Newark, March 01, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 850 billion in 2022 healthcare distribution market will reach USD 1689.34 billion by 2032. According to 2019 research from the World Health Organization, non-communicable diseases like heart disease, stroke, acute respiratory illnesses, etc., are to blame for over 86% of fatalities that occur globally. Future growth in these numbers will result in a greater need for healthcare services accompanied by a robust healthcare distribution system that will deliver these services to patients timely and efficient. Another statistical report states that 5% of people globally suffer from depression. Due to poor healthcare distribution, approximately 75% of the population in low- and middle-income countries do not have access to mental health services. However, if governments worldwide increase their focus on ramping up systems, processes, and resources of healthcare distribution, the market will witness positive growth in the forecast period.
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Key Insight of the Healthcare Distribution Market
The North American region is expected to dominate the market during the forecast period.
The region's need for healthcare services has increased due to the rising incidence and prevalence of cardiovascular, respiratory, ENT, and other chronic and acute diseases/conditions. The region's established and well-funded pharmaceutical and healthcare industries are meeting this growing demand. The expanding number of pharmaceutical chains with extensive retail pharmacy network coverage facilitates regional market expansion. Large pharmaceutical and biotechnology firms support the expanding study and development of cutting-edge medical instruments, equipment, and gadgets.
In 2022, the pharmaceutical product distribution services segment dominated the market with the largest market share of 57% and market revenue of 484.50 billion.
The product type segment is divided into pharmaceutical product distribution services, medical device distribution services, and biopharmaceutical distribution services. In 2022, the pharmaceutical product distribution services segment dominated the market with the largest market share of 57% and market revenue of 484.50 billion.
In 2022, retail pharmacies accounted for the largest share of the market, with 47% and market revenue of 399.50 billion.
The end-user segment is divided into retail pharmacies, hospital pharmacies, physician offices, online pharmacies, home care settings, clinical laboratories, and others. In 2022, retail pharmacies accounted for the largest share of the market, with 47% and market revenue of 399.50 billion.
Advancement in market
January 2023 - Manipal Hospitals has teamed with AI health tech company FUJIFILM India To utilize the latter's digital technology for keeping private medical records and images. The installation of a large-scale Picture Archiving and Communication System (PACS) by Manipal Hospitals will do away with the necessity for manual archiving, retrieval, and distribution of private documents and reports. Additionally, the system will allow for the safe off-site storage of medical records and photographs. At the same time, the PACS software will ensure that such private medical information may be accessible from desktops and mobile devices anywhere in the world.
Market Dynamics
Driver: The growing need for medical services.
The population's physical, emotional, and social well-being has been negatively impacted by the enormous lifestyle changes that have occurred in the modern world. For example, the prevalence of a sedentary lifestyle, a lack of exercise, an unhealthy diet, and a stressful work environment have contributed to the rise of both acute and chronic health disorders. The rising demand for healthcare services is shown by the rising incidence and prevalence of cardiovascular, respiratory, auto-immune, ENT, and lifestyle diseases/conditions. The population's rising level of disposable income is expanding the patient market base. Government programs to improve healthcare infrastructure, create and implement federal healthcare initiatives, and establish favorable reimbursements rules all contribute to the market's expansion. Therefore, as lifestyle and environmental factors change, there will be greater demand for healthcare services. The government will be prompted by the rising demand for healthcare services to expand healthcare infrastructure, including a strong healthcare distribution network of producers, suppliers, distributors, and retailers, which will fuel the market's expansion.
Restraint: The cost of pharmaceuticals is high.
Pharmaceutical distribution services are the industry leader in healthcare distribution services. However, the retail market price for these services is frequently high. The growing global inaccessibility of healthcare is partly due to unfavorable government reimbursement rules in several nations. Significant market players and distributors are confined to a certain worldwide region, further restricting accessibility for the general public. The government's failure to help everyone in need creates a market gap that pharmaceutical companies exploit for financial gain. The global healthcare distribution market's capacity to realize its full potential is constrained by the high cost of healthcare goods and services.
Opportunities: There is an improvement in logistical technologies and procedures.
Across many industries, technology is advancing swiftly, and concepts like data analytics, cloud computing, the internet of things, and artificial intelligence are becoming more and more common. Pharmaceutical market, consumer demand has increased due to population growth, and industrial production levels must be increased to meet this need. New technologies like radio frequency identification technology (RFIT) may increase production efficiency in the pharmaceutical and healthcare sector while saving time and money by providing real-time asset management and improved operational control. RFID ensures effective resource use, reducing administrative expenses and increasing revenue. The benefits of novel technologies enable resource optimization and effective expansion of healthcare distribution, creating profitable prospects during the predicted period.
Challenge: Strong healthcare distribution networks demand a large initial investment.
A strong healthcare distribution system needs numerous resources. It requires a substantial capital commitment and expensive maintenance. The expensive nature of this endeavor might not be within the means of every global economy. The financial capacity of middle- and low-income nations to create a distribution system for healthcare is particularly limited. The global healthcare distribution market's expansion will be hampered by the exclusion of such a sizable consumer market.
Read 230-page market research report,"Healthcare Distribution Market Size by Product Type (Pharmaceutical Product Distribution Services, Medical Device Distribution Services, and Biopharmaceutical Distribution Services), End User, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032", published by The Brainy Insights
Some of the major players operating in the healthcare distribution market are:
• AmerisourceBergen Corporation
• Cardinal Health
• FFF Enterprises Inc.
• Henry Schein Inc.
• McKesson Corporation
• Medline Industries Inc.
• Morris and Dickson Co. LLC
• Owens & Minor Inc.
• Patterson Companies Inc.
• Rochester Drug Cooperative Inc.
Key Segments cover in the market:
By Product Type
• Pharmaceutical Product Distribution Services
• Medical Device Distribution Services
• Biopharmaceutical Distribution Services
By End User
• Retail Pharmacies
• Hospital Pharmacies
• Physician Offices
• Online Pharmacies
• Home Care Settings
• Clinical Laboratories
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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