Global Pharmaceutical Logistical Market
Global Pharmaceutical Logistics Market Size By Type of Logistics, By Procedures, By Application, By Geographic Scope and Forecast
According to Verified Market Research, The Global Pharmaceutical Logistics Market was valued at USD 101.91 Billion in 2018 and is projected to reach USD 209.83 Billion by 2026, growing at a CAGR of 9.67% from 2019 to 2026.
The pharmaceutical industry uses logistics for the overall management of the way resources are acquired, stored, and moved. The implementation of logistics in this industry allows for the continuous supply of drugs, equipment, and devices from suppliers and distributors in different locations. The pharmaceutical industry primarily caters to large pharmacy retail chains, whole-sellers of medical products, as well as directly to clinics and hospitals.
Manufacturers these days are increasingly required to ship large volumes of pharmaceutical materials over long distances. These goods can be extremely sensitive and are valuable. Through the use of Pharmaceutical Logistics in medicine, constant refrigeration of the products from the time of its production, through its transportation, handling, and storage to its delivery is possible. The increase in the market for temperature-sensitive drugs and biological medical products as well as the growing awareness among pharmaceutical and logistics companies alike are leading to the growth of the scope for temperature-controlled pharmaceutical logistics, thereby benefitting the growth of the overall pharmaceutical logistics market.
Moreover, the inclination towards biological drugs in the recent past and the increasing decision of companies of choosing to outsource are some of the key factors estimated to fuel the demand for the Pharmaceutical Logistics in the forecasted period. However, inefficient products and fluctuation in pricing policies from place to place are a few of the major restraints in the growth of the Pharmaceutical Logistics market.
The Global Pharmaceutical Logistics market is studied on the basis of key geographies North America, Europe, Asia Pacific and Rest of the World (RoW). The Asia Pacific dominated the Global Pharmaceutical Logistics Market in 2018, with China market accounting for the majority of the market in this region in 2018, which is expected to continue over the forecast period. The Asia Pacific also is anticipated to grow at the highest CAGR during the forecast period.
In the Asia Pacific, the market for Pharmaceutical Logistics is driven by the growing healthcare and pharmaceutical industry in countries such as China, India, and Japan.
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