The global Pharmaceutical Logistics Market size is estimated to reach USD 163.9 billion by 2030, registering a CAGR of 8.6% from 2022 to 2030, according to a new study by Grand View Research, Inc. The market growth is primarily driven by 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 and 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 all countries, including U.S. and China.
Along with international trade, the nationwide
logistics of drugs are also expected to increase 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. approved the emergency use
of COVID-19 vaccines. This, in turn, is expected to increase the global
trade 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 2022 to 2030.
Pharmaceutical logistics is an integral part of the
healthcare system, as careful handling and transportation of pharmaceutical
products are of utmost importance. Therefore, the equipment and staff services
involved in the pharma supply chain are highly expensive. The latest trend
gaining momentum in the market is consolidation among the pharma companies to
expand their business and global presence. 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 and supply chain optimization and risk
management. Identifying risks and preventing them helps companies increase
productivity, efficiency, and process optimization of their businesses.
The U.S. market accounted for the largest revenue
share in 2021 and is expected to maintain its dominance over the forecast
period. The market in the Asia Pacific region is projected to exhibit the
highest CAGR from 2022 to 2030, 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 during 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. 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 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 PL companies has increased by more
than 5.0% from 2016 to 2019
- Monitoring components are expected to expand at a notable rate
during 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
fuel the market growth during the forecast period. Warehouse automation
includes cloud technology, robots, conveyor belts, truck loading
automation, and energy management
- Several prominent players are strategically concentrating on
mergers and acquisitions 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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