PUBLISHER: Allied Market Research | PRODUCT CODE: 1472346
PUBLISHER: Allied Market Research | PRODUCT CODE: 1472346
Pharmaceutical warehousing is the storage and management of pharmaceutical products in a controlled environment such as cold chain and non-cold chain warehouses. These warehousing facilities are vital parts of the overall pharmaceutical supply chain, enabling safe, secure, and compliant storage of an extensive range of pharmaceutical items, including raw materials, and finished products.
Pharmaceutical warehousing is an essential element of the overall pharmaceutical logistics chain. Pharmaceutical warehousing provides optimal storage for temperature, light, and humidity sensitive medications, as a result, pharmaceutical medications are stored and delivered to patients in an organized way.
The expansion of global pharmaceutical warehousing market is driven by growth in the pharmaceutical, increase in demand from the e-commerce industry, and increase in demand for reverse logistics. However, lack of standardization in pharmaceutical logistics & storage and poor infrastructure & higher logistics costs hinder market growth. Furthermore, factors such as introduction of the blockchain technology and technological growth in pharmaceutical warehousing market are expected to provide lucrative growth opportunity during the forecast period.
Medicine manufacturers are increasingly concerned with the quality and sensitivity of medicinal goods. Factors such as the creation of sophisticated biological-based medications and the distribution of hormone therapies, vaccinations, and complex proteins need the use of specialized transportation and storage. Temperature-controlled logistics and storage for pharmaceutical items and medical equipment is a rapidly expanding segment of the pharmaceutical warehousing business. Furthermore, the increased demand for effective cold chain logistics services to ensure product quality drives the growth of the pharmaceutical warehousing industry.
During the COVID-19 pandemic, the number of pharmaceutical demands from online channels expanded dramatically. Moreover, the demand for time-efficient delivery and reverse logistics has increased. The surge in sales of pharmaceutical logistics through online channels increased the need for storage, generating a demand for the pharmaceutical warehousing industry. The COVID-19 pandemic had a favorable effect on the pharmaceutical warehousing industry. As the pandemic resulted in governments throughout the world adopting strict measures to combat the virus. Governments and regulatory agencies throughout the world began stockpiling crucial medications and pharmaceutical treatments to halt the virus spread. At the same time, the demand for cold chain warehousing increased as it was utilized to store temperature-sensitive pharmaceuticals, fueling total market demand.
Moreover, due to rise in concerns regarding energy conservation and environment protection, pharmaceutical warehouse service providers are increasingly investing in cost-effective warehousing solutions that combine green practices and smart technology, such as the Internet of Things (IoT), smart sensors, and robotics. In addition, vendors provide digital tools to automate pharmaceutical warehousing and process data with enhanced productivity, efficiency, and convenience. Moreover, growth in use of Artificial Intelligence (AI), machine learning, radio-frequency identification (RFID), and Bluetooth further helps in improving pharmaceutical warehouse operations. Therefore, technological advancements in the logistics industry offer lucrative growth opportunities for the pharmaceutical logistics market.
However, an effective pharmaceutical logistics ecosystem necessitates sophisticated infrastructure, a well-organized supply chain, and trade facilitation measures. Without these, pharmaceutical warehousing companies must engage in expanding their stock reserves and working capital, which have a significant impact on national and regional competitiveness owing to high financial expenses. Furthermore, factors such as inefficiencies in transport management systems, poor storage infrastructure condition, complex tax structure, low rate of technology adoption, and low proficiency of warehouse professionals in using digitalization tools slow the pace and productivity of pharmaceutical warehousing market.
The pharmaceutical warehousing market is segmented into type, application, and region. Depending on type, the global pharmaceutical market share is classified into cold chain warehousing and non-cold chain warehousing. On the basis of application, it is divided into pharmaceutical factories, pharmacies, hospitals, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key companies profiled in the report include RSA TALKE, KEMITO, Brenntag SE, Rinchem Company, LLC, Univar Solutions LLC, Commonwealth Inc., DHL GROUP, Anchor 3PL, Broekman Logistics and Odyssey Logistics & Technology Corporation.
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