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Biopharmaceutical Logistics: Driving Efficiency in Drug Delivery Systems
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According to The Business Research Company's, The biopharmaceutical third-party logistics market size has grown strongly in recent years. It will grow from $131.23 billion in 2023 to $140.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to globalization of pharma supply chains, stringent regulatory requirements, rise in biopharmaceuticals, focus on cold chain logistics.
The biopharmaceutical third-party logistics market size is expected to see strong growth in the next few years. It will grow to $184.35 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to personalized medicine growth, biologics and biosimilars expansion, supply chain digitalization, regulatory compliance complexity, covid-19 impact. Major trends in the forecast period include on-demand logistics solutions, sustainability in logistics, last-mile delivery solutions, pharma serialization and traceability, autonomous logistics.
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Market Drivers and Trends:
The rising trend of outsourcing logistics is expected to drive the growth of the biopharmaceutical third-party logistics market. Outsourcing logistics involves engaging a third party to handle all or a portion of a company's logistical activities. Outsourcing logistics is used in biopharmaceutical third-party logistics for outsourcing cryogenic supply chain management to logistics partners. For instance, in December 2021, according to the survey conducted by Gartner Inc., a US-based provider of technological research and consulting, in 2021, out of 298 supply chain professionals in the US around 66% of logistics leaders augmented their budget allocated to logistics outsourcing, and a projected 74% foresee a further increase within the next two years. Therefore, the rising trend of outsourcing logistics is expected to propel the growth of the biopharmaceutical third-party logistics market.
Technological advancements are a key trend gaining popularity in the biopharmaceutical third-party logistics market. Major companies operating in the biopharmaceutical third-party logistics market are focused on launching new products to strengthen their position and gain a competitive advantage. For instance, in November 2022, Celcius Logistics Solutions Pvt Ltd., an India-based provider of logistics services, launched Hyper-Local temperature-controlled delivery services for food and pharma orders. The company offers its last-mile solution, which includes a service suitable for smaller quantities. This service is available in nine cities throughout the country. By implementing a hyperlocal approach, the company guarantees the optimal quality of transported materials by continuously monitoring temperature in real time at each stage of the delivery process.
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Major Key Players of the Market:
McKesson Corporation, AmerisourceBergen Corporation, United Parcel Service of America Inc., FedEx Corporation, DHL International GmbH, Kuehne + Nagel International AG, SF Express Co Ltd., DB Schenker, CH Robinson Worldwide Inc., Nippon Express Group, Expeditors International of Washington Inc., Sinotrans Limited, XPO Logistics Inc., Kerry Logistics Network Limited, Bollore Logistics, Catalent Inc., Agility Logistics, Almac Group, VersaCold Logistics Services, Cryoport Inc., Agility Logistics Corp, Fisher Clinical Services, CEVA Logistics Inc., LifeScience Logistics, Cold Chain Technologies LLC, Langham Logistics, Airpharm Logistics, Express Courier International, Bio Pharma Logistics, PCI Pharma Services
Biopharmaceutical Third-Party Logistics Market 2024 Key Insights:
• The biopharmaceutical third-party logistics market size is expected to see strong growth in the next few years. It will grow to $184.35 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Outsourcing Logistics Drives Growth In Biopharmaceutical 3Pl Market
• Strategic Product Launches Drive Competitiveness In The Market
• North America was the largest region in the biopharmaceutical third party logistics market in 2023
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