The Pharmaceutical Logistics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Pharmaceutical Logistics Global Market Report 2024, The pharmaceutical logistics market size has grown rapidly in recent years. It will grow from $112.31 billion in 2023 to $124.81 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to stringent regulations, globalization of pharmaceutical trade, temperature-controlled logistics, e-commerce expansion, healthcare industry growth.
The pharmaceutical logistics market size is expected to see rapid growth in the next few years. It will grow to $191.18 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to market expansion in developing countries, risk mitigation strategies, supply chain visibility enhancement, healthcare industry expansion, advancements in cold chain logistics. Major trends in the forecast period include focus on security and product integrity, global supply chain network optimization, green logistics initiatives, demand for real-time monitoring, regulatory compliance demands.
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%. Therefore, a rise in demand for pharmaceutical products is driving the growth of the pharmaceutical logistics market.
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The pharmaceutical logistics market covered in this report is segmented –
1) By Type: Cold Chain Logistics, Non-Cold Chain Logistics
2) By Component: Storage, Transportation, Monitoring Components
3) By Procedure: Picking, Storage, Retrieval Systems, Handling Systems
4) By Transportation: Sea Freight, Air Freight, Overland
5) By Application: Bio Pharma, Chemical Pharma, Specialty Pharma
Major companies operating in the pharmaceutical logistics market are developing innovations, such as healthcare logistics services, to meet larger customer bases, increase sales, and increase revenue. Healthcare logistics services involve the planning, execution, and management of the efficient and secure movement of healthcare-related goods, equipment, and information throughout the supply chain. For instance, in October 2023, UPS Healthcare, a US-based provider of healthcare logistics, launched UPS Pickup Point locations. The UPS Pickup Points locations introduce a novel reverse logistics service tailored for health laboratory customers throughout the UK, Germany, Italy, France, and Spain. This distinctive feature establishes a comprehensive reverse logistics solution, offering confirmation of collection and real-time visibility for time-sensitive specimens. The service innovatively streamlines operations for healthcare companies, reducing the number of collection sites, while concurrently enhancing reliability, control, and the efficient shipment of samples to a central laboratory.
The pharmaceutical logistics market report table of contents includes:
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