The pharmaceutical logistics market has experienced rapid growth, reporting a market size of $112.31 billion in 2023, projected to increase to $124.81 billion in 2024 at a CAGR of 11.1%. This growth in the historic period is attributed to stringent regulations, the globalization of pharmaceutical trade, the expansion of temperature-controlled logistics, the growth of e-commerce in the healthcare industry. Looking ahead to 2028, the market is expected to see rapid growth, reaching $191.18 billion, with a CAGR of 11.2%. Drivers for this growth include market expansion in developing countries, the implementation of risk mitigation strategies, enhancements in supply chain visibility, the overall expansion of the healthcare industry, and ongoing advancements in cold chain logistics. Noteworthy trends in the forecast period include a heightened focus on security and product integrity, the optimization of global supply chain networks, initiatives towards green logistics, an increased demand for real-time monitoring, and the rising significance of regulatory compliance demands.
Major Driver In The Pharmaceutical Logistics Market
The surge in demand for pharmaceutical products is anticipated to drive the growth of the pharmaceutical logistics market in the foreseeable future. Pharmaceutical products encompass medications intended for human use, available in finished dosage forms, and regulated by pharmaceutical legislation. Logistics play a pivotal role in managing the procurement, storage, and transportation of pharmaceutical resources. Notably, according to the India Brand Equity Foundation, the Indian pharmaceutical market witnessed an annual increase of 17.7% in 2021. Therefore, the escalating demand for pharmaceutical products fuels the expansion of the pharmaceutical logistics market. Understanding market sizes for 2023, 2024, and 2028 facilitates strategic planning and market analysis.
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Pharmaceutical Logistics Market Competitive Landscape
McKesson Corporation, AmerisourceBergen Corp, Cardinal Health Inc., Deutsche Post AG, FedEx Corp, Kuehne + Nagel International AG, SF Holding Co Ltd., CR Pharmaceutical Group Ltd., DSV Panalpina A/S, Schenker AG, C.H. Robinson Worldwide Inc., Alfresa Holdings Corp, Nippon Express Co Ltd., Air Canada Inc., Kerry Logistics Network Limited, Lineage Logistics Holding LLC., Flexport Inc., Nichirei Logistics Group Inc., Mainfreight Ltd., Americold Logistics LLC., NFI Industries Inc., Agility Public Warehousing Company K.S.C.P., Profarma Distribuidora de Produtos Farmaceuticos S.A., United States Cold Storage Inc., NewCold Advanced Cold Logistics BV, Cloverleaf Cold Storage Co, Kingworld Medicines Group Ltd, CEVA Logistics AG, Kloosterboer Group BV., MEDIPAL HOLDINGS Corp, B.C. Ice & Cold Storage Co
Key Pharmaceutical Logistics Market Trend
Facility expansion is a key trend gaining popularity in the pharmaceutical logistics market. The manufacturers in this market are focusing on expanding their facilities to support the logistics needs of the healthcare sector. For instance, in May 2023, UPS Healthcare, a US-based provider of healthcare logistics, opened an 8,700 m2 facility in West Singapore. The expanded facility is poised to provide supplementary services including packaging, labeling, return logistics, and local customs brokerage. Situated at Gul Circle, conveniently accessible to PSA Terminals, the manufacturing cluster at Tuas Biomedical Park, and the forthcoming seaport at Tuas, the 8,700-square-meter facility is well-equipped to meet the current and future logistics requirements of businesses in the burgeoning healthcare sector in the country. Notably, it boasts temperature-controlled storage capabilities, accommodating healthcare products within a range of -80 degrees to 25 degrees Celsius.
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Pharmaceutical Logistics Market Segmentation
The pharmaceutical logistics market covered in this report is segmented –
1) By Type: Cold Chain Logistics, Non-Cold Chain Logistics
2) By Component: Storage, Transportation, Monitoring Components
3) By Procedure: Picking, Storage, Retrieval Systems, Handling Systems
4) By Transportation: Sea Freight, Air Freight, Overland
5) By Application: Bio Pharma, Chemical Pharma, Specialty Pharma
By Geography:The regions covered in the pharmaceutical logistics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the pharmaceutical logistics market in 2023.
The Pharmaceutical Logistics Global Market Report 2024 furnishes information about the global pharmaceutical logistics market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
