Burlingame, Aug. 20, 2024 (GLOBE NEWSWIRE) -- The global Healthcare Distribution Market Size to Grow from USD 1,050.2 Billion in 2024 to USD 1,633.1 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Growing demand for various medical devices and equipment across the globe. The rising prevalence of chronic diseases and increasing healthcare expenditure are fueling the adoption of advanced medical devices for accurate diagnosis and effective treatment. With the growing geriatric population worldwide, there is substantial demand for various medical equipment and assistive devices to provide mobility and self-care of elderly patients.
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Market Dynamics:
The healthcare distribution market is driven by increasing demand for advanced medical devices from healthcare facilities and rising adoption of medical devices across all healthcare settings. In addition, growing geriatric population and subsequent increase in chronic diseases around the world is also propelling the growth of the market. According to World Health Organization (WHO), chronic diseases accounted for approximately 60% of all deaths globally in 2020.
Healthcare Distribution Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $1,050.2 billion |
| Estimated Value by 2031 | $1,633.1 billion |
| Growth Rate | Poised to grow at a CAGR of 6.5% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growing incidence of chronic diseases • Rising Aging Population |
| Restraints & Challenges | • Regulatory compliance costs • Changes in legislation and regulations |
Market Trends:
Emergence of advanced technologies such as IoT, AI and blockchain is transforming supply chain operations in the healthcare industry. Digitization helps in improving visibility, streamlining operations and provides real-time supply chain insights. This is further helping various distributors and manufacturers in optimizing inventory management and seamless tracking of medical devices.
The healthcare distribution market is fragmented with presence of various regional and local players. However, large players are actively pursuing merger and acquisition strategies to expand their geographical footprint and product portfolios. For instance, in 2020, Owens & Minor Inc. acquired Apria Inc. for $1.6 billion to strengthen its presence in home healthcare equipment space.
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Market Opportunities:
The pharmaceutical product distribution segment held the largest share of the overall healthcare distribution market in 2024, accounting for 45% share. The presence of well-established drug wholesalers and distributors catering to the demand from retail pharmacies and hospitals drives the segment's growth. Moreover, the increasing generic drug market and self-medication trend are contributing to the demand for pharmaceutical distribution services.
Medical device distribution is expected to witness lucrative growth during the forecast period, owing to the rising incidence of chronic diseases and the growing demand for advanced medical technologies. The increasing adoption of minimally invasive surgical procedures along with the growing popularity of home healthcare is providing a fillip to the medical device distribution services. Furthermore, supportive government policies for distributing affordable medical devices to rural areas present significant opportunities.
Key Market Takeaways
The global healthcare distribution market is anticipated to witness a CAGR of 6.5% during the forecast period 2024-2031, owing to the increasing healthcare expenditure worldwide and developments in the supply chain management.
On the basis of product type, the pharmaceutical product distribution services segment is expected to hold a dominant position, accounting for over 40% share owing to the large consumer base of generic and OTC drugs.
On the basis of end-user, the retail pharmacies segment holds the largest share currently due to the increasing patient preference, however, the hospital pharmacies segment is projected to witness significant growth during the forecast period owing to the rising number of hospitals worldwide.
By region, North America is expected to hold a dominant position over the forecast period, owing to the well-established healthcare infrastructure and presence of leading players. Europe is also projected to contribute significantly during the period.
Key players operating in the healthcare distribution market include McKesson Corporation, Smith Drug Company, Morris and Dickson Company, Cardinal Health, Owens & Minor, Patterson Companies, and AmerisourceBergen Corporation. The players are focusing on strategic agreements and collaborations to expand their global presence.
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Recent Developments:
In January 2023: Amylyx Pharmaceuticals, Inc. entered into an exclusive license and distribution agreement with Neopharm. Here, Neopharm will commercialize, subject to regulatory review and approval, AMX0035 (sodium phenylbutyrate and ursodoxicoltaurine) for the treatment of amyotrophic lateral sclerosis (ALS) in Israel, Gaza, West Bank, and the Palestinian Authority.
In May 2022: AAH Pharmaceuticals, one of the market players in the wholesale distribution of medicines in the United Kingdom, partnered with RELEX Solutions. AAH Pharmaceuticals uses RELEX to manage their forecasting and replenishment with over 1,000 vendors, support demand and supply planning across multiple product categories and characteristics such as seasonality and promotional activity, and improve efficiency through delivery flow smoothing.
Detailed Segmentation:
By Product Type
- Pharmaceutical Product Distribution Services
- Over The Counter Drugs
- Generic Drugs
- Branded Drugs
- Biopharmaceutical Product Distribution Service
- Recombinant Proteins
- Monoclonal Antibodies
- Blood Products
- Vaccines
- Medical Devices Distribution Services
By End User:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Others
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
Author Bio:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
