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North America Pharmaceutical Logistics Market Expands by USD 6.68 Billion (2019-2023), Fueled by Technological Advancements and Strong Economic Impact
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North America Pharmaceutical Logistics Market Size (2019-2029) - Regional Analysis by Diseases, Drugs, Temperature, Transport Modes, and Future Trends
https://www.makreo.com/report/north-america-pharmaceutical-logistics-market-size-2019-2029
► The Vital Role of the US in Global Pharmaceutical Logistics
The US pharmaceutical logistics market experienced a robust growth rate of 4.8% in 2023, driven by major healthcare distributors such as AmerisourceBergen, Cardinal Health, and McKesson. These companies play a crucial role in the nationwide distribution of pharmaceutical products, contributing to the sector's strong performance. Globally, the US pharmaceutical sector is particularly significant, accounting for over one-third of global pharmaceutical market spending, despite the country comprising only 4.23% of the global population. Additionally, in 2021, per capita pharmaceutical spending in the US exceeded USD 1,432, more than double the average spending of OECD countries, highlighting the high demand for pharmaceutical products and the importance of the US pharmaceutical logistics market.
► Specialized North America Pharmaceutical Logistics and Cold Chain Infrastructure
The trend towards personalized medicine is driving demand for specialized logistics services in North America. Companies like UPS have developed temperature-controlled packaging, real-time tracking, and specialized handling procedures for personalized medicine. The logistics of temperature-sensitive pharmaceuticals require stringent adherence to temperature control protocols throughout the supply chain to ensure product efficacy and patient safety.
Despite challenges, investments in the North America Pharmaceutical Cold Storage Market have surged, particularly in response to COVID-19 vaccine distribution. Public cold storage facilities in the U.S. play a critical role, with 75% of cold storage capacity located in public facilities.
► North America Technological Advancements and Regulatory Oversight
Technological innovations have played a crucial role in transforming the North America pharmaceutical logistics market. Companies are increasingly adopting IoT, AI, and blockchain technologies to improve supply chain visibility, reduce costs, and enhance customer service. For example, FedEx's SenseAware provides real-time visibility into environmental factors affecting pharmaceutical shipments.
Regulatory bodies such as the FDA and Health Canada ensure the safety and efficacy of pharmaceutical products through rigorous oversight. The United States Warehouse Act (USWA) and Canada's Food and Drugs Act govern storage and distribution, maintaining high standards for quality and safety in the US and Canada pharmaceutical logistics markets.
► Canada's Growing Pharmaceutical Logistics Market
Canada's pharmaceutical logistics market emerged as the fastest-growing segment in North America, posting a notable growth rate of 5.87% in 2023. The Canadian market is characterized by a strong emphasis on a robust cold chain logistics system, essential for maintaining the integrity and efficacy of temperature-sensitive pharmaceutical products. This growth reflects Canada's commitment to advancing its healthcare infrastructure and ensuring efficient distribution of medicines nationwide.
The pharmaceutical logistics sector in Canada is bolstered by stringent regulatory frameworks and strategic investments in infrastructure. Regulatory bodies like Health Canada oversee the safety and efficacy of pharmaceutical products, ensuring compliance with international standards. Investments in cold chain logistics have been particularly crucial, enhancing Canada's capability to handle complex biologics and specialty drugs.
► Surge in North America Generic Drug Market Production
The U.S. is the largest market for generic drugs globally, experiencing a significant increase in production due to cost-effectiveness and reduced research and testing requirements. The government's promotion of generic pharmaceuticals has enhanced access to affordable care and generated substantial savings. Generic drugs accounted for a growing share of the pharmaceutical market in North America, driven by favorable pricing policies and increasing consumer acceptance.
► North America Pharmaceutical Logistics Market: Key Developments
• January 2024: NX Netherlands received the IATA CEIV Pharma certification for its warehouse near Amsterdam Airport Schiphol.
• January 2024: Turkish Cargo unveiled innovative pharmaceutical logistics solutions, holding an IATA CEIV Pharma certificate.
• August 2022: DHL Supply Chain's Life Sciences & Healthcare Campus expanded in Florstadt, specializing in pharmaceutical and medical products.
► Future Outlook for the North America Pharmaceutical Logistics Market
The North America pharmaceutical logistics market is poised for significant growth, with a projected compound annual growth rate (CAGR) of 5.3% between 2024 and 2029. The increasing demand for biologics, driven by their effectiveness in treating various diseases, is a key factor contributing to this growth.
Advancements in healthcare technology and logistics infrastructure are enhancing supply chain efficiency, while the rising trend of personalized medicine and biopharmaceuticals necessitates specialized logistics services. Efforts by the U.S. government to enhance supply chain resilience and reduce dependence on foreign countries are expected to further drive market growth.
► Scope of North America Pharmaceutical Logistics Market
Makreo Research recently published an extensive study titled "North America Pharmaceutical Logistics Market Size (2019-2029): Regional Analysis by Diseases, Drugs, Temperature, Transport Modes, and Future Trends." This report provides a detailed assessment of the market's current and past performance, regulatory landscapes, logistical challenges, and demographic trends across major countries like the United States and Canada. It offers valuable insights for stakeholders and industry experts, facilitating navigation of the evolving landscape of this critical and rapidly expanding sector.
Related Reports:
Europe Pharmaceutical Logistics Market Size (2019-2029)
https://www.makreo.com/report/europe-pharmaceutical-logistics-market-size-2019-2029
Asia-Pacific Pharmaceutical Logistics Market Size (2019-2029)
https://www.makreo.com/report/asia-pacific-pharmaceutical-logistics-market-size-2019-2028
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Makreo Research, a dynamic full-service research and consulting firm located in Mumbai, is dedicated to reshaping the research landscape and delivering comprehensive solutions to intricate business challenges.
Our mission is to streamline the ever-changing economic landscape and intricate market dynamics, leveraging brilliant minds and cutting-edge technology to make a substantial difference in the realm of business and decision-making.
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