Pharmaceutical Logistics Market Size, Share, Growth Analysis, By Type(Cold chain logistics, non-cold chain logistics), By Component(Storage, transportation, monitoring), By Region - Industry Forecast 2024-2031

Pharmaceutical Logistics Market size was valued at USD 77.97 billion in 2019 and is poised to grow from USD 85.24 billion in 2023 to USD 170.17 billion by 2031, growing at a CAGR of 9.2% in the forecast period (2024-2031).

Pharmaceutical logistics is a specific branch of logistics services in which service providers are focused on providing storage, transporting, proper handling and delivering the pharmaceutical products from the manufacturing location to the desired location. Pharmaceutical logistics need the services to be selected as per the regulations of products provided by the authorities.

The rapid shift in the desire towards biological drugs is amongst the significant factors expected to fuel the growth of pharmaceutical logistics market. Increasing consumption of pharmaceutical products due to rising prevalence of chronic diseases and high growth in the target patient population are also anticipated to push the growth of the global pharmaceutical logistics market over the forecast period. Likewise, improved verification and safety of services as it prevent counterfeit drugs being distributed through the supply chain and high demand for specialized value-added services such as temperature-controlled and cold chain storage are also projected to push growth of the market.

Increasing usage of air freight logistics for long-distance and intercontinental distribution of valuable vaccines and medicines is also expected to propel growth of the pharmaceutical logistics market. Rising demand for over-the-counter medicines, rapid rise in the acceptance of fast track assistance in the healthcare sector, and various government initiatives are expected to offer significant growth opportunities for the pharmaceutical logistics market during the forecast period.

US Pharmaceutical Logistics Market is poised to grow at a sustainable CAGR for the next forecast year.