New York, March 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pharmaceutical Logistics Global Market Report 2023" - https://www.reportlinker.com/p06433289/?utm_source=GNW
The global pharmaceutical logistics market grew from $98.94 billion in 2022 to $109.34 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pharmaceutical logistics market is expected to grow to $161.98 billion in 2027 at a CAGR of 10.3%.
The pharmaceutical logistics market includes revenues earned by entities by providing cold chain storage, asset ownership services, and quality management systems.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Pharmaceutical logistics refers to the integration of information flow, material handling, production, packaging, inventory, and chain management of prescription medicines.
North America was the largest region in the pharmaceutical logistics market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the pharmaceutical logistics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of pharmaceutical logistics are cold chain logistics and non-cold chain logistics.Cold chain logistics refers to the technology and process that is used for the safe transport of goods that are temperature-sensitive along the supply chain.
The different components in pharmaceutical logistics include storage, transportation, and monitoring components.The procedures include picking, storage, retrieval systems, and handling systems.
Transporation includes sea freight, air freight, and overland. These are used in applications such as biopharma, chemical pharma, and specialty pharma.
The rise in demand for pharmaceutical products is expected to propel the growth of the pharmaceutical logistics market going forward.Pharmaceutical products refer to any medicine that is for human use that is available in finished dosage form and is controlled by pharmaceutical legislation.
Logistics help pharmaceutical products handle the procurement, storage, and transportation of resources. For instance, according to an article by India Brand Equity Foundation, an Indian government export promotion agency, in 2021 the Indian pharmaceutical market increased annually to 17.7% from 13.7% in July 2020. Therefore, a rise in demand for pharmaceutical products is driving the growth of the pharmaceutical logistics market.
Technological advancements are a key trend gaining popularity in the pharmaceutical Logistics market.Major companies operating in the pharmaceutical logistics market are coming up with new technologies such as cloud-based supply chain functions, IoT technology, and others to sustain their position in the market.
For instance, in May 2020, United Parcel Service, a US-based shipping, receiving, and supply chain management company, expanded its healthcare logistics with the launch of UPS Premier.UPS Premier is part of the company’s ongoing service and technology upgrades.
It uses next-generation sensor technology and monitoring to improve service reliability with priority handling and improved visibility for critical healthcare packages. This technology is a major breakthrough for managing time-sensitive, temperature-sensitive, and patient-sensitive healthcare shipments.
In March 2022, Lineage Logistics LLC, a US-based warehousing and logistics management company, acquired MTC Logistics for an undisclosed amount. This acquisition adds Lineage Logistics, four cold storage facilities along the U.S. East and Gulf Coasts, including 38M cubic feet and over 1.13lakh pallet positions. MTC Logistics is a US-based cold storage facility operating in the pharmaceutical logistics market.
The countries covered in the pharmaceutical logistics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced.It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pharmaceutical logistics market research report is one of a series of new reports that provides pharmaceutical logistics market statistics, including pharmaceutical logistics industry global market size, regional shares, competitors with a pharmaceutical logistics market share, detailed pharmaceutical logistics market segments, market trends and opportunities, and any further data you may need to thrive in the pharmaceutical logistics industry. This pharmaceutical logistics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06433289/?utm_source=GNW
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