Europe’s pharma logistics spend set to overtake North America, says report

0
6823

The global pharmaceutical logistics market will be worth €96,291m (US$112,456m) by 2025, growing 4.4% every year, according to a white paper by consultants Ti.

The market will also undergo a transition period over the coming years, it says. Growth will initially be driven by ongoing Covid-19 requirements alongside a gradual return to medical services. But towards 2025, the market will be driven by structural drivers such as aging populations, the rise of non-communicable diseases and more complex logistics requirements.

The current market, valued by Ti at €77,631m (US$90,664m) is dominated by North America, which accounts for 35.9% of the total thanks to its strong market and high levels of research and development, along with Europe (35.8%) with its major pharma companies. Asia-Pacific accounts for 23.2% of the market.

However, Russia, Caucasus and Central Asia, although it accounts for a small sliver of the current market, currently has the highest growth rate (24.2%). Europe, South America and Asia Pacific have the next highest growth rates, but only 4.1%, 2.6% and 1.1% respectively.

North America in fact has experienced negative growth (-1.4%) in market share terms. The main factor here was Mexico, where absolute pharma production went down in 2020.

By 2025, Ti predicts that Europe will be the biggest pharma logistics market at 37.7%, followed by North America (32.%) and Asia Pacific (24.2%).

LEAVE A REPLY

Please enter your comment!
Please enter your name here