Pharmaceutical Warehousing Market Will Generate Record Revenue by 2032: CAGR of 4.7%

The global pharmaceutical warehousing market grows due to the pharmaceutical sector's expansion, rising e-commerce demand, & increasing reverse logistics needs.

WILMINGTON, DE, UNITED STATES, December 9, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, The market size of pharmaceutical warehousing industry was valued at $24.8 billion in 2022, and is estimated to garner $39.0 billion by 2032, growing at a CAGR of 4.7% from 2023 to 2032.

Pharmaceutical warehousing is the storage and management of pharmaceutical items under regulated conditions, such as in cold chain and non-cold chain warehouses. These warehousing facilities are critical components of the pharmaceutical supply chain, providing the safe, secure, and compliant storage of a wide range of pharmaceutical goods, including raw ingredients and completed products.

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The global pharmaceutical warehousing market has witnessed significant growth due to expansion in the pharmaceutical sector, increase in demand from the e-commerce industry, and increase in demand for reverse logistics. Introduction of the blockchain technology and technological growth in pharmaceutical warehousing are likely to create a growth opportunity for the industry. While lack of standardization in pharmaceutical warehousing and poor infrastructure and higher logistics costs is anticipated to hinder the market growth rate during the forecast period.

The global e-commerce industry has grown significantly in recent years owing to technological growth and increased penetration of high-speed internet services. During the COVID-19 pandemic the instance of pharmaceutical products being sold online increased significantly. Moreover, the demand for time-efficient delivery and reverse logistics increased. The increase in sales of pharmaceutical products through online channels resulted in increased demand for their storage, thus creating more demand for pharmaceutical warehousing.

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To tackle the surge in demand, many pharmaceutical companies and third-party logistics providers started investing in development of their warehouses. For instance, currently Amazon is building two more mega warehouses of 4.1 million-square-foot and 3.8 million-square-foot in Ontario, California, U.S. and in Loveland, Colorado, U.S. respectively. Moreover, in June 2022, the company announced that, the company is expected to invest $300 million to build 3.1 million-square-foot distribution center in Niagara, New York, U.S. Such growing investment drives are projected to drive market growth for the pharmaceutical warehousing industry during the forecast period.

Furthermore, technological advancements such as the use of blockchain technology enable enhanced pharmaceutical warehousing management, tracking and transparency of the overall lifecycle of pharmaceutical products. The leading market players of the pharmaceutical warehousing industry have begun testing and deploying blockchain technology for augmenting their efficient pharmaceutical warehouse management.

For instance, in November 2023, Allcargo Logistics, a logistics solutions provider with operations in over 180 countries, unveiled its new manufacturing facility in Uran, Navi Mumbai, India. The new hi-tech facility is specifically developed with advanced cold storage technology to maintain an optimum temperature of 25 degree Celsius. The facility has modern infrastructure and an advanced warehouse management system (WMS), which improves the process of transporting and storing goods while complying with all required regulations set by regulatory bodies. The supply chain leaders have implemented a combination of block-chain strategies for managing product lifecycles, such as recycling and disposal. The evolution of advanced blockchain technology presents an opportunity for the growth of the pharmaceutical warehousing market.

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However, an efficient pharmaceutical logistics ecosystem demands sophisticated infrastructure, a well-organized supply chain, and trade facilitation policies. Without these, pharmaceutical warehousing firms have to invest in building more stock reserves and working capital, which strongly affect national and regional competitiveness due to high financial costs. Moreover, Factors such as inefficiencies in transport management systems, poor condition of storage infrastructure, complex tax structure, low rate of technology adoption, and low proficiency of warehouse professionals in using digitalization tools hamper the pace and productivity of pharmaceutical warehousing companies.

In addition, the global market is highly competitive, with several key players dominating the industry. Prominent manufacturers focus on innovation, product differentiation, and strategic partnerships to maintain their market positions. The companies included in the pharmaceutical warehousing market include companies such as RSA TALKE, KEMITO, Brenntag SE, Rinchem Company, LLC, Univar Solutions LLC, Commonwealth Inc., DHL GROUP, Anchor 3PL, Broekman Logistics and Odyssey Logistics & Technology Corporation.

Key Findings of the Study:

1. By Type, the cold chain warehousing segment is anticipated to exhibit significant growth in pharmaceutical warehousing in the near future.

2. By Application, the others segment is anticipated to exhibit significant growth in the market in near future.

3. By Region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

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