2022 Report Revealed A Huge Fall in the Pharmaceutical Logistics Global Market
It is estimated that the pharmaceutical logistics market around the world will jump up to 98.32 billion US Dollars. Last year, in 2021, the pharmaceutical market was worth 89.66 billion US Dollars. The compound annual growth rate is around 9.5 percent. And according to supply chain experts, if the compound annual growth rate remains at 9.6 percent, the pharmaceutical logistics market is going to reach 140+ billion US Dollars in 2026.
Ukraine-Russia War Impact on Economical State
The global economy was getting stable after the pandemic. However, Ukraine-Russia broke out, and the economy started to stagger again. Many other countries were also concerned about the war. Many sanctions were placed on different countries. Due to these sanctions, the supply chain got interrupted, and the costs of products reached a high point.
Entities like manufacturers, traders, and partners are fundamental to the pharmaceutical logistics market. These entities work on medicine production, tool manufacturing, disposal of waste, and many more relevant activities. The pharmaceutical logistics process is based on six simple steps. The transfer of information, material usage, product manufacturing, packaging, storage, transport, and prescription are the main steps of the pharmaceutical logistics process.
Major Categories in the Pharmaceutical Logistics
There are two major pharmaceutical logistics. The first one is cold-chain logistics, while the other is non-cold-chain logistics. The first one (cold-chain logistics) includes the products sensitive to temperature. The technology and process of producing and transferring these goods are called cold-chain logistics.
The staff has to pay more attention to these types of products. Their storage, transport, and tracking are different from normal products. However, these products can be transported by air, water, and land. Bio, chemical, and specialty pharma are the major sectors where cold-chain logistics are used.
North America Hold Over on Pharmaceutical Logistics
The largest portion of the pharmaceutical logistics industry is under the control of North America. However, Asia Pacific is rapidly growing in the market and is anticipated to take over the market in the upcoming years. North and South America, Asia Pacific, Eastern and Western Europe, the Middle East, and Africa are major regions participating in the growth of the pharmaceutical logistics market.
Pharmaceutical products are drugs or medicines used to treat diseases. These medicines are the final output of the pharmaceutical logistics process that is consumable and analyzed by administrators. The demand for pharmaceutical products is increasing since the Covid pandemic. Therefore, the pharmaceutical logistics market is also growing swiftly.
Expected Advancement in Pharmaceutical Logistics
The major purpose of pharmaceutical logistics is to produce, store and transport products and resources. Last year, in 2021, the Indian Pharmaceutical Market rose from 17.7 percent. Before that, it was nearly 13.7 percent, as reported by the Indian Government Export Promotion Agency. And it is expected to reach a higher point this year. So as you can see after the breakout of Covid in 2019, the pharmaceutical logistics market is continuously rising.
Rapid Growth Due to Technological Modifications
Pharmaceutical logistics has grown significantly due to technological advancements in the field. The cloud-based supply chain, IoT technology is also deployed in the field. The United Parcel Service introduced its UPS Premier program. It is mainly focused on the improvement of technology and services. The latest sensor and monitoring technology is used to handle and observe the pharmaceutical products.
Future Goals Estimation Reports
A US logistics organization, Lineage Logistics, got MTC Logistics at high rates in the start of 2022. MTC Logistics is a facility that is used to store mainly the cold products of pharmaceutical logistics. Lineage Logistics got four cold storage facilities because of this deal. It also includes US East and Gulf Coasts.
These new reports about the pharmaceutical logistics market will provide you with details about market size, regional shares, market segments, market trends, upcoming opportunities, and many more.