Which segment accounted for the largest Pharmaceutical Logistics Market share?
- by marketherald
Pharmaceutical Logistics Industry Overview
The global pharmaceutical logistics market size is estimated to reach USD 163.9 billion by 2030, registering a CAGR of 8.6% from 2022 to 2030, according to a new study by Grand View Research, Inc. The market growth is primarily driven by the rising demand for a variety of drugs as a result of increasing cases of chronic and lifestyle-related diseases. The market is expected to witness a high growth rate in cold-chain and non-cold chain pharmaceutical logistics owing to the impact of COVID-19 across the globe. During this pandemic situation, the government and officials across countries are primarily focusing on preventive measures and the treatment of patients. The import and export of various medicines to treat coronavirus are increasing across all countries, including U.S. and China.
Along with international trade, the nationwide logistics of drugs are also expected to increase to fulfill the rising demand from all the hospitals and medical establishments. Additionally, the U.S. Food and Drug Administration (FDA) and other healthcare agencies across various countries, such as India, China, and the U.K. approved the emergency use of COVID-19 vaccines. This, in turn, is expected to increase the global trade of vaccines in many countries, including the U.S. and India. Such increased trade of drugs and medicines across countries is expected to drive the market from 2022 to 2030.
Pharmaceutical Logistics Market Segmentation
Grand View Research has segmented the global pharmaceutical logistics market based on type, component, and region:
Based on the Type Insights, the market is segmented into Cold Chain Logistics, and Non-cold Chain Logistics.
- The cold chain logistics segment dominated the pharmaceutical logistics market with a revenue share of over 28.0% in 2021 and is expected to expand at a significant CAGR from 2022 to 2030. The growth is attributable to the rising demand for temperature-controlled products, such as the ongoing distribution of COVID-19 vaccines that require accurate temperature control logistics services to maintain the products’ efficacy.
- The non-cold chain segment is expected to have a considerable share in the next seven years, owing to the increasing demand for non-cold chain pharma medicines and other products.
Based on the Component Insights, the market is segmented into Storage, Transportation, and Monitoring Components.
- The storage segment attained the largest market share of more than 64.0% in 2021. The rapidly rising demand for generic and branded pharma products’ has surged the significant need for storage facilities to preserve and procure these products’ efficacy after production and their further distribution through multiple channels to the distributors and retailers.
- Factors such as changing lifestyles of consumers and the dietary pattern are driving the demand for temperature-sensitive protein and nutritional supplements, which are expected to boost the demand for the storage segment during the forecast period.
- The monitoring components segment is expected to witness the highest CAGR from 2022 to 2030, owing to the increasing need to ensure the efficiency, integrity, and safety of the cold chain products. The monitoring components segment is divided into hardware and software components.
- The transportation segment is further divided into sea freight logistics, air freight logistics, and overland logistics. The increasing adoption of sea-based pharmaceutical logistics is driving the growth of the market for pharmaceutical logistics as the sea freight logistics services can handle sensitive large molecule biologics and personalized medicines.
Pharmaceutical Logistics Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
To maintain their position in the market, the pharma companies continuously undertake strategic initiatives, such as mergers and acquisitions. For instance, in October 2018, FedEx acquired Manton Air-Sea Pty Ltd., a logistics service provider company. The acquisition helped FedEx to fortify its geographical footprints across the Asia Pacific region.
Furthermore, the companies in the market are investing in technologies such as telematics, remote sensing and monitoring, and GPS and GIS integration in transport cargo, thereby providing the customers with safe and convenient pharmaceutical logistics services.
Some of the prominent players in the global pharmaceutical logistics market include:
- Air Canada
- CEVA Logistics
- DB Schenker
- Deutsche Post AG
- United Parcel Service of America, Inc.
- VersaCold Logistics Services
Order a free sample PDF of the Pharmaceutical Logistics Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
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Pharmaceutical Logistics Industry Overview The global pharmaceutical logistics market size is estimated to reach USD 163.9 billion by 2030, registering a CAGR of 8.6% from 2022 to 2030, according to a new study by Grand View Research, Inc. The market growth is primarily driven by the rising demand for a variety of drugs as a result of…
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