According to a new report published by Allied Market Research, titled, โPharmaceutical Logistics Market,” The pharmaceutical logistics market was valued at $66 billion in 2021, and is estimated to reach $106.8 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
๐ฅ๐ฒ๐พ๐๐ฒ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ญ:
There are prominent key factors that drive the growth of the pharmaceutical logistics market, such as growth in pharmaceutical sector, increase in international trade activities, and increase in demand for reverse logistics in pharmaceutical sector. The global logistics have experienced tremendous transformation in the past few years.
Owing to the COVID-19 pandemic, the shippers are focusing on using faster and cost-effective method of shipping the cargo, which is expected to fuel the market for pharmaceutical logistics. Moreover, numerous healthcare service providing companies are focusing on expansion of their refrigerated warehouse capacity, which in turn contributes in the growth of the pharmaceutical logistics industry.
For instance, in 2020, Zuellig Pharma announced that it will significantly expand its refrigerated warehouse or cold storage warehouse capacity in key regional markets over the next 12 months. In Cambodia, it is expected to build a new $6 million 6,300 square meters warehouse, which was expected to be fully operational by 2021. The new warehouse will be Cambodiaโs largest pharmaceutical warehouse and company will enhance its cold storage capacity by four times. In Philippines, the company will add 10 medical grade freezers to augment its capacity in -80 degree Celsius storage such developments are expected to propel the pharmaceutical logistics market.
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Covid-19 Scenario:
- The Covid-19 pandemic resulted in flight cancellations, quarantines, and travel bans. The prolonged lockdown disrupted the supply chain and hampered logistics activities across the globe.
- However, unlike major industries that were struggling due to the pandemic, industries such as pharmaceuticals, e-commerce, and daily essential goods industries witnessed growth. The growth of e-commerce and online services, supplemented the B2B logistics industry.
- During the pandemic, there were a lot of import & export of drugs and equipment across the globe, which fueled the market growth.
KEY FINDINGS OF THE STUDY
- By operation, the seaways segment is projected to lead the global pharmaceutical logistics market
- By business type, the transportation segment is expected to register a significant growth during the forecast period.
- By application, the bio pharma segment is projected to lead the global pharmaceutical logistics market
- By type, the cold chain segment is projected to lead the global pharmaceutical logistics market
- Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players that operate in thisย pharmaceutical logisticsย market are Agility, Ceva Logistics, CJ Century Logistics, CWT Ltd, DB Schenker, DHL Supply Chain, Gemadept, Keppel Logistics, Kerry Logistics, Kuehne + Nagel, Singapore Post, Tiong Nam Logistics, WHA Corp., Ych Group and Yusen Logistics.
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