LONDON--(BUSINESS WIRE)--The new cold chain logistics market for pharmaceuticals industry research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the rising need to transport temperature-sensitive pharmaceuticals,” says a senior analyst for Industrials at Technavio.
The movement of temperature-sensitive pharmaceutical products from storage supply to the required destination requires high-level coordination in the supply chain. This has increased the demand for cold-chain logistics to increase efficiency and productivity by reducing the number of round trips made by reefer containers. These factors will drive market growth during 2020-2024. As the markets recover Technavio expects the cold chain logistics market for pharmaceuticals industry size to grow by USD 9.48 billion during the period 2020-2024.
Cold Chain Logistics Market for Pharmaceuticals IndustrySegment Highlights for 2020
- The cold chain logistics market for pharmaceuticals industry is expected to post a year-over-year growth rate of over 10%.
- The warehousing segment was the largest service segment in the global cold chain logistics market for pharmaceuticals industry in 2019.
- The growth in the segment is driven by the growth in the global pharmaceutical industry.
- 44% of the growth will originate from the APAC region.
- Growth of the market in APAC is driven by the value-added services (VAS) such as loading and unloading, inventory management tools, and other supply chain-related services offered by vendors.
- China is a key market for cold chain logistics market for pharmaceuticals industry in APAC.
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- The cold chain logistics market for pharmaceuticals industry size is expected to accelerate at a CAGR of 10% during the forecast period.
- The cold chain logistics market for pharmaceuticals industry is segmented Service (Warehousing and VAS and Transportation) and Geography (APAC, North America, Europe, South America, and MEA).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including Agility Public Warehousing Co. K.S.C.P, Deutsche Post AG, FedEx Corp., JWD InfoLogistics Public Co. Ltd., Kerry Logistics Network Ltd., KUEHNE + NAGEL Management AG, OOCL Logistics Ltd., SCG Logistics Management Co. Ltd., United Parcel Service of America Inc., and VersaCold Logistics Services.
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