GLOBAL PHARMACEUTICAL LOGISTICS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 The cold chain logistics segment is expected to witness a significant growth rate during the forecast period. This growth is attributable to the rising demand for ambient products, such as the ongoing distribution of COVID-19 vaccines, which requires accurate temperature-control logistics services to maintain the product's efficacy.

Furthermore, the stringent government regulations to maintain accurate temperatures for highly temperature-sensitive pharmaceutical products are expected to boost segment growth through the forecast period.

The growing adoption of telematics in cold chain pharmaceutical logistics is helping companies to enhance the efficiency, connectivity, and safety of transport cargoes. Most biological and medical products require a temperature-controlled environment during manufacturing and distribution, which helps maintain the effectiveness and quality of the medicines. Thus, pharma companies are using temperature-controlled transportation and cold storage systems.

The size of Pharmaceutical Logistics market is USD 83.5 billion in the current year and is anticipated to register a CAGR of over 5% during the forecast period. The short-term effect of COVID-19 on the market was crucial for the pharmaceutical logistics sector's high growth rate across the globe.

Pharmaceutical manufacturing companies are increasingly outsourcing packaging and labeling activities to third-party providers. Many pharmaceutical companies are expanding their operations in untapped regions, including Sub-Saharan Africa and South America. Further, the preference for local logistics providers with high pharmaceutical expertise is significant to drug manufacturers. However, deteriorating service levels and losing control are significant threats during outsourcing operations.

The increasing demand for sea and air freight pharmaceutical logistics is anticipated to propel industry growth over the forecast period. The transportation of pharma products by sea reduces the transportation cost by up to 80% and reduces staffing requirements. Additionally, it conserves the packaging and storage needs while reducing the carbon footprint of logistics operations. The increasing use of air freight logistics for long-distance and intercontinental distribution of valuable vaccines and medicines is expected to fuel the growth of this industry

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