Specialty Drug Distribution Market size in 2019 is estimated to be $1.5 billion, growing at a CAGR of 11.5% during the forecast period 2020-2025. Specialty drugs are medications that are used to treat chronic diseases such as cancer, rheumatoid arthritis, and multiple sclerosis. Specialty drugs are high cost oral or injectable medications. It is high complex Medications that require specialized handling, distribution and temperature control. Increasing prevalence of chronic diseases coupled with rising demand of specialty drugs across the globe are the major factors driving the growth of the market. Moreover, better distribution facilities and rising advancement in healthcare further enhance the overall market demand for Specialty Drug Distribution during the forecast period 2020-2025.
Specialty Drug Distribution Market Segment Analysis - By Application
Based on the Application, Specialty Drug Distribution Market is segmented into Oncology, AIDS, Multiple Sclerosis, Rheumatoid Arthritis, Hemophilia, Others. The oncology segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 9.8% during the forecast period 2020-2025. This is mainly owing to growing usage of specialty drugs for the treatment of cancer across the globe. According to World Health Organization (WHO), cancer is the second leading cause of death in world and in 2018, nearly 9.6 million people die because of cancer in globally.
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Specialty Drug Distribution Market Segment Analysis - By Distribution Channel
Based on the distribution channel, Specialty Drug Distribution Market is segmented into Full line Wholesalers, Specialty Distributors. In 2019, Full line Wholesalers held the largest share in the Specialty Drug Distributions market. This is mainly owing to efficient and excellent supply chain and logistics. Moreover, Full line Wholesalers is fast and frequent delivery service is also contributing to the growth of this segment.
Specialty Drug Distribution Market Segment Analysis - Geography
North America dominated the Specialty Drug Distribution market share accounting for 40% of the market in 2019. This is mainly owing to increasing usage of specialty drug for the treatment of chronic diseases in this region. According to National Health Council, in America, chronic diseases affect approximately 133 million Americans which increases the demand of Specialty Drug Distribution Market.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to innovative distribution channel coupled with advancement in healthcare.
Specialty Drug Distribution Market Drivers
Increasing usage of Specialty drug
Increasing usage of specialty drug for the treatment of chronic diseases such as cancer, rheumatoid arthritis, and multiple sclerosis are some factors driving the growth of Specialty Drug Distribution market.
Better logistics facilities
Better logistics facilities coupled with efficient supply chain some factors driving the growth of the market. Also, innovative distribution facilities further contributing to the growth of Specialty Drug Distribution Market.
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Specialty Drug Distribution Market Challenges
Restriction on distribution channel is challenging the growth of the market as brand manufacturers are using this to reduce generic competition by preventing generic companies from getting samples brand product. Moreover, changing preference of consumer in order to get the product at low price and bypass distribution channels are further restraining its market growth during the forecast period 2020-2025.
Specialty Drug Distribution Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Specialty Drug Distribution Market. Specialty Drug Distribution top 10 companies are Smith Drug Company, Pfizer Inc., Anda Distribution, Rochester Drug Cooperative, Cardinal Health, Mckesson Corporation, H.D. Smith, Grainger, Amerisource Bergen, and Cintas.
Acquisitions/Product Launches:
In June 2018, McKesson Corporation has acquired Medical Specialties Distributors, LLC, a leading supply chain provider of medical supplies, biomedical services, and technology solutions.
In September 2015, Grainger has acquired Cromwell Group Limited, the largest independent MRO distributor in the United Kingdom. This acquisition helps to accelerated growth and scale for Grainger's online MRO model in the U.K. and Germany
Key Takeaways
In 2019, North America dominates the Specialty Drug Distribution Market owing to increasing usage of specialty drugs for the treatment of chronic diseases.
Better healthcare reforms coupled with increased number of distribution facilities is driving the market growth of Specialty Drug Distribution.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Specialty Drug Distribution Market report.
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