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Global Healthcare Logistics Market: Insights and Strategic Developments 2024
Healthcare Logistics Market Segments
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Healthcare Logistics Market 2024 Key Insights:
• 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%.
• Rising Global Pharmaceutical Sales Driving Growth In Healthcare Logistics Market
• Strategic Collaboration To Enhance Medication Replenishment And Patient Safety
• North America was the largest region in the healthcare logistics market in 2023 and is expected to be the fastest growing region in the forecast period
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