Healthcare Third-party Logistics Market to Grow with a CAGR of 7.21% through 2028
Globalization of pharmaceutical markets is expected to
drive the Global Healthcare Third-party Logistics Market growth in the forecast
period, 2024-2028.
According to TechSci Research report, “Healthcare
Third-party Logistics Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Healthcare
Third-party Logistics Market stood at USD 191.59 million in 2022 and is
anticipated to grow with a CAGR of 7.21% in the forecast period, 2024-2028. Healthcare
Third-party Logistics providers offer a range of Logistics services, including
supply chain management, transportation, warehousing, and distribution, to
pharmaceutical companies, medical device manufacturers, hospitals, and
healthcare providers. One of the primary drivers of the healthcare
Third-party Logistics market is the growing complexity of healthcare supply
chains. The pharmaceutical and medical device industry, in particular, deals
with a wide range of products, from temperature-sensitive drugs and biologics
to high-value medical equipment. Managing these diverse and often delicate
products necessitates specialized Logistics expertise. Healthcare Third-party
Logistics providers are equipped to handle the unique requirements of these
products, including cold chain Logistics, which is crucial in maintaining the
efficacy of many medical items. As the healthcare industry continues to
innovate with new products, the demand for specialized Third-party Logistics services
is expected to rise.
The healthcare sector is heavily regulated, and
compliance with strict standards is essential for ensuring the safety and
efficacy of medical products. Healthcare Third-party Logistics providers are
well-versed in adhering to the stringent regulatory requirements that govern
the industry. They play a crucial role in managing the necessary documentation,
quality control, and reporting processes that are essential for regulatory
compliance. Failure to meet regulatory standards can result in severe
consequences, making healthcare Third-party Logistics providers indispensable
for companies looking to navigate the complex web of regulations in the
healthcare sector.
The globalization of pharmaceutical markets has opened
up new opportunities for the healthcare Third-party Logistics industry.
Pharmaceutical companies often need to transport their products across borders,
and this requires a deep understanding of international Logistics, customs
procedures, and compliance with different regulatory frameworks. Healthcare
Third-party Logistics providers with a global presence and expertise in
international shipping can facilitate the expansion of pharmaceutical companies
into new markets, making them a crucial partner in the industry's growth.
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The rise of e-commerce in the healthcare industry has
created new Logistics challenges and opportunities. With the growth of online
pharmacies and the direct-to-patient delivery model, healthcare companies are
increasingly relying on Third-party Logistics providers to manage and optimize
their last-mile delivery processes. These Third-party Logistics providers have
the capabilities to handle home deliveries of medications, medical equipment,
and other healthcare products, ensuring timely and secure delivery to patients'
doorsteps.
The Global Healthcare Third-party Logistics Market is
segmented into Industry, Service Type, Supply Chain, Regional Distribution, And Company.
Based on the service type, the transportation
segment emerged as the dominant player in the global market for Global
Healthcare Third-party Logistics Market in 2022. The pharmaceutical and medical
device industries are inherently global, and healthcare products frequently
move across national and international borders. Healthcare Third-party
Logistics providers with a global presence and knowledge of international Logistics,
customs procedures, and regulatory requirements are invaluable in facilitating
the expansion of healthcare companies into new markets. Their ability to handle
complex international Logistics and ensure timely delivery is a key driver of
their high demand. Transportation is often the most critical and time-sensitive
phase in the healthcare supply chain. The timely and efficient delivery of
pharmaceuticals, medical devices, and healthcare products to hospitals,
clinics, pharmacies, and patients is of paramount importance. Any delays or
disruptions in transportation can impact patient care and safety.
The pharmaceutical and medical device
industries are inherently global, and healthcare products frequently move
across national and international borders. Healthcare Third-party Logistics providers
with a global presence and knowledge of international Logistics, customs
procedures, and regulatory requirements are invaluable in facilitating the
expansion of healthcare companies into new markets. Their ability to handle
complex international Logistics and ensure timely delivery is a key driver of
their high demand.
Based on the Supply Chain, the Cold
Chain segment emerged as the dominant player in the global market for Global
Healthcare Third-party Logistics Market in 2022. A significant portion of
healthcare products, including vaccines, biologics, and various medications,
are highly sensitive to temperature variations. Maintaining the integrity and
efficacy of these products requires precise temperature control throughout the
supply chain.
The cold chain supply chain is designed
to provide this critical feature, ensuring that products remain within the
required temperature range from manufacturing to the end-user. The importance
of safeguarding the quality and safety of these products drives the high demand
for cold chain Logistics. The distribution of vaccines,
particularly during mass vaccination campaigns like those for COVID-19, has
underscored the critical role of cold chain Logistics. Ensuring the safe and
efficient distribution of vaccines, many of which require ultra-low
temperatures, has been a global priority. Healthcare Third-party Logistics providers
specializing in cold chain Logistics have played a central role in this
endeavour, contributing to their high demand.
North America emerged as the dominant
player in the Global Healthcare Third-party Logistics Market in 2022, holding the largest market share. North
America is home to some of the world's largest pharmaceutical companies and
biotech firms. The extensive production and distribution of pharmaceuticals,
including biologics, vaccines, and specialized medications, require precise and
compliant Logistics. Healthcare Third-party Logistics providers in North
America have established themselves as experts in managing pharmaceutical
supply chains, contributing to their dominant market position. The healthcare
industry in North America is governed by stringent regulatory standards, such
as the Food and Drug Administration (FDA) in the United States and Health
Canada in Canada. Compliance with these regulations is imperative. Healthcare
Third-party Logistics providers in the region specialize in ensuring regulatory
compliance, including Good Distribution Practices (GDP), Good Manufacturing
Practices (GMP), and quality control, making them indispensable partners for
healthcare companies.
Major companies operating in Global Healthcare
Third-party Logistics Market are:
- Cardinal Health.
- DHL Group
- SF Express
- Kinesis Medical B.V.
- United Parcel Service of America, Inc.
- Barrett Distribution
- AmerisourceBergen Corporation
- KUEHNE + NAGEL
- Kerry Logistics Network Ltd.
- Freight Logistics Solutions
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“The Global Healthcare
Third-party Logistics Market is poised for significant growth in the coming
years. The healthcare industry is becoming increasingly complex, with a growing
demand for specialized Logistics services, especially in the transportation of
temperature-sensitive pharmaceuticals, biologics, and vaccines. The COVID-19
pandemic has underscored the importance of agile and resilient supply chains,
further highlighting the need for efficient Third-party Logistics in
healthcare. The rise of e-commerce, direct-to-patient delivery models, and the
globalization of pharmaceutical markets are reshaping the industry, creating a
surge in demand for tailored Logistics solutions.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Healthcare Third-party Logistics Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028
Segmented By Industry (Biopharmaceutical, Medical Device, Pharmaceutical), By
Service Type (Transportation, Warehousing and Storage, Others), By Supply Chain
(Cold Chain, Non-Cold Chain) Region and Competition”, has evaluated
the future growth potential of Global Healthcare Third-party Logistics Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Healthcare Third-party Logistics Market.
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