Global Pharmaceutical Logistics Market was valued at US $xx Mn in 2019 and is expected to reach $xx Mn by 2026, at a CAGR of 4.8%.
Global Pharmaceutical Logistics Market Introduction
Pharmaceutical logistics is responsible for the planning and implementation of all aspects of the pharmaceutical supply chain. Transportation, warehousing, inventory management, and other logistical services are included in these supply chain operations. Pharmaceutical manufacturers, the market’s only client category, outsource their logistical tasks to save money and focus on their main operations. Since the year 2000, pharmaceutical logistics operations have been increasingly outsourced.
Global Pharmaceutical Logistics Market Dynamics
The short-term market effect of COVID-19 is a critical factor in pharmaceutical logistics’ rapid growth throughout the world. In the midst of the epidemic, governments all around the world are stressing healthcare facilities and enough medication supplies for people. As a result, traditional medicine commerce is growing from nation to nation. Additionally, the US Food and Drug Administration (FDA) has authorized an Emergency Use Authorization for hydroxychloroquine, which will be utilized by licensed healthcare practitioners to treat COVID-19-infected teenagers and adults weighing more than 50 kg. As a result, hydroxychloroquine commerce is increasing in nations such as the United States and India.
The growing demand for over-the-counter (OTC) medications such as Vitamins, Minerals, and Supplements (VMS), common cough and cold treatments, gastrointestinal treatments, and dermatological treatments are also contributing to the growth of the pharmaceutical logistics market. Pharmaceutical logistics is being driven by the growing need for fast-track support in the healthcare sector.
Furthermore, lowering distribution costs by establishing a single distribution channel is driving up demand for pharmaceutical logistics. Mergers and acquisitions are being used by a huge number of firms to increase their geographic reach and proprietary information. They’re also concentrating on lowering their product’s total packaging expenses. The hazards of product adulteration during transportation, as well as non-compliance with federal rules, standards, and guidelines, are particularly prevalent in the biotechnology and pharmaceutical supply chains.
As a consequence, market participants are spending heavily on cutting-edge technology like telematics and remote monitoring to ensure safety and comfort during transportation operations, which is pushing the market growth. Major corporations aim to provide cloud-based supply chain solutions and secure supply chain functions, which aid producers in checking medicine validity. Counterfeit pharmaceuticals and medical gadgets are not produced with the help of these solutions.
Over the projection period, the sector is expected to develop due to rising demand for pharmaceutical logistics via sea and air freight. Pharma items are transported by sea, which cuts transportation costs by up to 80% and minimizes manpower needs. It also reduces the carbon impact of logistical operations by lowering packaging and storage requirements. The usage of air freight logistics for long-distance and intercontinental delivery of vital vaccines and medicines is likely to grow in the coming years.
Global Pharmaceutical Logistics Market Segment Analysis
In 2020, the non-cold chain logistics segment led the market, accounting for 72.6 % of revenue. Because of the growing demand for non-cold chain pharma medications and other items, the category is likely to have a significant share in the next seven years. From 2021 to 2028, the cold chain logistics industry is predicted to increase at a high rate.
This growth is due to an increase in demand for temperature-controlled items, such as the continued distribution of COVID-19 vaccinations, which need precise temperature control logistics services to ensure the goods’ efficacy. Furthermore, throughout the forecast period, government laws requiring precise temperature control for extremely temperature-sensitive pharmaceutical items are likely to enhance industry growth. Telematics is increasingly being used in cold chain pharmaceutical logistics to assist organizations to improve the efficiency, connection, and safety of their transport goods.
In 2020, the storage sector led the pharmaceutical logistics industry, accounting for around 65.0 % of revenue. The rapidly increasing demand for generic and branded pharmaceutical medicines has increased the requirement for storage facilities to conserve and acquire these goods’ potency after manufacturing and delivery to distributors and retailers through different channels. Furthermore, the continuing COVID-19 pandemic has created a demand for temperature-sensitive storage facilities to keep vaccinations at the proper temperature throughout transportation. This is expected to help the industry develop even more in the future years.
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Global Pharmaceutical Logistics Market Regional Insights
Global Pharmaceutical Logistics MarketIn Europe, the pharmaceutical logistics market accounted for more than 35.0 % of revenue in 2020. From 2021 to 2028, the region is expected to increase at a high rate. The significant rise in pharmaceutical product transactions across important European nations is responsible for the high market share. Germany, the United Kingdom, France, and the Nordic nations are among them. Furthermore, rising production and demand for a variety of pharma goods, such as OTC medications, in the domestic region is expected to drive the market’s expansion.
Due to high economic growth in emerging nations such as China and India, the market for pharmaceutical logistics in the Asia Pacific is expected to rise rapidly over the forecast period. The market for pharmaceutical logistics in the Asia Pacific is predicted to grow because of the high demand for over-the-counter drugs among a large population. Furthermore, the pharmaceutical business is seeing a shift in manufacturing and distribution regions. Market companies are discovering rich prospects in Asia and South America’s rising economies, which is expected to promote market growth.
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Global Pharmaceutical Logistics Market Report Scope: Inquire before buying
Global Pharmaceutical Logistics Market, by Region
• North America
• South America
• Asia Pacific
Global Pharmaceutical Logistics Market Key Players
• Deutsche Post DHL
• SF Express
• World Courier
• Abbott Vascular
• Biosensors International
• C. R. Bard
• Air Canada
• CEVA Logistics
• DB Schenker
• VersaCold Logistics Services
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