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Healthcare Logistics Market Expansion Outlook: $146.94 Billion in 2029
Healthcare Logistics
What Is the Projected CAGR for the Healthcare Logistics Market from 2024 to 2025?
The size of the healthcare logistics market has seen notable expansion in the last few years. This market is projected to increase from $91.58 billion in 2024 to $99.3 billion in 2025, with a compound annual growth rate (CAGR) of 8.4%. The historic period's growth stems from rising demand for the transportation of pharmaceutical and medical devices, the broadening of international healthcare supply chains, enhanced attention to temperature-specific and specialized logistics for healthcare products, strict regulations and compliance necessities, and the aging population.
What are the Expected Market Size and CAGR for Healthcare Logistics by 2029?
In the forthcoming years, a swift expansion is projected for the healthcare logistics market, which is anticipated to reach $146.94 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 10.3%. The predicted growth in the forecast period is due to factors like the surge in e-commerce and direct-to-patient healthcare delivery systems, increased requirements for personalized medicine and precision healthcare, growth in telemedicine and remote patient consideration adoption, higher emphasis on sustainable and environmentally friendly methods, and a rise in chronic illnesses. The forecast period also expects some significant trends like the incorporation of blockchain technology for improved transparency and traceability, advanced technology used for inventory tracking and management, collaborations between healthcare institutions and logistics providers, the execution of data analytics and artificial intelligence for forecasting and preemptive logistics management, and logistics solution customization for high-end and high-risk medical goods.
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Which Factors Are Driving the Global Healthcare Logistics Market Expansion?
The expansion of the healthcare logistics market is likely to be fuelled by the increasing worldwide pharmaceutical sales. As the selling of pharmaceutical products rises, so does the need for logistics, as these medical products or drugs have to be stored and transported to various locations such as pharmacies and drug stores. This increases the requirement for healthcare logistics or transportation. The process of moving healthcare products via air, sea, or land requires the development of logistical approaches to maintain the quality of pharmaceutical consignments. This often entails the use of specialized equipment, storage facilities, aligned operations, and close collaboration among the cold chain partners. As per the annual report from the Indian Ministry of Chemicals and Fertilizers, Department Of Pharmaceuticals, there was a 1.78% upsurge in pharmaceutical import and export volumes from FY19 to FY20 as of July 2021. Further, the Pharmaceutical Industry Report released by the India Brand Equity Foundation in March 2022 projects that India's domestic pharmaceutical industry will expand from USD 42 billion in 2021 to USD 65 billion by 2024 and reach a staggering USD 120-130 billion by 2030. Consequently, the surging global pharmaceutical sales are anticipated to heighten the demand for healthcare logistics in the forecasted period.
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Which Segment Currently Holds the Largest Share of the Healthcare Logistics Market?
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
Subsegments:
1) By Transportation: Medical Supply Transportation, Pharmaceutical Transportation, Patient Transport Services, Last-Mile Delivery Services
2) By Warehousing: Storage Of Medical Supplies, Pharmaceutical Warehousing, Cold Chain Storage Solutions, Inventory Management Services
Which Major Trends Are Shaping the Future of the Healthcare Logistics Industry?
The healthcare logistics market is being moulded by strategic partnerships and collaborations. To reach shared objectives more efficiently through the mixing of resources, expertise, or capabilities, and to make the drug replenishment process smoother, major businesses in the healthcare logistics market are concentrating on alliances and collaborations. For example, in March 2023, Health Care Logistics Inc. (HCL), a healthcare logistics firm from the US, revealed their partnership with AmerisourceBergen, a manufacturer of health care products also in the US. The collaboration allows those using AmerisourceBergen's RFID-tagged offerings to benefit from HCL's Stat Stock inventory management system, enabling real-time tracking of items across their facilities, and heightening patient safety during the medication usage sequence. Stat Stock is an automatic RFID-based technology that decreases replenishment duration by half, ensuring expired medication does not make it back into circulation.
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Which Key Players Dominate the Healthcare Logistics Industry Globally?
Major companies operating in the healthcare logistics market include 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., Cardinal Health Inc., World Courier, Agility Logistics Corp., Marken, QuickSTAT, VersaCold Logistics Services, LifeConEx LLC, Expeditors International of Washington Inc., Cryoport Inc., Movianto GmbH, 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.
What Are the Fastest-Growing Regions in the Healthcare Logistics Market?
North America was the largest region in the healthcare logistics market in 2024 and is expected to be the fastest growing region in the forecast period. The regions covered in the healthcare logistics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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