PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1424494
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1424494
Global pharmaceutical logistics market is estimated be valued at US$ 99.7 Bn in 2024 and is expected to reach US$ 183 Bn by 2031 growing at a compound annual growth rate (CAGR) of 9.1% during the forecast period of 2024-2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2023/2024: | US$ 99.7 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024-2031 |
Forecast Period 2023/2024 to 2030/2031 CAGR: | 9.10% | 2030/2031 Value Projection: | US$ 183 Bn |
Global pharmaceutical logistics market has witnessed significant growth over the past due to rising demand for medicines globally. Pharmaceutical logistics involves efficient transportation and storage of temperature sensitive drugs, thereby ensuring their integrity and quality till they reach the end user. As modern drugs increasingly have shorter shelf lives and require careful handling, logistics plays a crucial role in maintaining the efficacy of pharmaceutical products. With international trade in medicines rising, cross border supply chain management has also become more complex necessitating advanced track and trace technologies and cold chain solutions. Investments in digitization of processes, multi-modal transportation, and infrastructure development are likely to further propel growth of the global pharmaceutical logistics market. Global pharmaceutical logistics market has been witnessing significant growth in the recent times. Pharmaceutical logistics involves transportation, warehousing, inventory, materials handling and other related activities undertaken to facilitate smooth movement of pharmaceutical products across the supply chain. Strict regulations around quality compliance, temperature control, security and timely delivery of medicines make pharmaceutical logistics a complex operation. Factors such as growing demand for generic drugs, rise of e-commerce channels in pharmaceutical distribution and enforcement of international trade policies by regulatory bodies are expected to propel the growth of global pharmaceutical logistics market in the near future.
Global pharmaceutical logistics market is driven by various factors such as growing healthcare expenditure worldwide, an aging population requiring greater access to medicines, and increasing demand for specialty and biological drugs. However, high costs that are associated with establishing efficient cold chain networks and shortage of skilled workforce in developing regions pose challenges to market expansion. Rising popularity of e-pharmacy and home delivery of drugs during the pandemic has opened new opportunities for logistic players to expand their service offerings. Blockchains and internet-of-things (IoT) based solutions are gaining traction for enhancing visibility, and security,thereby ensuring compliance across international pharmaceutical supply chains.