Biopharmaceutical Logistics Market is Projected to Surge to Reach US$120.7 Billion by 2024

Several leading players are actively investing in constructing new logistics facilities in various emerging nations to consolidate their regional presence. Furthermore, numerous players are providing user-friendly shipping and transportation, visibility tools, and a variety of specialized e-commerce and logistics management services in order to gain a better foothold in the market. The global biopharmaceutical logistics market is expected to expand at a CAGR of 6.2% from 2016 to 2024. The market was valued at US$70.9 bn and is projected to surge to reach US$120.7 bn by the end of the forecast period.

The biopharmaceutical logistics market features a fairly competitive landscape characterized by moderate-to-high degree of competition among the players, observes Transparency Market Research (TMR). The competition in the market landscape is likely to remain unchanged over the forecast period from 2016 to 2024. However, the intensity of competition may subside to an extent, owing to prominent players exploring innovative logistics services pertaining to specific regions, The leading five companies held a combined a market share of 31.0% in 2015, notes TMR. These players are DHL Express, FedEx Corporation, United Parcel Service, DB Schenker, and AmerisourceBergen Corporation.

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Sea Shipping and Road Shipping Segments to Garner Major Volume Share

Geographically, the global biopharmaceutical logistics market is led by Europe and North America. The growth of these regional markets is fueled by the large number of exports and imports of biopharmaceutical products and constant technological advancements to improve transportation services and warehousing facilities.

Based on mode of transportation, the market can be segmented into sea shipping, air shipping, rail shipping, and road shipping. Of these, air shipping is projected to dominate the biopharmaceutical logistics market, when valued in terms of revenue. However, owing to the limited volumes of transportation possible with air shipping, sea shipping and road shipping are projected to gain traction. These segments are anticipated to occupy the major volume share during the forecast period.

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Tightening Regulations on Transportation of Temperature-Sensitive Pharmaceutical Products

The soaring demand for temperature-controlled logistics for the transportation of biopharmaceuticals in various regions and the need for safe transportation of these products are the key factors driving the market. A large number of biopharmaceutical companies seek the services of companies who ensure the transportation of their products in conformity with international standards. Furthermore, in-depth understanding of specific custom clearance regulations and operating procedures is imperative for hassle-free transportation of these goods. This is a crucial factor boosting the market. The growing number of global biopharmaceutical players are conducting clinical trials in emerging nations or have to go for shipments in difficult zones. This is a key factor catalyzing the growth of the biopharmaceutical logistics market.

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Advanced Packaging and Refrigeration Technologies to Accentuate Market Growth

The pressing demand among biopharmaceutical and biotechnology companies to improve their supply chains and minimize temperature excursions has boosted the market. The advent of advanced packaging and refrigeration technology has led many logistics companies to ensure better transportation of goods. The adoption of these technologies enable biopharmaceutical companies to gain a better visibility of their shipments, which helps them minimize or prevent any transportation loss. The substantial production of biological drugs has also increased the transportation of biopharmaceuticals.

Compared to sea transportation, the high cost associated with the transportation of highly temperature sensitive biopharmaceuticals has dissuaded many biotech and pharmaceutical companies to avail these services. This has impeded the growth of the market to an extent. Nevertheless, the bourgeoning production of targeted therapies and drugs in the medical sector is expected to open up numerous exciting opportunities for market players. In addition, the advent of cutting-edge solutions to improve critical supply of clinical trials is also expected to boost the biopharmaceutical logistics market.

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About TMR

Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

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