Pharmaceutical Logistics Market Size to Reach US$ 159.14 Bn by 2030

Las Vegas, Jan. 20, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global pharmaceutical logistics market size was valued at US$ 71.9 billion in 2020. The growing demand for the overthecounter (OTC) medicines such as supplements, minerals, vitamins, common cough, gastrointestinal pharmaceuticals, and cold remedies products is also contributing to the expansion of the pharmaceutical logistics industry. Pharmaceutical logistics is being driven by the growing need of fast-track support in the healthcare industry. Furthermore, lowering distribution costs by establishing a single-source distribution channel is driving up demand for pharmaceutical logistics.

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Mergers and acquisitions are being used by a huge number of companies to increase their geographical reach and proprietary knowledge. They’re also concentrating on lowering their product’s overall packaging expenses. The hazards of product adulteration during transportation, as well as non-compliance with federal regulations, standards, and guidelines, are especially prevalent in the biotechnology and pharmaceutical supply chains.

Report Highlights

• Based on the type, the cold chain logistics segment dominated the global pharmaceutical logistics market in 2020 with highest market share. Over the projected period, strict government restrictions to maintain precise temperature for extremely temperature-sensitive pharmaceutical items are expected to drive market expansion. Telematics is becoming more widely used in cold chain pharmaceutical logistics, allowing businesses to improve the efficiency, connectivity, and safety or their transport goods. During the manufacturing and distribution stages, most biological and medicinal products require a temperature-controlled environment, which aids in maintaining the medications’ effectiveness and purity. As a result, pharmaceutical businesses employ temperature-controlled transportation and storage systems.
  
  

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Report Scope of the Pharmaceutical Logistics Market

Regional Snapshot

Europe is the largest segment for pharmaceutical logistics market in terms of region. The significant growth in the pharmaceutical product trade across key European countries is responsible for the high market share. The UK, Germany, and France are among them. Furthermore, the rising production and demand for a variety of pharmaceutical products, such as over the counter (OTC) medicines, in the Europe region is expected to drive the market’s expansion.

Asia-Pacific region is the fastest growing region in the pharmaceutical logistics market. Due to high economic expansion in emerging nations such as India and China, the market for pharmaceutical logistics in the Asia-Pacific is expected to rise rapidly over the forecast period. The pharmaceutical logistics market in Asia-Pacific is predicted to grow because to the high demand for the over the counter (OTC) drugs among a large population.

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Market Dynamics

Drivers

Increase in refrigerated warehouses

The hundreds of warehouses with cold chain systems are being built to ensure the best possible storage and transit conditions for temperature-sensitive products. The crucial links that the cold chain solutions system provides are vital to a variety of export sectors. Due to end-to-end cold chain security is the weak link in the system; businesses invest millions of dollars to build efficient, effective, and dependable processes. A single disruption in the logistics system can result in capital losses and catastrophic products. Additionally, the demand for online pharmacies is increasing their demand for cold storage. Thus, the increase in refrigerated warehouses is driving the growth of pharmaceutical logistics market during the forecast period.

Restraints

Lack of standardization

The lack of standards and accreditations causes substantial issues for the pharmaceutical logistics market, which is currently concerned about the quality and flexibility of available warehouse spaces. In many circumstances, the enterprises must invest additional funds to update the facility and its specifications to industry-specific standards that support their operations. Thus, the lack of standardization is the restricting factor for the growth of pharmaceutical logistics market during the forecast period.

Opportunities

Growth in pharmaceutical industry

Pharmaceutical companies are concentrating efforts on product quality and sensitivity. Increased creation of more sophisticated biological-based medications and vaccinations that require cold storage must all be carried at a controlled temperature, which can be accomplished using cold chain logistics. The broader healthcare logistics business is seeing significant increase in transportation and delivery of temperature-controlled pharmaceutical products and drugs. The pharmaceutical logistics industry will need to respond swiftly to rising volume, sensitivity, and quality standards of commodities, as well as ever-increasing restrictions. As a result, growth in pharmaceutical industry is creating lucrative opportunities for the growth of pharmaceutical logistics market during the forecast period.

Challenges

High operational cost of cold chain logistics

The cold chain logistics market uses a lot of electricity on a daily basis. As a result of the rising cost of consumed energy, cold chain service providers are finding it difficult to reduce their operational costs. Furthermore, high energy and real estate expenses are likely to make the planning and implementation process difficult. Thus, the high operational costs of cold chain logistics is a huge challenge for the growth of pharmaceutical logistics market during the forecast period.

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Segments Covered in the Report

By Type

• Cold Chain Logistics
• Non-cold Chain Logistics

By Component

• Storage
  • Warehouse
  • Refrigerated container
• Transportation
  • Sea freight Logistics
  • Airfreight Logistics
  • Overland Logistics
• Monitoring components
  • Hardware
    • Sensors
    • RFID Devices
    • Telematics
    • Networking Devices
  • Software

By Application

• Bio Pharma
• Chemical Pharma
• Speciality Pharma
  
  

By Procedure

• Picking
• Storage
• Retrieval Systems
• Handling Systems

By Geography

• North America
• Europe
• Asia-Pacific
• MEA
• Latin America
• Rest of the World

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