The global pharmaceutical logistics market size is expected to account for USD 118.9 billion by the end of 2027 and is anticipated to grow at the CAGR of 7.3% during the forecast period 2020 to 2027, according to a new report by Million Insights. Increasing demand for various drugs owing to rising chronic health disorders is expected to boost the growth of the market.Additionally, COVID-19 pandemic is projected to proliferate the market growth. Governments across the globe are focusing on treating patients with preventive measures. Rising export & import of medicines across China and U.S. is also boosting the market growth.
In the healthcare system, pharmaceutical logistics plays a vital role for the transportation of pharmaceutical drugs & medicines. Moreover, staff services and equipment present in the pharma sector are considered to be highly expensive. Technological solutions including block chain technology and cloud-based solutions are helpful in real-time operation monitoring which is projected to positively impact market growth. These solutions provide predictive analytics for optimization and risk mitigation. The adoption of these solutions helps to enhance the efficiency and productivity of the business.
In 2019, North America led the pharmaceutical logisticsmarket with the highest share in the overall market. Asia Pacific market is anticipated to register the fastest CAGR during the forecasted period, due to the growing healthcare sector across developing countries in the region.
Key players in the market are DB Schenker, LifeConEx, Air Canada, Agility, FedEx, CEVA Logistics, Deutsche post AG, and Marken.
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Further key findings from the report suggest:
• Due to COVID-19 outbreak, governments across the world are focusing on improving their healthcare facilities.
• Several pharma companies such as CalciMedicaInc, and AmgenInc are actively engaging in R&D activities.Once the vaccine is found for coronavirus the market is projected to grow at exponential rate.
• Outsourcing service is expected to gain momentum in the industry. Third party logistics operator provides transportation and integrating warehousing services.
• Monitoring equipmentare anticipated to grow at substantial rate from 2020 to 2027 mainly owing to technological development.
• Warehouse automation is expected to bolster the market growth. This includes conveyor belts, robots, energy management and cloud technology.
• North America is projected to continue its dominance over the next few years.
Million Insights has segmented the global pharmaceutical logistics market based on type, component and region:
Pharmaceutical Logistics Type Outlook (Revenue, USD Billion, 2016 - 2027)
• Cold Chain Logistics
• Non-Cold Chain Logistics
Pharmaceutical Logistics Component Outlook (Revenue, USD Billion, 2016 - 2027)
• Refrigerated Container
• Sea Freight Logistics
• Air freight logistics
• Overland Logistics
• Monitoring Components
• RFID devices
• Networking devices
Pharmaceutical Logistics Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• South America
• Middle East & Africa
List of Key Players of Pharmaceutical Logistics Market
• Air Canada
• CEVA Logistics
• DB Schenker
• Deutsche Post AG
• United Parcel Service of America, Inc.
• VersaCold Logistics Services