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(Medical-NewsWire.com, January 07, 2020 ) 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 increasing uptake of biopharmaceuticals are expected to offer potential growth opportunities to market players in the coming years.
Market Growth Overview :
The global 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%. However, the increasing pricing pressure on market players is a major factor that is expected to impact market growth in the coming years.
The pharmaceutical product distribution services segment dominated the healthcare distribution market in 2018
On the basis of 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 the market majorly due 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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Retail pharmacies to account for the largest share of the healthcare distribution market, by end user, in 2018
On the basis of end user, the healthcare distribution market is segmented into retail pharmacies, hospital pharmacies, and other end users. 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 grow at the highest CAGR during the forecast period
North America dominated the healthcare distribution market in 2018.
However, the APAC market is estimated to grow at the highest CAGR during the forecast period owing 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 this region.
China and India are the fastest-growing markets in this region majorly due to the expanding pharmaceutical industries in these countries and the implementation of stringent regulations to enhance the quality and reliability of pharmaceutical drugs.
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Mr. Shelly Singh