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Biopharmaceutical Third-Party Logistics Market Growth Forecast 2024-2033: What’s the Expected Rate?
Over the years, the biopharmaceutical third-party logistics market has seen considerable growth. The forecast indicates a progression from $131.23 billion in 2023 to $140.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The historic expansion of this market is linked to factors such as the globalization of pharma supply chains, stricter regulatory rules, increased prevalence of biopharmaceuticals, and a heightened focus on cold chain logistics.
Significant expansion is anticipated for the biopharmaceutical third-party logistics market in the coming years, with expectations for it to reach a value of $184.35 billion by 2028, growing at a compound annual growth rate (CAGR) of 7.0%. This anticipated growth during the forecast period is due to a variety of factors including the rise of personalized medicine, expansion of biologics and biosimilars, digitalization of the supply chain, regulatory compliance challenges, and the impact of covid-19. Key trends for the forecast period comprise on-demand logistics services, ushering sustainability in logistics, optimizing last-mile delivery solutions, the implementation of pharma serialization and traceability, and the rise of autonomous logistics.
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What Factors Are Impacting the Growth of the biopharmaceutical third-party logistics Market?
The growth of the biopharmaceutical third-party logistics market is anticipated to be fueled by the increasing tendency to outsource logistics. This happens when a company commissions a third party to oversee all or part of its logistical operations. In the field of biopharmaceutical third-party logistics, such outsourcing can include the assignment of cryogenic supply chain management duties to logistics partners. For example, a survey by Gartner Inc., an American technology research and consulting firm, revealed in December 2021 that out of 298 supply chain professionals in the United States, nearly 66% of logistics supervisors expanded the budget for their logistics outsourcing in 2021. It is projected that around 74% will further increase their outsourcing budget in the next two years. Therefore, the growth of the biopharmaceutical third-party logistics market is expected to be accelerated by the increasing trend in logistics outsourcing.
What Are the Fundamental Segments in the Biopharmaceutical Third-Party Logistics Market?
1) By Supply Chain: Cold Chain, Non-Cold Chain
2) By Service: Transportation, Warehousing And Storage, Other Services
3) By End-User: Pharmaceutical And Biopharmaceutical Companies, Medical Device Companies, Hospitals And Clinics, Other End-Users
What Trends Are Shaping the New Direction of the Biopharmaceutical Third-Party Logistics Market?
The emergence of technological innovations is a significant trend witnessed in the biopharmaceutical third-party logistics market. To strengthen their stronghold and gain competitive leverage, prominent enterprises in this marketplace are launching unique offerings. For example, in November 2022, Celcius Logistics Solutions Pvt Ltd., a logistics services firm based in India, unveiled a Hyper-Local temperature-controlled delivery service targeting food and pharmaceutical orders. The final step solution provided by the company includes services that accommodate smaller quantities and is currently available in nine cities nationwide. With a hyperlocal strategy, the firm ensures the best quality during transit by consistently overseeing the temperature in real time throughout each phase of the delivery process.
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Which Regions Are Making a Mark in the Biopharmaceutical Third-Party Logistics Market Growth?
North America was the largest region in the biopharmaceutical third party logistics market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biopharmaceutical third-party logistics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Biopharmaceutical Third-Party Logistics Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the biopharmaceutical third-party logistics market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Biopharmaceutical Third-Party Logistics Market Include
1. Biopharmaceutical Third-Party Logistics Market Executive Summary
2. Biopharmaceutical Third-Party Logistics Market Segments
3. Biopharmaceutical Third-Party Logistics Market Size And Template Market Growth Rate
4. Key Biopharmaceutical Third-Party Logistics Market Trends
5. Major Biopharmaceutical Third-Party Logistics Market Drivers
……
25. Key Mergers And Acquisitions In The Biopharmaceutical Third-Party Logistics Market
26. Top Biopharmaceutical Third-Party Logistics Companies
27. Biopharmaceutical Third-Party Logistics Market Opportunities And Strategies
28. Biopharmaceutical Third-Party Logistics Market, Conclusions And Recommendations
29. Appendix
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