Pharmaceutical Logistics Market Size Worth $138.9 Billion by 2028: Grand View Research, Inc.

SAN FRANCISCO, Feb. 23, 2022 /PRNewswire/ -- 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.

Key Insights & Findings from the report:

• 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.

Read 115-page market research report, "Pharmaceutical Logistics Market Size, Share & Trends Analysis Report By Type (Cold Chain Logistics, Non-cold Chain Logistics), By Component (Storage, Transportation), By Region, And Segment Forecasts, 2021 - 2028", published by Grand View Research.

Pharmaceutical Logistics Market Growth & Trends

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.

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

Check out more related studies published by Grand View Research:

• Retail Logistics Market - The global retail logistics market size is anticipated to reach USD 498.34 billion by 2028, registering a CAGR of 11.8% over the forecast period, according to a new report by Grand View Research, Inc. The new last-mile delivery mechanisms in the retail e-commerce market coupled with the emergence of the Internet of Things (IoT) in the supply chain are expected to drive market growth. An IoT-based supply chain connects several technical devices via sensors installed on these devices and enables procuring the real-time information of numerous critical parameters such as filing rate and temperature.
• Halal Logistics Market - The global halal logistics market size is anticipated to reach USD 525.09 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.4% from 2020 to 2027. Over the last few years, the demand for halal-certified products has extended beyond the Muslim community and is gaining increasing acceptance among non-Muslim consumers who relate halal with ethical consumerism and high-quality products. Therefore, the increasing demand for halal products worldwide is driving the need for halal logistics. Halal logistics providers are rigorously ensuring that the people involved in the supply chain understand the technical requirements and regulatory aspects to deliver halal products to the markets safely.
• Automotive Logistics Market - The global automotive logistics market size is expected to reach USD 222.3 billion by 2027, registering a CAGR of 5.8% from 2020 to 2027, according to a new report by Grand View Research, Inc. The growth of the market is directly linked to the demand for automobile and automobile parts, development of comprehensive world-wide trade flow, and existing economic environment. Furthermore, rapid proliferation of trade agreements among various countries is a key factor fueling the growth of the market.

Browse through Grand View Research's Automotive & Transportation Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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