Dublin, March 22, 2024 (GLOBE NEWSWIRE) -- The "US Pharmaceutical Warehousing - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029" report has been added to ResearchAndMarkets.com's offering.
The US Pharmaceutical Warehousing Market size is estimated at USD 45.96 billion in 2024, and is expected to reach USD 58.51 billion by 2029, growing at a CAGR of greater than 4.95% during the forecast period (2024-2029).
The primary parameter causing a surge in the performance of the market is the growth of the pharmaceutical industry. Furthermore, the escalating demand for efficient and secure storage of medicines and other healthcare products is another crucial parameter enhancing the performance of the market.
The US accounts for about 45% of the global pharmaceutical market and 22% of global production. US pharmaceutical output and sales remained robust in 2022, driven by the ongoing global vaccination rollout and pent-up demand for essential and non-essential medical treatments.
While vaccinations will mainly drive sector growth in 2022 and 2023, the aging population will spur drug demand in the mid and long term.
The increasing prevalence of diseases in the United States, aging populations, and increasing healthcare expenditure are some of the major factors driving the growth of the pharmaceutical market in the country.
A large number of population preders doorstep delivery of medical products due to unavailability of products in local retail drug stores.
In addition, the increasing penetration and literacy regarding internet usage are anticipated to boost the overall market in the region.
The rising demand for outsourcing pharmaceutical warehouse service
Pharmaceutical manufacturing companies across the world are expanding their production capacities and operations. The increase in the supply chain management complexity for pharmaceutical companies resulted in manufacturers outsourcing part of their SCM functions to warehouse and storage service providers. One of the services in demand is high-pressure processing post-packaging and non-thermal pasteurization methods for killing micro-organisms. This process enables companies to transport pharma products safely.
In North Carolina, Alcami opened a CGMP Bio Preservation Laboratory in 2022. Cambrex bought the Irish storage firm Q1 Scientific in June 2022. In February 2022, Charles River Laboratories International, Inc. stated that Alderley Park at Bruntwood SciTech would become available for production.
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