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Pharmaceutical Warehousing Market Growing at 4.7% CAGR to Hit USD 39 billion by 2032
Pharmaceutical Warehousing Market
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Pharmaceutical warehousing is the storage and management of pharmaceutical items under regulated conditions, such as in cold chain and non-cold chain warehouses. These warehousing facilities are critical components of the pharmaceutical supply chain, providing the safe, secure, and compliant storage of a wide range of pharmaceutical goods, including raw ingredients and completed products.
By application, the others segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period owing to the increased sales of pharmaceutical products through online channel mode resulting in third party logistics and e-commerce companies spending more on pharmaceutical warehousing. However, the pharmaceutical factory segment is projected to manifest the highest CAGR of 4.9% due to increase in the production of medication & pharmaceutical drugs and surge in instances of chronic diseases, such as diabetes and cancer across the globe.
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The global pharmaceutical warehousing market has witnessed significant growth due to expansion in the pharmaceutical sector, increase in demand from the e-commerce industry, and increase in demand for reverse logistics. Introduction of the blockchain technology and technological growth in pharmaceutical warehousing are likely to create a growth opportunity for the industry. While lack of standardization in pharmaceutical warehousing and poor infrastructure and higher logistics costs is anticipated to hinder the market growth rate during the forecast period.
The key players profiled in this report include
RSA TALKE
KEMITO
Brenntag SE
Rinchem Company, LLC
Univar Solutions LLC
Commonwealth Inc.
DHL GROUP
Anchor 3PL
Broekman Logistics
Odyssey Logistics & Technology Corporation
The report provides a detailed analysis of these key players in the global pharmaceutical warehousing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report highlights business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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To tackle the surge in demand, many pharmaceutical companies and third-party logistics providers started investing in development of their warehouses. For instance, currently Amazon is building two more mega warehouses of 4.1 million-square-foot and 3.8 million-square-foot in Ontario, California, U.S. and in Loveland, Colorado, U.S. respectively. Moreover, in June 2022, the company announced that, the company is expected to invest $300 million to build 3.1 million-square-foot distribution center in Niagara, New York, U.S. Such growing investment drives are projected to drive market growth for the pharmaceutical warehousing industry during the forecast period.
By application, the others segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period owing to the increased sales of pharmaceutical products through online channel mode resulting in third party logistics and e-commerce companies spending more on pharmaceutical warehousing. However, the pharmaceutical factory segment is projected to manifest the highest CAGR of 4.9% due to increase in the production of medication & pharmaceutical drugs and surge in instances of chronic diseases, such as diabetes and cancer across the globe.
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Furthermore, technological advancements such as the use of blockchain technology enable enhanced pharmaceutical warehousing management, tracking and transparency of the overall lifecycle of pharmaceutical products. The leading market players of the pharmaceutical warehousing industry have begun testing and deploying blockchain technology for augmenting their efficient pharmaceutical warehouse management.
Regional Analysis:
By region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period. Similarly, the region is expected to witness the fastest CAGR of 5.7% from 2023 to 2032, owing to increase in R&D activities for pharmaceutical & healthcare sector, strong presence of pharmaceutical manufacturer in the region, rise in investment in development of pharmaceutical storage by major companies, and growth in pharmaceutical and healthcare industry in the region.
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