North America to dominate the Healthcare Distribution Market during the forecast period
In 2018, North America dominated the Healthcare Distribution Market, followed by Europe. The presence of a large number of pharmaceutical and biotechnology companies and medical device manufacturers in the region, growing incidence of chronic diseases, increasing government focus on generic drugs, rising demand for biologics and specialty drugs, stringent regulations regarding distribution, and the presence of advanced healthcare infrastructure are the major factors driving market growth in North America. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period majorly due 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 operating in this region.
The major players operating in the Healthcare Distribution Market are McKesson Corporation (US), AmerisourceBergen Corporation (US), Cardinal Health, Inc. (US), Owens & Minor, Inc. (US), Morris and Dickson Co., LLC (US), KeySource Medical, Inc. (US), Rochester Drug Cooperative, Inc. (US), Henry Schein Inc. (US), Smith Drug Company (US), FFF Enterprises (US), Patterson Companies Inc. (US), Mutual Drug (US), Shanghai Pharmaceutical Group Co., Ltd. (China), Medline Industries (US), PHOENIX Group (Germany), and CuraScript SD (US).
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Mr. Shelly Singh