Biopharmaceutical third-party logistics Market

Biopharmaceutical Third-Party Logistics Market to reach over USD 176.28 billion by the year 2031 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Biopharmaceutical Third-Party Logistics Market Size, Share & Trends Analysis Report By Supply Chain (Cold Chain, Non-cold Chain), By Service Type (Transportation, Warehousing & Storage), Region, Market Outlook And Industry Analysis 2031"

The global Biopharmaceutical third-party logistics market is estimated to reach over USD 176.28 billion by 2031, exhibiting a CAGR of 5.2% during the forecast period.

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A service called biopharmaceutical third-party logistics allows pharmaceutical companies to import and export biopharmaceutical ingredients with the help of third-party logistics. Inventory management, warehousing, and fulfilment to a third-party business authority are some services third-party logistics provide. This procedure comprises two corporate activities working together under contract. By providing green solutions that encourage energy efficiency, lower carbon emissions, and advance sustainable practises across industries, the Global Biopharmaceutical Third Party Logistics Market will take the lead in this movement.

This is in line with the rising demand for ethical and responsible solutions, opening up enormous growth potential for market participants. In the Biopharmaceutical Third Party Logistics Market, the non-cold chain sector, which will account for the biggest revenue share of 81.3% in 2020, is receiving more attention than the cold chain segment. The widespread distribution of drugs and vaccines, high visibility, cost-effective optimization, and higher returns with lower risk, and these elements all contribute to the market's growth. They also aid in the development of a robust logistic network.

List of Prominent Players in the Biopharmaceutical third-party logistics Market:
• DHL International GmbH
• SF Express
• United Parcel Service of America Inc.
• AmerisourceBergen Corp.
• DB Schenker
• Kuehne and Nagel
• Kerry Logistics Network Ltd.
• Agility

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Market Dynamics:
Drivers-
Technological advancements are a major factor in the expansion of temperature management logistic services. Emerging technologies like warehouse robotics, mobile cloud solutions, data mining, and real-time monitoring have an impact on the logistics sector. A global survey conducted in July 2021 revealed that third-party logistics providers (3PLs) prioritize cold chain services. More than 60% of 3PL service providers think that the future of their business depends on the availability of cold chain services.

Challenges:
The COVID-19 pandemic also significantly impacted global logistics, partly due to decreased air freight capacity and staffing levels at ports, warehouses, and airports. The biopharmaceutical third-party logistics market severely harmed small firms that typically lack a recovery, backup, or intermittent operating plan. Technological improvement is one of the main elements influencing the use of temperature management logistic services. Technologies like real-time monitoring, mobile cloud solutions, data mining, and warehouse robotics have significantly altered the logistics sector.

Regional Trends:
In 2022, North America held an enormous market share, contributing more than 42.0% of worldwide revenue. This is attributable to the region's dominance in the pharmaceutical and biologic medications market and a surge in biopharmaceutical exports and imports. Additionally, the adoption of new technologies is moderately increased in the region due to the high cost of healthcare. Pharmaceutical firms with operations in North America depend increasingly on 3PL service providers to optimize warehousing and transportation, fueling regional growth. Furthermore, the presence of essential firms supports the region's progress.

Recent Developments:
• In May 2022, Hitachi Transport System, Ltd. stated that its group company, ESA s.ro., had made a deal with Vlkova Partners s.ro., a Czech logistics company that offers reverse logistics services to C business operators, to buy the business from VP.
• In March 2022, ST Logistics claimed that it had enhanced its position as the market leader in containerized logistics by purchasing the intermodal division of XPO Logistics, one of North America's largest suppliers of container transportation services.

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Segmentation of Biopharmaceutical Third-Party Logistics Market-
Biopharmaceutical Third-Party Logistics Market By Supply Chain-
• Cold Chain
• Non-Cold Chain
Biopharmaceutical Third-Party Logistics Market By Service Type-
• Transportation
o Air Freight
o Sea Freight
o Overland
• Warehousing & Storage
• Others Services
Biopharmaceutical Third-Party Logistics Market By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.