The global Pharmaceutical Logistics Market size is estimated to reach USD 138.9 billion by 2028, registering a CAGR of 8.5% over the forecast period, according to a new study by Grand View Research, Inc. The market growth is attributed to the rising demand for a variety of drugs as a result of increasing cases of chronic and lifestyle-related diseases. The market is expected to witness a high growth rate in cold-chain as well as non-cold chain pharmaceutical logistics owing to the impact of COVID-19 across the globe. During this pandemic situation, the government and officials across countries are primarily focusing on preventive measures and the treatment of patients.
The import and export of various medicines to treat
coronavirus are increasing across countries, including the U.S. and China.
Along with international trade, the nationwide logistics of drugs is also
expected to fulfill the rising demand from all the hospitals and medical
establishments. Additionally, the U.S. Food and Drug Administration (FDA) and
other healthcare agencies across various countries such as India, China, and
the U.K. have approved the emergency use of COVID-19 vaccines. This, in
turn, is expected to increase the global trades of vaccines in many countries,
including the U.S. and India. Such increased trade of drugs and medicines
across countries is expected to drive the market from 2021 to 2028.
Pharmaceutical logistics is an integral part of the
healthcare system, as careful handling and transportation of pharmaceutical
products are of utmost importance. Therefore, equipment and staff services
involved in the pharma supply chain are highly expensive. Consolidations among
the pharma companies, to expand their business and global presence, is the
latest trend gaining momentum in the market. Technological advancements, such
as cloud-based supply chain functions and blockchain technology, which
provide accurate and real-time data of operations, will also have a positive
impact on market growth. Additionally, these technologies also offer predictive
analytics to identify demand, supply chain optimization, and risk management.
Identifying risks and preventing them helps companies increase productivity,
efficiency, and process optimization of their businesses.
In the U.S., the market accounted for the largest
revenue share in 2020 and is expected to maintain its dominance over the
forecast period. In Asia Pacific, the market is projected to exhibit the
highest CAGR from 2021 to 2028 owing to an increasing financial budget for the
healthcare sector in several emerging countries of the region. Additionally,
the soaring consumer spending on Over-The-Counter (OTC) pharmaceutical products
is further expected to boost the regional market growth over the forecast
period.
Related Press Release@ Pharmaceutical Logistics Market Report
Pharmaceutical Logistics Market
Report Highlights
- Amid the pandemic, governments across the globe are emphasizing
healthcare facilities and ample medicinal supply for the patients. As
such, the trade of conventional medicines is increasing from
country-to-country
- Many pharmaceutical companies, such as Moderna; Serum Institute;
and Pfizer Inc., have developed and completed the three-phase trials of
COVID-19 vaccines successfully. Hence, these vaccines have been approved
for emergency usage across several countries, globally. This would require
a resilient supply chain and logistic services to deliver these vaccines
with maximum efficacy and thereby, estimated to boost the market growth
- The demand for cold-chain pharmaceutical logistics services is
expected to increase at a rapid rate over the forecast period owing to the
rising adoption of temperature-sensitive pharmaceutical products around
the globe
- Outsourcing services are gaining traction in the market.
Third-Party Logistics (3PL) operators offer integrating warehousing and
transportation services on an outsourced basis. According to the Journal
of Commerce, the revenue of the top 50 3PL companies has increased by more
than 5.0% from 2016 to 2019
- Monitoring components are expected to grow at a notable rate over
the forecast period. This growth is attributed to the technological
advancements in the devices installed for collecting and reporting
real-time shipment information
- The growing automation of refrigerated warehouses is expected to
drive the market over the projected period. Warehouse automation includes
cloud technology, robots, conveyor belts, truck loading automation, and
energy management
- Several prominent players are strategically concentrating on merger
and acquisition activities to expand their overall regional presence
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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