1h Free Analyst Time
The global pharmaceutical logistics market is expected to grow at a CAGR of 7.96% during 2022-2027. Technological advancements are disrupting the logistics providers to improve the healthcare business model ecosystem, including pharmaceuticals. Further, increased usage of logistics optimization tools, AI, IoT, and intelligent logistics platforms are likely to contribute to the future growth of the pharmaceutical logistics market. Speak directly to the analyst to clarify any post sales queries you may have.
Pharmaceutical logistics deals with manufacturing, processing, shipping materials, and resources and activities related to handling manufactured goods by their customers. Logistics companies play a crucial role in the functioning of any pharmaceutical company. The growing adoption of water-based pharmaceutical logistics is one of the significant driving factors in the pharmaceutical logistics market. Pharmaceutical logistics showed a healthy growth rate even before the COVID-19 pandemic. The sector is undergoing several changes as the geriatric population drives the need for new pharma solutions. However, the COVID-19 pandemic has created complexities in the global supply chain that has impacted all the modes of freight transportation, from air to rail cargo, that may take months or years to get back to normal.
TRENDING FACTORS
Clinical research has recently become more globalized, with many of these studies being conducted globally and a significant increase in clinical trials in developing countries. The focus of clinical trial researchers is now shifting from developed markets of Japan, Australia, South Korea, and Singapore towards emerging economies like Thailand, China, the Philippines, and Vietnam.Major companies are striving to offer cloud-based supply chain services and secured supply chain functions as it helps pharmaceutical manufacturers safeguard the validity of the drugs. These solutions are expected to prevent the production and distribution of counterfeit drugs. According to DB Schenker, a subsidiary of DB Group, to increase transport density and reliability, the shift to digital rail operations and digitalization of infrastructure and vehicles is essential in the pharmaceutical logistics market. Also, in 2019, TrakCel, one of the global leaders in managing clinical supply chain logistics, partnered with Quick Group to provide industry-leading digital supply chain IT solutions for cell and gene therapies. Also, the recent emergence of cell and gene therapy is expected to create lucrative opportunities for the pharmaceutical logistics market.
Driving Factors Of The Global Pharmaceutical Logistics Market:
- Need for secure cold-chain solutions and increased monitoring
- Evolving storage and transportation needs
- Rising branded, generic, and OTC drugs
SEGMENTATION INSIGHTS
INSIGHTS BY THERAPY AREA
- In therapy area segmentation, the communicable diseases segment dominated the global pharmaceutical logistics market with a share of 19.96% owing to the emergence of the COVID-19 pandemic that upsurged the communicable disease cases. According to the latest European Centre for Disease Prevention and Control (ECDC) report, tuberculosis remains one of the world’s deadliest infectious diseases, second only to COVID-19, and drug-resistant TB strains are still a major concern that is made the communicable diseases dominant in the last few years. In 2019, communicable diseases ranked third with the highest number of cases, while the emergence of the COVID-19 pandemic dominated the segment in 2021. The upsurge in COVID-19 cases contributed to the highest share of communicable diseases, leading to increased demand for OTC medicines and vaccines.
- The oncology segment accounted for the second-largest segment in the pharmaceutical logistics market with a revenue share of 15.17%, owing to growing cancer prevalence and demand for anti-tumor agents. It is also expected to grow at the highest CAGR of 14.02%. The current pharmaceuticals pipeline is disproportionately focused on cancer.
- The world is expecting more pandemics in the future, particularly with monkeypox spreading in more than 60 countries which are expected to drive the demand for new medications and more clinical trials, thus boosting the demand for logistics during clinical trials and distributing products.
Segmentation by Therapy Area
- Communicable Diseases
- Oncology
- Diabetes
- Cardiovascular Diseases
- Autoimmune Diseases
- Neurological Disorders
- Pain Management
- Respiratory Diseases
- Others
INSIGHTS BY ORIGIN
- Under origin segmentation, branded drugs accounted for the highest revenue share in the global pharmaceutical logistics market. This is mainly due to their high preference and the high cost of branded drugs, which makes up the high revenue share of pharmaceutical logistics for branded drugs. According to the Association for Accessible Medicines, US Generic & Biosimilar Medicines Savings Report and National Sales Perspectives, in December 2020, branded drugs spending was around 80% of the share from 2018-2020. However, the generic drugs segment is expected to grow at the highest CAGR of 72.25% during the forecast period.
Segmentation by Origin
- Branded
- Generic
- OTC
INSIGHTS BY PRODUCT
- Under product segmentation, small molecule drugs dominate the global pharmaceutical logistics market with a revenue share of 63.02% in 2021 due to increasing demand and its cost-effectiveness, ease of administration, and easy dosing. The demand for small-molecule drugs remains high, with figures showing that 97% of marketed drugs are classified as small molecules. However, biologics lead among the top-selling products and new sales generators projected for 2022, whereas small molecules continue to lead in new drug approvals. According to US FDA’s Center for Drug Evaluation and Research, of the 50 new molecular entities approved by the US FDA’s Center for Drug Evaluation and Research in 2021, 36 (72%) were small molecules, and 14(28%) were biologics.
Segmentation by Product
- Small Molecule Drugs
- Biologics
INSIGHTS BY FUNCTION
- As transportation is a crucial part of the logistics chain, thus it accounts for the highest revenue share of 71.66% in the pharmaceutical logistics market in 2021 and continues to grow with the highest CAGR of 8.20% during the forecast period. The demand for temperature-controlled transportation is also rising to maintain the quality of the products. Road transportation dominates the transportation segment with a revenue share of 66.38% in 2021, whereas the water and air transportation segments accounted for 21.21% and 12.41%, respectively, in the same year. The highest share of road transportation can be attributed to its low cost in terms of workforce and operation. In January 2021, more than 58% of US-Canada cross-border freight was moved by trucks, followed by rail with more than 16% of cross-border freight.
- However, in 2020, European land transport declined because of the COVID-19 pandemic. Between April and August 2020, after decreased prices and falling demand, prices grew exponentially to the previous year’s level from October 2020, and the demand increased significantly. As the air rates are higher than water and road, thus the demand for logistics via air is lowest.
- Air freight is 78% more expensive than ocean freight, leading the pack with 80% of all temperature excursions for pharmaceutical products transportation. In comparison, ocean transportation has a mere 1% temperature excursion rate, while road transport is a little higher, with 18% of all the excursions. There is still a lot of work for the air cargo supply chain to come up to speed for the growing global trade in pharmaceutical products. Despite that, the global pharmaceutical logistics market by air is growing at the fastest CAGR of 9.16% during the forecast period.
Segmentation by Function
- Transportation
- Warehousing
- Others
GEOGRAPHY INSIGHTS
North America region accounts for the highest revenue share of 38.70% in the global pharmaceutical logistics market in 2021 and holds the presence of most pharmaceutical suppliers. The US is the leading country worldwide with the highest share of pharmaceuticals. About five of the ten top pharmaceutical companies in 2020 were from the US. In the US, branded drugs accounted for around 83.9% of spending. In 2020, about 8.1% of worldwide drug and medicine shipments originated from North America. North America and Europe have accounted for about 80% of monoclonal antibodies market share alone; thus, the growing demand for biologics, i.e., vaccines and monoclonal antibodies, and increasing investments in R&D are the major driving factors for the pharmaceutical logistics market. Europe is the number one exporter of pharmaceutical drugs. The pharmaceutical logistics demand in Europe is driven by the growing demand for biologics such as vaccines, propelled by the COVID-19 pandemic and growing investments by leading pharmaceutical firms. In 2019, pharmaceutical industry sales in the country increased by 5.7%, reaching about USD 52.1 billion. More than 500 pharmaceutical companies are in Germany. Small and mid-size enterprises (SMEs) constitute the backbone of the economic sector, with around 90% of drug manufacturers. In 2018, Germany generated a production value of USD 42.1 billion, making it the leading pharmaceutical manufacturing country in Europe.
The pharmaceutical logistics market in APAC was valued at USD 20.79 billion in 2021. Asia Pacific is the largest manufacturing region and provider of generic drugs, vaccines, OTC drugs, biosimilars, custom research manufacturing, and active pharmaceutical ingredients; many countries are importing pharmaceuticals from this region. Hence, the growing demand for these pharmaceutical products is the major driving factor for transportation and warehousing activities in the region. India has the highest share of about 20% of the global supply volume. Moreover, it contributes to around 60% of global vaccines. India majorly exports biologics, which contribute to about 75% of the total pharmaceutical exports out of India. In addition, Latin America, the Middle East & Africa, and the APAC region are the major emerging markets for pharmaceutical logistics market growth. Factors such as rapid population growth, steady increase in the elderly population, and increased prevalence of chronic, non-communicable diseases are the major driving factors in these regions for growth in the pharmaceutical logistics market.
Segmentation by Geography
- North America
- US
- Canada
- Europe
- Germany
- Italy
- Spain
- France
- UK
- APAC
- Japan
- China
- South Korea
- India
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Turkey
- Saudi Arabia
- South Africa
VENDOR LANDSCAPE
AmerisourceBergen, CEVA Logistics, Deutsch Post DHL, FedEx, Kuehne + Nagel, DB Schenker, and UPS are the key vendors in the pharmaceutical logistics market. These companies have a broad geographical footprint, a strong focus on innovation in logistics, and a diversified service portfolio. Upcoming new advanced technologies and increased demand for personalized medicines are providing lucrative opportunities for stakeholders to take the companies to the next level. Technologies such as data mining, mobile cloud, time analytics, and blockchain are expected to create better app interfaces and cloud infrastructure, which is expected to provide better growth opportunities in the post-pandemic pharmaceutical logistics market.In addition to technological advances, companies invest in inorganic growth methods such as acquisitions. For instance, on June 2, 2021, the leading company, AmerisourceBergen, completed the acquisition of most of Walgreens Boots Alliance’s Alliance Healthcare businesses for USD 6.27 billion cash which will help the company expand its reach and solutions in pharmaceutical distribution. Similarly, In August 2021, the leading company Deutsche Post DHL Group, signed an agreement to acquire 100% of J.F. Hillebrand Group and its subsidiaries.
Key Vendors
- AmerisourceBergen
- CEVA Logistics
- DB Group
- Deutsche Post DHL
- FedEx
- Kuehne + Nagel
- United Parcel Service
Other Prominent Vendors
- ABS Logistics
- AWL India
- Alloga
- BOLLORÉ LOGISTICS
- Cardinal Health
- C.H. Robinson
- Cold Chain Technologies
- CRYOPDP
- DPD
- DSV
- Farmasoft
- Jeena & Company
- Lufthansa Cargo
- Maersk
- Medline
- Nippon Express
- Noatum Logistics
- Owens & Minor
- Oximio
- Pharma Logistics
- PHOENIX Group
- Parexel International
- SEKO Logistics
- Singapore Post
- SINOTRANS
- XPO Logistics
- Yourway
- YUSEN LOGISTICS
KEY QUESTIONS ANSWERED
1. How big is the pharmaceutical logistics market?2. What is the pharmaceutical logistics market growth?
3. What are the trends in the global pharmaceutical logistics market?
4. Which region holds the largest pharmaceutical logistics market share globally?
5. Which are the leading companies in the global pharmaceutical logistics market?
6. What is the leading product in the pharmaceutical logistics market?
Table of Contents
1 Research Methodology2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.3.1 Market Segmentation by Therapy Area
4.3.2 Market Segmentation by Origin
4.3.3 Market Segmentation by Product
4.3.4 Market Segmentation by Function
4.3.5 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Background
7.2 Impact of Covid-19 on Global Supply Chain
8 Premium Insights
9 Market Opportunities & Trends
9.1 Growing Demand for Clinical Trials Logistics
9.2 Digital Transformations in Pharma Logistics
9.3 Increasing Demand for Cell & Gene Therapy Logistics
10 Market Growth Enablers
10.1 Increasing Demand for Temperature-Sensitive Medicines
10.2 Growing Demand for Ocean Freight Service
10.3 Increasing Demand for Generics and Biosimilars
11 Market Restraints
11.1 Lack of Compliance and Changing Regulations
11.2 Impact of Covid-19 Pandemic
11.3 Geopolitical Risks & Changes in International Trade Policies and Relations
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.2.1 Insights by Therapy Area
12.2.2 Insights by Origin
12.2.3 Insights by Product
12.2.4 Insights by Function
12.2.5 Insights by Geography
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
13 Therapy Area
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Communicable Diseases
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Market by Geography
13.4 Oncology
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Market by Geography
13.5 Diabetes
13.5.1 Market Overview
13.5.2 Market Size & Forecast
13.5.3 Market by Geography
13.6 Cardiovascular Diseases
13.6.1 Market Overview
13.6.2 Market Size & Forecast
13.6.3 Market by Geography
13.7 Autoimmune Diseases
13.7.1 Market Overview
13.7.2 Market Size & Forecast
13.7.3 Market by Geography
13.8 Neurological Disorders
13.8.1 Market Overview
13.8.2 Market Size & Forecast
13.8.3 Market by Geography
13.9 Pain Management
13.9.1 Market Overview
13.9.2 Market Size & Forecast
13.9.3 Market by Geography
13.10 Respiratory Diseases
13.10.1 Market Overview
13.10.2 Market Size & Forecast
13.10.3 Market by Geography
13.11 Others
13.11.1 Market Overview
13.11.2 Market Size & Forecast
13.11.3 Market by Geography
14 Origin
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Branded Drugs
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Market by Geography
14.4 Generic Drugs
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Geography
14.5 Otc
14.5.1 Market Overview
14.5.2 Market Size & Forecast
14.5.3 Market by Geography
15 Product
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Small Molecule Drugs
15.3.1 Market Overview
15.3.2 Market Size & Forecast
15.3.3 Market by Geography
15.4 Biologics
15.4.1 Market Overview
15.4.2 Market Size & Forecast
15.4.3 Market by Geography
15.5 Monoclonal Antibodies
15.5.1 Market Overview
15.5.2 Market Size & Forecast
15.6 Vaccines
15.6.1 Market Overview
15.6.2 Market Size & Forecast
15.7 Others
15.7.1 Market Overview
15.7.2 Market Size & Forecast
16 Function
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
16.3 Transportation
16.3.1 Market Overview
16.3.2 Market Size & Forecast
16.3.3 Market by Geography
16.4 Road
16.4.1 Market Overview
16.4.2 Market Size & Forecast
16.5 Water
16.5.1 Market Overview
16.5.2 Market Size & Forecast
16.6 Air
16.6.1 Market Overview
16.6.2 Market Size & Forecast
16.7 Warehousing
16.7.1 Market Overview
16.7.2 Market Size & Forecast
16.7.3 Market by Geography
16.8 Others
16.8.1 Market Overview
16.8.2 Market Size & Forecast
16.8.3 Market by Geography
17 Geography
17.1 Market Snapshot & Growth Engine
17.2 Geographic Overview
18 North America
18.1 Market Overview
18.2 Market Size & Forecast
18.3 North America by Therapy Area
18.4 North America by Origin
18.5 North America by Product
18.6 North America by Function
18.7 Key Countries
18.7.1 Us: Market Size & Forecast
18.7.2 Canada: Market Size & Forecast
19 Europe
19.1 Market Overview
19.2 Market Size & Forecast
19.3 Europe by Therapy Area
19.4 Europe by Origin
19.5 Europe by Product
19.6 Europe by Function
19.7 Key Countries
19.7.1 Germany: Market Size & Forecast
19.7.2 France: Market Size & Forecast
19.7.3 Uk: Market Size & Forecast
19.7.4 Italy: Market Size & Forecast
19.7.5 Spain: Market Size & Forecast
20 Apac
20.1 Market Overview
20.2 Market Size & Forecast
20.3 APAC by Therapy Area
20.4 APAC by Origin
20.5 APAC by Product
20.6 APAC by Function
20.7 Key Countries
20.7.1 China: Market Size & Forecast
20.7.2 Japan: Market Size & Forecast
20.7.3 India: Market Size & Forecast
20.7.4 South Korea: Market Size & Forecast
20.7.5 Australia: Market Size & Forecast
21 Latin America
21.1 Market Overview
21.2 Market Size & Forecast
21.3 Latin America by Therapy Area
21.4 Latin America by Origin
21.5 Latin America by Product
21.6 Latin America by Function
21.7 Key Countries
21.7.1 Brazil: Market Size & Forecast
21.7.2 Mexico: Market Size & Forecast
21.7.3 Argentina: Market Size & Forecast
22 Middle East & Africa
22.1 Market Overview
22.2 Market Size & Forecast
22.3 Middle East & Africa by Therapy Area
22.4 Middle East & Africa by Origin
22.5 Middle East & Africa by Product
22.6 Middle East & Africa by Function
22.7 Key Countries
22.7.1 Turkey: Market Size & Forecast
22.7.2 Saudi Arabia: Market Size & Forecast
22.7.3 South Africa: Market Size & Forecast
23 Competitive Landscape
23.1 Competition Overview
23.1.1 Amerisourcebergen
23.1.2 Db Group
23.1.3 Deutsche Post Dhl
23.1.4 Ceva Logistics
23.1.5 United Parcel Service
23.1.6 Fedex
23.1.7 Kuehne+Nagel
24 Key Company Profiles
24.1 Amerisourcebergen
24.1.1 Business Overview
24.1.2 Service Offerings
24.1.3 Key Strategies
24.1.4 Key Strengths
24.1.5 Key Opportunities
24.2 Ceva Logistics
24.2.1 Business Overview
24.2.2 Service Offerings
24.2.3 Key Strategies
24.2.4 Key Strengths
24.2.5 Key Opportunities
24.3 Db Group
24.3.1 Business Overview
24.3.2 Service Offerings
24.3.3 Key Strategies
24.3.4 Key Strengths
24.3.5 Key Opportunities
24.4 Deutsche Post Dhl
24.4.1 Business Overview
24.4.2 Service Offerings
24.4.3 Key Strategies
24.4.4 Key Strengths
24.4.5 Key Opportunities
24.5 Fedex
24.5.1 Business Overview
24.5.2 Service Offerings
24.5.3 Key Strategies
24.5.4 Key Strengths
24.5.5 Key Opportunities
24.6 Kuehne + Nagel
24.6.1 Business Overview
24.6.2 Service Offerings
24.6.3 Key Strategies
24.6.4 Key Strengths
24.6.5 Key Opportunities
24.7 United Parcel Service
24.7.1 Business Overview
24.7.2 Service Offerings
24.7.3 Key Strategies
24.7.4 Key Strengths
24.7.5 Key Opportunities
25 Other Prominent Vendors
25.1 Abs Logistics
25.1.1 Business Overview
25.1.2 Service Offerings
25.2 Awl India
25.2.1 Business Overview
25.2.2 Service Offerings
25.3 Alloga
25.3.1 Business Overview
25.3.2 Service Offerings
25.4 Bolloré Logistics
25.4.1 Business Overview
25.4.2 Service Offerings
25.5 Cardinal Health
25.5.1 Business Overview
25.5.2 Service Offerings
25.6 C.H. Robinson
25.6.1 Business Overview
25.6.2 Service Offerings
25.7 Cold Chain Technologies
25.7.1 Business Overview
25.7.2 Service Offerings
25.8 Cryopdp
25.8.1 Business Overview
25.8.2 Service Offerings
25.9 Dpd
25.9.1 Business Overview
25.9.2 Service Offerings
25.10 Dsv
25.10.1 Business Overview
25.10.2 Service Offerings
25.11 Farmasoft
25.11.1 Business Overview
25.11.2 Service Offerings
25.12 Jeena & Company
25.12.1 Business Overview
25.12.2 Service Offerings
25.13 Lufthansa Cargo
25.13.1 Business Overview
25.13.2 Service Offerings
25.14 A.P. Moller - Maersk
25.14.1 Business Overview
25.14.2 Service Offerings
25.15 Medline
25.15.1 Business Overview
25.15.2 Service Offerings
25.16 Nippon Express
25.16.1 Business Overview
25.16.2 Service Offerings
25.17 Noatum Logistics
25.17.1 Business Overview
25.17.2 Service Offerings
25.18 Owens & Minor
25.18.1 Business Overview
25.18.2 Service Offerings
25.19 Oximio
25.19.1 Business Overview
25.19.2 Service Offerings
25.20 Pharma Logistics
25.20.1 Business Overview
25.20.2 Service Offerings
25.21 Phoenix Group
25.21.1 Business Overview
25.21.2 Service Offerings
25.22 Parexel International
25.22.1 Business Overview
25.22.2 Service Offerings
25.23 Seko Logistics
25.23.1 Business Overview
25.23.2 Service Offerings
25.24 Singapore Post
25.24.1 Business Overview
25.24.2 Service Offerings
25.25 Sinotrans
25.25.1 Business Overview
25.25.2 Service Offerings
25.26 Xpo Logistics
25.26.1 Business Overview
25.26.2 Service Offerings
25.27 Yourway
25.27.1 Business Overview
25.27.2 Service Offerings
25.28 Yusen Logistics
25.28.1 Business Overview
25.28.2 Service Offerings
26 Report Summary
26.1 Key Takeaways
26.2 Strategic Recommendations
27 Quantitative Summary
27.1 Market by Geography
27.2 Market by Therapy Area
27.3 Market by Origin
27.4 Market by Product
27.5 Market by Function
27.6 North America by Therapy Area
27.7 North America by Origin
27.8 North America by Product
27.9 North America by Function
27.10 Europe by Therapy Area
27.11 Europe by Origin
27.12 Europe by Product
27.13 Europe by Function
27.14 APAC by Therapy Area
27.15 APAC by Origin
27.16 APAC by Product
27.17 APAC by Function
27.18 Latin America by Therapy Area
27.19 Latin America by Origin
27.20 Latin America by Product
27.21 Latin America by Function
27.22 Middle East & Africa America by Therapy Area
27.23 Middle East & Africa by Origin
27.24 Middle East & Africa by Product
27.25 Middle East & Africa by Function
28 Appendix
28.1 Abbreviations
Companies Mentioned
- AmerisourceBergen
- CEVA Logistics
- DB Group
- Deutsche Post DHL
- FedEx
- Kuehne + Nagel
- United Parcel Service
- ABS Logistics
- AWL India
- Alloga
- BOLLORÉ LOGISTICS
- Cardinal Health
- C.H. Robinson
- Cold Chain Technologies
- CRYOPDP
- DPD
- DSV
- Farmasoft
- Jeena & Company
- Lufthansa Cargo
- Maersk
- Medline
- Nippon Express
- Noatum Logistics
- Owens & Minor
- Oximio
- Pharma Logistics
- PHOENIX Group
- Parexel International
- SEKO Logistics
- Singapore Post
- SINOTRANS
- XPO Logistics
- Yourway
- YUSEN LOGISTICS
Methodology
Our research comprises a mix of primary and secondary research. The secondary research sources that are typically referred to include, but are not limited to, company websites, annual reports, financial reports, company pipeline charts, broker reports, investor presentations and SEC filings, journals and conferences, internal proprietary databases, news articles, press releases, and webcasts specific to the companies operating in any given market.
Primary research involves email interactions with the industry participants across major geographies. The participants who typically take part in such a process include, but are not limited to, CEOs, VPs, business development managers, market intelligence managers, and national sales managers. We primarily rely on internal research work and internal databases that we have populated over the years. We cross-verify our secondary research findings with the primary respondents participating in the study.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 367 |
| Published | January 2023 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD | $ 92.66 Billion |
| Forecasted Market Value ( USD | $ 146.71 Billion |
| Compound Annual Growth Rate | 7.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 35 |
