New York, USA, May 12, 2023 (GLOBE NEWSWIRE) — Pharmaceutical Logistics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Pharmaceutical Logistics Market Information by Type, Component, and Region – Forecast till 2032″, the market size is projected to grow from USD 92.2 Billion in 2023 to USD 190.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.50% during the forecast period (2023 – 2032).
The MRFR reports covers various key segments, such as pharmaceutical logistics companies, logistics in pharmaceutical industry, global pharmaceutical industry, pharmaceutical transportation, cold chain pharmaceutical logistics, bio pharma logistics, as well as all the major pharma cold chain logistics companies.
Logistics in pharmaceutical industry helps take care of resource sourcing, transportation, and storage. In this industry, logistics makes it possible for drugs, equipment, and devices to be continuously delivered from suppliers and distributors spread out across the nation. The pharmaceutical industry mostly provides products and services directly to hospitals, clinics, big retail drugstore chains, and wholesalers of medical supplies. As the global pharmaceutical industry continues to expand at a stunning pace, the need for logistics will continue to surge as well.
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The bio pharma logistics segment, in particular, has been doing well worldwide. Any pharmaceutical medicine made from, extracted from, or partially synthesized from biological sources is referred to as a biopharmaceutical, sometimes known as a biological medicinal product. They include vaccinations, whole blood, blood components, allergens, somatic cells, gene treatments, tissues, recombinant therapeutic proteins, and living medicines utilized in cell therapy, which are distinct from pharmaceuticals that are entirely synthesized. Sugars, proteins, nucleic acids, or complex mixtures of these components, as well as perhaps living cells or tissues, can make up biologics. They are isolated from live sources, including microbes, plants, animals, fungi, and humans.
|Market Size in 2032||USD 190.6 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Component and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||An increasing preference for biological pharmaceuticals in recent years and a growing number of enterprises opting to outsource|
|Increasing demand for cold chain logistics in the healthcare sector|
Pharmaceutical Logistics Market Competitive Landscape:
The important pharmaceutical logistics companies are
- Air Canada
- CEVA Logistics
- DB Schenker
- Deutsche Post AG
- United Parcel Service of America Inc.
- VersaCold Logistics Services
Leading players are making significant R&D investments in order to diversify their product offerings, which will bolster the pharmaceutical logistics market’s expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. Pharmaceutical Logistics must provide affordable products if it wants to grow and thrive in an increasingly competitive and challenging market environment.
Pharmaceutical Logistics Market Trends:
Some of the key factors projected to influence demand for pharmaceutical logistics in the forecasted period include an increase in recent preference for biological medications and an increase in the number of businesses choosing to outsource. Manufacturers are increasingly shipping big quantities of medicinal products over considerable distances.
These medical supplies are frequently pricey and sensitive. Pharmaceutical logistics make it possible for items to be consistently refrigerated from the time of manufacture through shipment, storage, handling, and delivery. The market for biological medical products and medications that are sensitive to temperature is expanding, and pharmaceutical and logistics companies are becoming more aware of this trend, which will help the pharmaceutical logistics market expand over the course of the appraisal period.
The cold chain pharmaceutical logistics market is enormous, intricate, and most of the cargo is life-saving. The $73 billion industry of cold chain logistics demands standardized handling practices, specialized transport machinery for efficient pharmaceutical transportation, and a high level of regulatory compliance. The industry is expanding at a considerable pace. Of course, a significant reason is the rise in demand for PPE and medications brought on by COVID-19. However, market expansion is being fueled by factors other than the current crisis. There is an increase in the demand for all types of medications that fight an increasing number of chronic diseases and lifestyle-related illnesses. The demand for OTC medications, such as vitamins, minerals, cough and cold medications, gastrointestinal and dermatology items, is also on the rise.
Both the mounting need for fast-track support and the expanding demand for home healthcare items are causing the industry to rise as well. The need for pharmaceutical logistics is also growing as more pharmaceutical products must be kept in a cold chain and as the cost of distribution is being decreased by creating a single source distribution channel.
There are a few limitations and barriers that can slow down the market’s growth pace in the near future. Many variables, including price regulations and inefficient items that vary globally. These elements can prevent the predicted future expansion of the pharmaceutical logistics business.
COVID 19 Analysis
The COVID-19 outbreak impacted the logistics in pharmaceutical industry, pharmaceutical transportation, pharmaceutical logistics companies, bio pharma logistics, global pharmaceutical industry, pharma cold chain logistics companies and cold chain pharmaceutical logistics, in a lot of ways.
The rapid expansion of pharmaceutical logistics is greatly influenced by the short-term effects of the COVID-19 pandemic on the market. Governments all around the world are focusing on providing patients with access to healthcare facilities and a sufficient supply of medications in the midst of the pandemic. As a result, the trade in traditional medications is growing from nation to nation. Additionally, the U.S. Food and Drug Administration (FDA) has given hydroxychloroquine an Emergency Use Authorization that allows qualified healthcare professionals to use it to treat youths and adults hospitalized with COVID-19 who weigh more than 50 kg. As a result, the trade in hydroxychloroquine is expanding in a number of nations, including the United States and India.
Numerous pharmaceutical companies and vaccine producers have increased their research and testing expenditures in response to the pandemic in order to develop and market virus vaccines that are effective. A number of the COVID-19 vaccines, including Sputnik V, Covishield, Covaxin, and mRNA, have been approved for use in emergencies in important nations like India, Russia, the United Kingdom, and the United States. More than 60 companies are conducting clinical studies of COVID-19 vaccines worldwide.
Key vaccine companies are aggressively working to spread the aforementioned vaccines over the world now that they have been given permission to be used. To make vaccinations accessible worldwide for urgent use, a robust supply chain is required. It will therefore increase market size.
Browse In-depth Market Research Report (128 Pages) on Pharmaceutical Logistics: https://www.marketresearchfuture.com/reports/pharmaceutical-logistics-market-11540
Pharmaceutical Logistics Market Segmentation
Both non-cold chain and cold chain pharmaceutical logistics fall within the category of pharmaceutical logistics. With 71.8% of market revenue (or $60.45 billion) coming from the non-cold chain logistics segment, the market was dominated by this sector.
The Logistics of Pharmaceuticals Storage, transportation, and monitoring components are included in market segmentation based on component. The largest share belonged to the storage category. The rapidly increasing demand for pharmaceutical medicines has increased the requirement for storage facilities to maintain and procure these items’ potency after manufacturing and distribution to distributors and merchants via various routes.
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Pharmaceutical Logistics Market Regional Insights
Due to the enormous growth in pharmaceutical product trade across major European countries including Germany, the United Kingdom, France, and others, the Europe Pharmaceutical Logistics market saw a large increase in market share. As production and demand for various categories of pharmaceutical products, including over-the-counter medicines, continue to expand, it is also anticipated that there will be a considerable demand for pharma logistics in the years to come. While the U.K. pharmaceutical logistics industry is expanding at the fastest rate in the region, the German market is set to be in the lead throughout the review period.
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