New York, United States , July 11, 2024 (GLOBE NEWSWIRE) -- The Global Pharmaceutical Warehousing Market Size is to Grow from USD 50.89 Billion in 2023 to USD 92.65 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.17% during the projected period.
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Pharmaceutical warehousing involves handling, storing, and distributing pharmaceutical products such as prescription drugs, immunizations, and medical equipment in a controlled setting. This environment includes security measures, temperature and humidity control, and adherence to Good Distribution Practice (GDP) rules to assure product quality and safety. One kind of structure used for maintaining products is a warehouse. Many different types of businesses working warehouses importers, exporters, wholesalers, transportation companies, customs, etc. At the edge of towns or cities are often industrial parks with large, uncomplicated buildings. Pharmaceutical warehouses maintain a wide range of prescription and over-the-counter medications, medical supplies, and vaccines in stock. The pharmaceutical manufacturers are expanding their operations and capacity for production. Distributors and retailers need to use distribution more often to keep the finished products as well as raw materials. The necessity for exporting pharmaceutical product warehousing services is one of the main drivers driving the pharmaceutical warehousing market. The primary driver of the market's improved performance is the global pharmaceutical industry's expansion. However, pharmaceutical product waste and recalls of products caused by insufficient cold chain logistics for pharmaceutical product could be avoided with an effective logistics support system. Any irregularity could cause the cold chain logistics system to become insufficient, which could result in the loss of pharmaceutical supplies.
Browse key industry insights spread across 230 pages with 110 Market data tables and figures & charts from the report on the "Global Pharmaceutical Warehousing Market Size, Share, and COVID-19 Impact Analysis, By Service Type (Storage, Distribution, Inventory Management, Packaging, and Others), By Mode (Cold Chain Warehouses and Non-cold Chain Warehouses), By End User (Pharmaceutical Companies, Hospitals & Clinics, Research Institutes & Government Agencies, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023-2033."
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The storage segment is anticipated to hold the greatest share of the global pharmaceutical warehousing market during the projected timeframe.
On the basis of service type, the global pharmaceutical warehousing market is divided into storage, distribution, inventory management, packaging, and others. Among these, the storage segment is anticipated to hold the greatest share of the global pharmaceutical warehousing market during the projected timeframe. The need for storage services is increasing due to the need for temperature-controlled storage as well as the rising demand for drugs.
The cold chain warehouses segment is anticipated to grow at the fastest pace in the global pharmaceutical warehousing market during the projected timeframe.
On the basis of mode, the global pharmaceutical warehousing market is divided into cold chain warehouses and non-cold chain warehouses. Among these, the cold chain warehouses segment is anticipated to grow at the fastest pace in the global pharmaceutical warehousing market during the projected timeframe. This is owing to the simple fact that cold chain warehouses offer several advantages, such as maintaining the integrity of pharmaceutical products, averting product recalls, ensuring regulatory compliance, and improving productivity.
The pharmaceutical companies segment is predicted to grow at the highest pace in the global pharmaceutical warehousing market during the estimated period.
On the basis of end user, the global pharmaceutical warehousing market is divided into pharmaceutical companies, hospitals & clinics, research institutes & government agencies, and others. Among these, the pharmaceutical companies segment is predicted to grow at the global highest pace in the pharmaceutical warehousing market during the estimated period. The factors driving the growth of the pharmaceutical companies' section include the increasing acceptance of novel medications, the increase in the incidence of chronic illnesses, and the expanding market for pharmaceutical products.
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North America is expected to hold the largest share of the global pharmaceutical warehousing market over the forecast period.
North America is expected to hold the largest share of the global pharmaceutical warehousing market over the forecast period. According to the American Heart Association, cardiovascular diseases (CVD) accounted for 928,741 deaths in 2020, making them the leading cause of death in the United States. As a result, the growing prevalence of chronic illnesses and the growing need for pharmaceutical products are driving segment expansion in the North American pharmaceutical warehousing market.
Asia Pacific is predicted to grow at the fastest pace in the global pharmaceutical warehousing market during the projected timeframe. The growth in the Asia Pacific pharmaceutical warehousing market is expected due to the high demand for over-the-counter (OTC) pharmaceuticals among a significant segment of the population.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Pharmaceutical Warehousing Market are Alloga, DB Schenker, Thermo Fisher Scientific, Inc., Pulleyn Transport Ltd, WH BOWKER LTD, Akums, Cargo-Partner, ADAllen Pharma, Rhenus SE and Co. KG, Hanse Service Intern. Fachspedition GmbH, CEVA Logistics, Agility, Kuehne + Nagel, BioPharma Logistics. Other Key Vendors.
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Recent Developments
- In March 2023, China's improving consumer market led to a growing need for pharmaceuticals and healthcare products, which is why Cargo-partner launched the Pharma Competence Center in Shanghai.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global pharmaceutical warehousing market based on the below-mentioned segments:
Global Pharmaceutical Warehousing Market, By Service Type
- Storage
- Distribution
- Inventory Management
- Packaging
- Others
Global Pharmaceutical Warehousing Market, By Mode
- Cold Chain Warehouse
- Non-cold Chain Warehouse
Global Pharmaceutical Warehousing Market, By End User
- Pharmaceutical Companies
- Hospitals & Clinics
- Research Institutes & Government Agencies
- Others
Global Pharmaceutical Warehousing Market, By Regional
-
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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