Pharmaceutical Logistics Market to grow at a CAGR of 2.46% during 2024-2028
The Pharmaceutical Logistics Market is expected to grow at a CAGR of 2.46% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 11.96 billion. The pharmaceutical industry is witnessing a significant shift towards personalized medicine and specialty drugs, driving the demand for specialized logistics services. Personalized medicine encompasses the development and distribution of individualized treatments, such as gene therapies, immunotherapies, and targeted therapies, which often have unique storage and transportation requirements. Effective inventory management and traceability are essential to ensure the secure and timely delivery of these treatments. Logistics providers offer specialized solutions to meet these needs, enabling the pharmaceutical industry to effectively manage the complexities of personalized medicine. However, the increasing adoption of personalized medicine also poses challenges for pharmaceutical logistics, including regulatory compliance and cost management, which may impact market growth during the forecast period.
Get more information on Pharmaceutical Logistics Market by requesting a sample report
Technavio analysts predict that the Non-cold chain logistics subsegment will lead the Type segment during 2024 and 2028 In the pharmaceutical sector, non-cold chain logistics encompasses the transportation and distribution of pharmaceutical products that do not necessitate stringent temperature control. A multitude of over-the-counter (OTC) drugs and healthcare items, such as pain relievers, vitamins, and supplements, fall under this category as they do not have specific temperature requirements and can be shipped at ambient temperatures. The pharmaceutical industry relies on a variety of packaging materials, including blister packs, bottles, labels, and inserts, which are generally temperature insensitive and can be transported under standard logistics conditions. Efficient distribution of a broad spectrum of pharmaceutical products, including oral medications, topical creams, medical devices, and non-perishable medical supplies, is facilitated by non-cold chain logistics.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish growing global pharmaceutical sales
Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report
The Pharmaceutical Logistics Market is experiencing significant growth, driven by the increasing demand for temperature-sensitive drugs, particularly COVID-19 vaccines like Covaxin and Covishield. Cloud-based solutions and telematics are revolutionizing the industry, enabling real-time monitoring and tracking of temperature-controlled shipments. The expansion of e-commerce and the rise of players like Delhivery Limited and Agility are also fueling market growth. The transportation segment, including sea freight and air freight logistics, dominates the market, while the storage segment, including non-cold chain and cold chain logistics providers like VersaCold Logistics Services, plays a crucial role in ensuring the integrity of temperature-sensitive medications and pharmaceutical products, especially biological pharmaceuticals. The use of Emergency Use Authorization for vaccines and other critical medications further highlights the importance of efficient and reliable pharmaceutical logistics. The market is expected to continue its growth trajectory as the demand for temperature-controlled supply chains increases.
According to Technavio, the global pharmaceutical logistics market is a segment of the broader global air freight and logistics market, which encompasses the revenue generated by companies offering air freight transportation, courier services, logistics, and customs agents. This market's size is determined by Technavio based on the revenue generated from providers of air freight and logistics services, which include tracking of goods in transit up to delivery. Key growth drivers for the global air freight and logistics market include the surge in cross-border e-commerce activities, where customers purchase products from outside their countries.
The Pharmaceutical Logistics Market is experiencing significant growth, fueled by the growing global pharmaceutical sales. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted