LOS ANGELES, Nov. 28, 2019 /PRNewswire/ -- The global healthcare distribution market is expected to grow at a CAGR of around 7.7% over the forecast period 2019 to 2026 and reach the market value of around US$ 1,275 Bn by 2026.
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In 2018, North America dominated the regional market of healthcare distribution and the region is also expected to maintain its dominance over the forecast period. The US and other developed countries of the region have boosted the number of prescriptions in retail pharmacies with the implementation of programs to guarantee accessible healthcare for people. For instance, ADMA Biologics, Inc. announced the first commercial sales of ASCENIV with the approval from the U.S. Food and Drug Administration (FDA) in 2019. The biologic product is now commercially available for ordering in the U.S. through BioCare SD, ADMA's authorized distributor. ADMA is a commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty plasma-derived biologics particularly for the treatment of immunodeficient patients.
By Type, pharmaceutical product distribution services of the healthcare distribution market have dominated the segment in the year 2018. The segment accounted for the largest market share owing to the increasing production of pharmaceutical formulations, ongoing R&D activities and increasing demand for pharmaceutical products in Asian countries. For instance, the regulation in the U.S. associated with the track and trace of drugs, manufactured by the pharmaceutical industry is enabling a large number of pharmaceutical manufacturers, shippers and wholesalers to adopt the blockchain-based network. Blockchain helps individual wholesalers by eliminating the need for managing large volumes of product lists and manufacturer addresses. Additionally, it complies with DQSA regulations with a reduction in errors and savings to the entire supply chain.
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By end-user, retail pharmacies accounted for the largest share in the year 2018 owing to its dealing in large volumes for the pharmaceuticals on a daily basis. The rising implementation of programs by the US and various developed economies which ensures affordable healthcare for citizens results in increasing volume of prescriptions another factor accelerating the market value.
Some of the leading competitors are McKesson Corporation, Cardinal Health, Inc., AmerisourceBergen Corporation, Owens & Minor, Inc., Morris and Dickson Co., LLC, Curascript Specialty Distribution, FFF Enterprises, Inc., Medline Industries, Attain Med, Inc., and Dakota Drug among others. The major players involve in strategic partnerships for managing inventory, acquiring supplies, reducing costs and saving time for the expansion of the market share over the forecast period.
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Some of the key observations regarding healthcare distribution industry include:
- United Parcel Service (UPS) of America, has unveiled service enhancements for existing and new healthcare and life sciences customers which include Re-Designed Quality Management System (QMS) for storage, inventory management and distribution of healthcare products, and Digitally Enabled Healthcare Network. UPS healthcare and life sciences provide global supply chain solutions and expertise to biopharma, pharmaceutical, and medical device companies.
- Thuocsi.vn, a Vietnamese online pharma marketplace gets US$500K seed financing by Singapore's Cocoon Capital and VietCapital Ventures. Thuocsi.vn is a startup operating under BuyMed, seeking to simplify the country's healthcare distribution.
- HiveIO, Inc. has announced the expansion of distribution agreement with Arrow Electronics, Inc. to North America. The announced agreement is likely to bring HiveIO's intelligent virtualization solution into Arrow's North American portfolio.
- In 2019, UPS Healthcare and Life Sciences have announced a new drone logistics project with a United States's leading healthcare provider, Kaiser Permanente. The new drone logistics service is named as UPS Flight Forward, and designed to support a 39-hospital network of Kaiser Permanente hospital campus.
- In 2019, a San Francisco based private equity firm, SkyKnight Capital has announced a successfully done investment into a nation's leading provider of home healthcare solutions, AeroCare Holdings, Inc.
- In Oct 2019, InComm, a payment technology company has announced a new partnership with a company listed under the top 40 largest private corporations in Forbes magazine named Giant Eagle, Inc. The new partnership aims to provide extra benefits to the five million InComm Healthcare's OTC Network cardholders, which can be drone from 200-plus locations of Giant Eagle's including Maryland, West Virginia, Pennsylvania, Ohio, and Indiana.
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