Pharmaceutical Logistics Market Size to Grow USD 156680 Million By 2028 With a CAGR of 7.3% | Valuates Reports
BANGALORE, India, April 24, 2023 /PRNewswire/ -- The Global Pharmaceutical Logistics Market is Segmented by Type (Cold Chain Logistics, Non-Cold Chain Logistics), by Application (Ground Transportation, Shipping, Air Transport): Global Opportunity Analysis and Industry Forecast, 2022-2028. It is published in Valuates Reports under the Pharmaceuticals & Biotech Category.
Due to the COVID-19 pandemic, the global Pharmaceutical Logistics market size is estimated to be worth USD 102660 million in 2022 and is forecast to be a readjusted size of USD 156680 million by 2028 with a CAGR of 7.3% during the review period.
Major Factors Driving the Growth of the Pharmaceutical Logistics Market:
During the forecast period, factors including expansion of the pharmaceutical industry, rising demand for reverse logistics in that industry, and expansion of international trade activities are predicted to propel the growth of the worldwide pharmaceutical logistics market. Additionally, the business of pharmaceutical logistics is anticipated to benefit in the near future from the rise in demand for pharmaceutical medications that must be stored at specific temperatures and from RFID technology for pharmaceutical logistics.
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TRENDS INFLUENCING THE GROWTH OF PHARMACEUTICAL LOGISTICS MARKET
During the projected period, the market growth is anticipated to be aided by the strict government rules for maintaining a correct temperature for pharmaceutical items that are extremely sensitive to temperature. The companies are being helped to improve the effectiveness, connection, and safety of transport cargoes thanks to the increased implementation of telematics in cold chain pharmaceutical logistics. This factor is expected to drive the growth of Pharmaceutical logistics
The focus is shifting to cell and gene therapies as the pharmaceutical business develops. As a result, there is a higher need for more sophisticated storage options. With temperature-sensitive items in the market, the necessity for temperature monitoring in the pharmaceutical and healthcare cold chain industry is rapidly expanding. Additionally, the required temperature varies depending on the particular pharmaceutical substance. The main factor requiring cold chain monitoring solutions is the degradation of medicine or vaccine life under temperature changes encountered in the supply chain. This factor is expected to drive the growth of Pharmaceutical logistics.
Pharmaceutical companies are putting more emphasis on the sensitivity and quality of their products. The demand for specialized transportation and storage is caused by factors including the development of sophisticated biologically based medicines and the shipping of hormone treatments, vaccinations, and complex proteins that require specialist handling. The part of the healthcare logistics sector that is growing the fastest is the temperature-controlled transportation of pharmaceutical products and medical devices. The pharmaceutical logistics market is expanding due to the rising demand for efficient cold-chain logistics services to protect the quality of goods.
The need for effective reverse logistics services is increased by the fact that pharmaceuticals transported from healthcare facilities to reverse logistics businesses are categorized as solid waste and must be labeled as hazardous before transit. Unsalable and outdated drug products are returned to producers for credit or disposal through the reverse distribution procedure. The disposal of used medical products can be assisted by reverse logistics services for pharmacies, hospitals, manufacturers, and distributors, among other pharmaceutical end users. Pharmaceutical companies are developing reverse logistics infrastructure as government regulations for the disposal of medical wastes tighten. Leading technological firms participating in the intelligent commerce network have been given contracts by the military department for pharmaceutical reverse distribution services.
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PHARMACEUTICAL LOGISTICS MARKET SHARE
The greatest consumption region is North America, which accounts for roughly 37% of global consumption. Europe is the second-largest consumption region after North America, accounting for 31% of global consumption.
The market share leaders in this sector are Deutsche Post DHL, UPS, Kuehne + Nagel, FedEx, DB Group, DSV, and SF Express, among others, with roughly 15% of the market.
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Key Companies:
- Deutsche Post DHL
- UPS
- Kuehne + Nagel
- FedEx
- DB Group
- DSV
- SF Express
- Nippon Express
- Panalpina
- CH Robinson
- Kerry Logistics
- CEVA
- Yusen Logistics
- World Courier
- VersaCold
- Air Canada Cargo
- Agility
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SIMILAR REPORTS:
- Pharmaceutical Warehousing market was valued at US$ 62200 million in 2022 and is anticipated to reach US$ 85280 million by 2029, witnessing a CAGR of 5.4% during the forecast period 2023-2029.
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- Pharmacovigilance and Drug Safety Software market size is projected to reach USD 171.5 Million by 2028, from USD 116.7 Million in 2021, at a CAGR of 5.2% during 2022-2028.
- Biologics Contract Development and Manufacturing Organization(CDMO) Market is estimated at US$ 12710 million in the year 2022, is projected to reach a revised size of US$ 23690 million by 2028, growing at a CAGR of 10.9% during the forecast period 2022-2028.
- E-pharmacy market was valued at US$ 41890 million in 2022 and is anticipated to reach US$ 67930 million by 2029, witnessing a CAGR of 8.4% during the forecast period 2023-2029.
- Radiopharmaceuticals market size was US$ 6260.1 million and it is expected to reach US$ 10730 million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 8.0% during the forecast period 2021-2027.
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- Pharmaceutical Processing And Packaging Equipment Market
- Medical Supplies market size is projected to reach US$ 329030 million by 2028, from US$ 202430 million in 2021, at a CAGR of 7.1% during 2022-2028.
- Disposable Medical Supplies market size is projected to reach USD 314410 Million by 2028, from USD 224050 Million in 2021, at a CAGR of 4.9% during 2022-2028.
- The global digital therapeutics market size was valued at USD 2.88 Billion in 2019 and is expected to reach USD 13.80 Billion by 2027 with a CAGR of 20.5% during the forecast period.
- 3rd party logistics market was valued at US$ 1027.71 billion in 2019 and is projected to reach US$ 1789.94 billion by 2027 registering a CAGR of 7.1% from 2020 to 2027.
- The global logistics market size is valued at US$ 7641.20 billion in 2017 and is projected to reach US$ 12975.64 billion by 2027 registering a CAGR of 6.5% from 2020 to 2027.
- Digital Logistics market size is projected to reach US$ 22170 million by 2028, from US$ 10230 million in 2021, at a CAGR of 11.5% during 2022-2028.
- Reverse logistics market estimated at USD 642 in the year 2021, is projected to reach a revised size of USD 921.6 Billion by 2028, growing at a CAGR of 5.3% during the forecast period 2021-2028.
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