Pharmaceutical Logistics Market Size Worth USD 190.6 Billion by 2032 at 9.50% CAGR – Report by Market Research Future (MRFR)

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New York, USA, May 12, 2023 (GLOBE NEWSWIRE) — Pharmaceutical Logistics Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Pharmaceutical Logistics Market Information by Type, Component, and Region – Forecast till 2032″, the market size is projected to grow from USD 92.2 Billion in 2023 to USD 190.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.50% during the forecast period (2023 – 2032). 

Market Scope

The MRFR reports covers various key segments, such as pharmaceutical logistics companies, logistics in pharmaceutical industry, global pharmaceutical industry, pharmaceutical transportation, cold chain pharmaceutical logistics, bio pharma logistics, as well as all the major pharma cold chain logistics companies.

Logistics in pharmaceutical industry helps take care of resource sourcing, transportation, and storage. In this industry, logistics makes it possible for drugs, equipment, and devices to be continuously delivered from suppliers and distributors spread out across the nation. The pharmaceutical industry mostly provides products and services directly to hospitals, clinics, big retail drugstore chains, and wholesalers of medical supplies. As the global pharmaceutical industry continues to expand at a stunning pace, the need for logistics will continue to surge as well.

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The bio pharma logistics segment, in particular, has been doing well worldwide. Any pharmaceutical medicine made from, extracted from, or partially synthesized from biological sources is referred to as a biopharmaceutical, sometimes known as a biological medicinal product. They include vaccinations, whole blood, blood components, allergens, somatic cells, gene treatments, tissues, recombinant therapeutic proteins, and living medicines utilized in cell therapy, which are distinct from pharmaceuticals that are entirely synthesized. Sugars, proteins, nucleic acids, or complex mixtures of these components, as well as perhaps living cells or tissues, can make up biologics. They are isolated from live sources, including microbes, plants, animals, fungi, and humans.

Market Drivers:

Some of the key factors projected to influence demand for pharmaceutical logistics in the forecasted period include an increase in recent preference for biological medications and an increase in the number of businesses choosing to outsource. Manufacturers are increasingly shipping big quantities of medicinal products over considerable distances.

These medical supplies are frequently pricey and sensitive. Pharmaceutical logistics make it possible for items to be consistently refrigerated from the time of manufacture through shipment, storage, handling, and delivery. The market for biological medical products and medications that are sensitive to temperature is expanding, and pharmaceutical and logistics companies are becoming more aware of this trend, which will help the pharmaceutical logistics market expand over the course of the appraisal period.

The cold chain pharmaceutical logistics market is enormous, intricate, and most of the cargo is life-saving. The $73 billion industry of cold chain logistics demands standardized handling practices, specialized transport machinery for efficient pharmaceutical transportation, and a high level of regulatory compliance. The industry is expanding at a considerable pace. Of course, a significant reason is the rise in demand for PPE and medications brought on by COVID-19. However, market expansion is being fueled by factors other than the current crisis. There is an increase in the demand for all types of medications that fight an increasing number of chronic diseases and lifestyle-related illnesses. The demand for OTC medications, such as vitamins, minerals, cough and cold medications, gastrointestinal and dermatology items, is also on the rise.

Both the mounting need for fast-track support and the expanding demand for home healthcare items are causing the industry to rise as well. The need for pharmaceutical logistics is also growing as more pharmaceutical products must be kept in a cold chain and as the cost of distribution is being decreased by creating a single source distribution channel.

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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