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Healthcare Logistics Market: Sizing Up Market Dynamics, Trends, and Growth Strategies for Seamless Operations
Healthcare Logistics Global Market Report 2024
The Business Research Company offers in-depth market insights through Healthcare Logistics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The healthcare logistics market size has grown strongly in recent years. It will grow from $85.38 billion in 2023 to $93.2 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to growing demand for pharmaceutical and medical device transportation, expansion of global healthcare supply chains, increased focus on temperature-sensitive and specialized logistics for healthcare products, stringent regulations and compliance requirements, aging population.
The healthcare logistics market size is expected to see strong growth in the next few years. It will grow to $134.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to rise in e-commerce and direct-to-patient healthcare delivery models, growing demand for personalized medicine and precision healthcare, increasing adoption of telemedicine and remote patient monitoring, increasing focus on sustainability and eco-friendliness, increasing chronic diseases. Major trends in the forecast period include integration of blockchain technology for enhanced transparency and traceability, adoption of advanced technologies for inventory tracking and management, collaboration between logistics providers and healthcare institutions, implementation of data analytics and artificial intelligence for predictive and proactive logistics management, customization of logistics solutions for high-value and high-risk medical products.
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Market Segmentation:
The healthcare logistics market covered in this report is segmented -
1) By Service: Transportation, Warehousing
2) By Product: Pharmaceutical Products, Medical Devices, Medical Equipment
3) By Type: Branded Drugs, Generic Drugs
4) By End-Users Outlook: Pharmacies, Healthcare Facilities, Research and Diagnostic Laboratories
Major Driver - Rising Global Pharmaceutical Sales Driving Growth In Healthcare Logistics Market
The growing global pharmaceutical sales are expected to propel the growth of the healthcare logistics market. Increasing sales of pharmaceuticals is expected to boost the demand for logistics as the pharmaceutical products or drugs should be stored and transported to pharmacies, drug stores, and others, thus increasing the demand for transportation or healthcare logistics. Transporting healthcare products by air, roads, and sea needs the formation of logistical methods for sustaining a pharmaceutical shipment's integrity. It will require specific equipment, storage facilities, harmonized handling procedures, and strong cooperation among the cold chain partners. According to the annual report published by the Indian Ministry of Chemicals and Fertilizers, Department Of Pharmaceuticals, In July 2021, there was an increase in trade of import and export volume of pharmaceuticals by 1.78% from Financial year FY19 to FY20. Furthermore, according to the Pharmaceutical Industry Report published by India Brand Equity Foundation, In March 2022, The domestic pharmaceutical industry in India is expected to grow from USD 42 billion in 2021 to USD 65 billion by 2024 and then another USD 120-130 billion by 2030. Therefore, the growing global pharmaceutical sales are expected to boost demand for healthcare logistics during the forecast period.
Competitive Landscape:
Major companies operating in the healthcare logistics market report are Air Canada, AmerisourceBergen Corporation, CEVA Logistics AG, Cold Chain Technologies LLC, Deutsche Post DHL Group, DHL Supply Chain, UPS Healthcare, FedEx HealthCare Solutions, DB Schenker, Kuehne + Nagel International AG, XPO Logistics Inc., CEVA Logistics, Cardinal Health Inc., World Courier, Agility Logistics Corp., Marken, Panalpina World Transport Ltd., QuickSTAT, VersaCold Logistics Services, LifeConEx LLC, Expeditors International of Washington Inc., ModusLink Global Solutions Inc., Cryoport Inc., Movianto GmbH, Cold Chain Technologies, Hellmann Worldwide Logistics SE & Co KG, Lineage Logistics Holdings LLC, Logista Pharma SA, FedEx Custom Critical, BDP International Inc., Purolator Inc., MNX Global Logistics, Envirotainer AB, Yusen Logistics Co Ltd.
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Top Trend - Strategic Collaboration To Enhance Medication Replenishment And Patient Safety
Strategic partnerships and collaboration are shaping the healthcare logistics market. Key players operating in the healthcare logistics market are focusing on partnerships and collaborations to work towards common goals that can be more effectively achieved by combining resources, expertise, or capabilities to simplify the drug replenishment process. For instance, in March 2023, Health Care Logistics Inc. (HCL), a US-based healthcare logistics company, announced a collaboration with AmerisourceBergen, a US-based manufacturer of health care products. The partnership enables users of AmerisourceBergen's RFID-tagged products to take advantage of HCL's Stat Stock inventory management solution, instantly track items throughout their facility, and improve patient safety throughout the medication use process. Stat Stock is an automated RFID-based system that cuts replenishment time in half and keeps expired medication out of rotation.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Healthcare Logistics Market Characteristics
3. Healthcare Logistics Market Trends And Strategies
4. Healthcare Logistics Market - Macro Economic Scenario
5. Healthcare Logistics Market Size And Growth
…..
27. Healthcare Logistics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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