According to Precedence Research, the global pharmaceutical logistics market size was valued at US$ 71.9 billion in 2020. The growing demand for over-the-counter (OTC) medicines such as supplements, minerals, vitamins, common cough, gastrointestinal pharmaceuticals, and cold remedies products is also contributing to the expansion of the pharmaceutical logistics industry. Pharmaceutical logistics is being driven by the growing need for fast-track support in the healthcare industry. Furthermore, lowering distribution costs by establishing a single-source distribution channel is driving up demand for pharmaceutical logistics.
Mergers and acquisitions are being used by a huge number of companies to increase their geographical reach and proprietary knowledge. They’re also concentrating on lowering their product’s overall packaging expenses. The hazards of product adulteration during transportation, as well as non-compliance with federal regulations, standards, and guidelines, are especially prevalent in the biotechnology and pharmaceutical supply chains.
Report Highlights
Based on the type, the cold chain logistics segment dominated the global pharmaceutical logistics market in 2020 with the highest market share. Over the projected period, strict government restrictions to maintain precise temperature for extremely temperature-sensitive pharmaceutical items are expected to drive market expansion. Telematics is becoming more widely used in cold chain pharmaceutical logistics, allowing businesses to improve the efficiency, connectivity, and safety of their transport goods. During the manufacturing and distribution stages, most biological and medicinal products require a temperature-controlled environment, which aids in maintaining the medications’ effectiveness and purity. As a result, pharmaceutical businesses employ temperature-controlled transportation and storage systems.
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Source: Globenewswire