According to the report, the increase in growth marks a significant market slow down compared to the 2020 growth estimates due to the impact of the COVID-19 pandemic, in the first half of 2021.

While it is expected for the market to accelerate at a CAGR of over 10 percent, Technavio stated that the cold chain logistics market for the pharmaceutical industry is driven by the increase in global demand for pharmaceuticals.

“The growth in demand for reefer containers from the pharmaceutical industry is anticipated to boost the growth of the Cold Chain Logistics Market for the Pharmaceuticals Industry,” it said.

Analyzing the trend in the pharmaceutical industry, Technavio highlighted that the growth in pharmaceutical sales has globally increased the volume of pharmaceuticals trade.

As several government initiatives on health insurance schemes contributed to the high growth of pharmaceutical sales, cold chain healthcare logistics services are required by the end user companies for efficient transportation of pharmaceuticals, warehousing, and distribution in large volumes.

“This will drive the growth of the global cold chain logistics market for the pharmaceutical industry through the forecast period,” it said.