Pharmaceutical Logistics Market reached USD 69.3 billion in 2021, and expected to reach USD 111.3 billion in 2029, expanding at a CAGR of 6.1% | Size & Analysis Report
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/pharmaceutical-logistics-market-analysis-industry-research/
The factors driving the growth of Pharmaceutical Logistics Market includes increase in the production of vaccines and medicines, rise in the sales of generic drugs, growing focus by pharmaceutical companies on outsourcing packaging and labeling activities to third-party service providers and improvements in the living standards. Moreover, growing demand for Over the Counter (OTC) medicines including common cough and cold drugs and dermatology products, increased adoption of telematics in pharmaceutical industry for remote monitoring and easing transportation operations and rapid urbanization, are some of the additional factors supplementing the Pharmaceutical Logistics Market size. In addition, the increasing investments by major companies on research and development, strategic partnerships between key industry leaders, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the Pharmaceutical Logistics Market is hindered due to strict regulations about hygiene maintenance and security.
The leading players operating in the market are Deutsche Post AG, FedEx Corporation, LifeConEx, Agility, Air Canada, CMA CGM Group, Marken, VersaCold Logistics Services, Deutsche Bahn AG, and United Parcel Service of America, Inc. among others.
Based on Type, the Cold Chain Logistics segment is projected to grow at a remarkable CAGR during the forecast period
Cold chain logistics solutions help in controlling temperature while shipping sensitive pharmaceutical products such as vaccines, tissue samples, and live cultures, which is the major factor responsible of the growth of the segment.
Based on Region, the North American region is anticipated to expand at a significant CAGR over the forecast period
Presence of the leading players such as FedEx Corporation, United Parcel Service of America, Inc., and Air Canada, growing demand for generic drug products across United States and Canada, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.
In 2020, United Parcel Service of America, Inc. developed UPS Premier as a part of the expansion of the company's healthcare capabilities for priority-handling needs of healthcare shipments. The UPS Premier Service leverages UPS's Smart Global Logistics Network package tracking capabilities, combined with next-generation, sensor technology, to enable priority flow paths, sortation, contingency actions, and delivery services for critical healthcare shipments.
Segmentation by Type
Cold Chain Logistics
Non-Cold Chain Logistics
Segmentation by Industry Vertical
Sea freight Logistics
Segmentation by Region
Rest of APAC
United States of America
Rest of Europe
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