According to MarkNtel Advisors, the GCC Pharmaceutical Logistics Market is expecting around 7% CAGR during 2022-27. The high prevalence of chronic diseases & increase in the target patient population, leading to the surging consumption of pharmaceutical products, is driving the GCC Pharmaceutical Logistics Market through 2027. Besides, the rapidly increasing pharma manufacturers across various GCC countries and the surging production of biologics, vaccines, hormone medications, & temperature-specific bio-products that require refrigerated storage & shipment are also projected to boost the market over the forecast years.
The pharmaceutical industry in the GCC region is still in its early phase due to various obstructions. Most medications used in the GCC region are of foreign origin. In order to boost local manufacturing of medicines, governments of GCC countries have been advocating joint ventures & license agreements with international pharma manufacturers, owing to which, the need for pharma logistics has significantly increased across the gulf region, further states the research report, “GCC Pharmaceutical Logistics Market Analysis, 2022.”
Refrigerated Storage to Observe the Highest growing Demand through 2027
In order to sustain product integrity, most pharmaceutical products like bio-products, surgical goods, & vaccines require refrigerated storage throughout their handling & transportation. Additionally, certain drugs, medicines, vaccines, stem cells, etc., are needed to be stored in extremely cold temperatures, which could range from 0°C to even -80°C. Here comes the role of Ultra-frozen (Less than 0°C) Refrigerated storage, which acquired a notable market share in the previous few years. Hence, with these aspects, the need for refrigerated storage is likely to be significantly high during 2022-27.
With Various Initiatives to Boost Local Pharma Manufacturing, Saudi Arabia held the Largest Market Share
Pharmaceutical manufacturers in Saudi Arabia are actively working on enhancing their production capacities owing to the mounting demand for pharma products on account of the surging cases of chronic diseases across the country. It, in turn, is contributing to the significant growth of the pharmaceutical logistics market in Saudi Arabia.
Moreover, several initiatives like Saudi Vision 2030, National Transformation Program (NTP), etc., taken by the Saudi government to promote domestic pharma manufacturing in order to reduce the dependency on imported pharma products like medicinal drugs, vaccines, generic medicines, etc., and enhance pharma exports, are also driving the pharmaceutical logistics market in Saudi Arabia, reveals MarkNtel Advisors in their research report, “GCC Pharmaceutical Logistics Market Analysis, 2022.”
According to MarkNtel Advisors, the leading players in the GCC Pharmaceutical Logistics Market include Kuehne+Nagel Middle East, Aramex, Agility, Emirates SkyCargo, Qafila, RHS Logistics, Nawara Transportation & Freight Co., Kerry Logistics Middle East L.L.C., Yusen Logistics (Middle East) L.L.C., Mosanada Logistics Services, and Oriental Commercial & Shipping Co. Ltd.
Key Questions Answered in the Study: