Pharmaceutical Logistics Market Size is Estimated to Value $138.9 Billion By 2028 | Grand View Research, Inc.
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.
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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
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Pharmaceutical Logistics Market Segmentation
Grand View Research has segmented the global pharmaceutical logistics market on the basis of type, component, and region:
Pharmaceutical Logistics Type Outlook (Revenue, USD Billion, 2017 – 2028)
- Cold Chain Logistics
- Non-cold Chain Logistics
Pharmaceutical Logistics Component Outlook (Revenue, USD Billion, 2017 – 2028)
- Storage
- Warehouse
- Refrigerated container
- Transportation
- Sea freight Logistics
- Airfreight Logistics
- Overland Logistics
- Monitoring components
- Hardware
- Sensors
- RFID Devices
- Telematics
- Networking Devices
- Software
Pharmaceutical Logistics Regional Outlook (Revenue, USD Billion, 2017 – 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South America
- Brazil
- Middle East & Africa (MEA)
List of Key Players of Pharmaceutical Logistics Market
- Agility
- Air Canada
- CEVA Logistics
- DB Schenker
- Deutsche Post AG
- FedEx
- LifeConEx
- Marken
- United Parcel Service of America, Inc.
- VersaCold Logistics Services
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