Healthcare Distribution Market to Witness Tremendous Growth Amid COVID-19 Pandemic

Strategic Insights -

The healthcare distribution market has emerged as a vital sector during the COVID-19 pandemic, driven by the increasing demand for medical supplies, pharmaceuticals, and vaccines. The market is expected to witness tremendous growth, outpacing other sectors due to the pandemic's impact on global healthcare systems.

Key Takeaways:

  • The healthcare distribution market is classified into pharmaceutical product distribution services, medical device distribution services, and biopharmaceutical product distribution services, with the pharmaceutical sector being the largest due to the increasing production of pharmaceutical formulations and outsourcing of pharmaceutical manufacturing.
  • The COVID-19 pandemic has accelerated the growth of the healthcare distribution market, with the sector expected to grow at a significant rate due to the increased demand for medications and vaccines.
  • Market drivers include the high incidence and large economic crises of chronic diseases, high investments in R&D activities, and the increasing launch of new drugs and medicines in the healthcare market.
  • The market is also driven by technological advancements, such as the growth in track and trace solutions in the healthcare distribution industry, which is further contributing to the growth of the market.
  • The healthcare distribution market is gaining pace due to the increase in usage of generics in the healthcare sector and the growth of the medical device industry, which is further boosting the demand in the market.
  • The biosimilar markets in emerging economies are likely to create potential demands over the period, driving the growth of the healthcare distribution market.
  • Major players in the healthcare distribution market include Mckesson Corporation, Amerisource Bergen Corporation, Cardinal Health Inc., and Owens & Minor, Inc.

Statistics:

  • The healthcare distribution market is expected to grow at a CAGR of 12.1% from 2021 to 2027.
  • The pharmaceutical product distribution services sector accounted for the largest share of the market in 2020, with a share of 69.1%.
  • The medical device distribution services sector is expected to witness the highest growth rate during the forecast period, with a CAGR of 14.5%.
  • The biopharmaceutical product distribution services sector is expected to grow at a CAGR of 13.5% during the forecast period.
  • The COVID-19 pandemic has accelerated the growth of the healthcare distribution market, with the sector expected to grow at a significant rate due to the increased demand for medications and vaccines.
  • The healthcare distribution market in the Asia-Pacific region is expected to be the fastest-growing market, with a CAGR of 15.1% during the forecast period.

Sources:

  • (GlobeNewswire) - Visiongain has published a new report on Healthcare Distribution Market Report : Forecasts by Type (Pharmaceutical (Brand-name, Generic, OTC, Vitamins), Medical Device (Biopharmaceutical (Vaccines, Monoclonal Antibodies)), End User (Retail Pharmacies, Hospital Pharmacies). PLUS, Profiles of Leading Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
  • Visiongain is one of the fastest growing and most innovative, independent, market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide.
  • The report includes quantitative and qualitative analyses with independent predictions, providing information that only Visiongain's report contains, staying informed with this invaluable business intelligence.