The latest report by IMARC, titled “Biopharmaceutical Third Party Logistics (3PL) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global biopharmaceutical third party logistics market size reached US$ 116.6 Billion in 2022. Biopharmaceutical third-party logistics (3PL) refers to the services which are outsourced by pharmaceutical companies through third-party organizations. Its services include receiving small molecule drugs, vaccines, biologics, and other medical products, fulfilling orders, and handling inventory of the goods. In recent years, 3PL has gained momentum, as it helps pharmaceutical and medical therapies, minimizing medicine costs by reducing wasteful overhead expenses, enhancing transportation services, ensuring uninterrupted product supply, and improving the overall efficiencies of the institution.
Global Biopharmaceutical Third Party Logistics Market Trends:
One of the primary factors driving the market is the exponential growth in the pharmaceutical industry. Additionally, the growing trend of outsourcing logistics by numerous medical organizations to optimize their distribution network is creating a positive market outlook. Other than this, the demand for 3PL has exponentially risen on account of the sudden outbreak of the coronavirus disease (COVID-19) to reduce the drug supply disruptions and ensure the availability of critical care drugs. Besides this, numerous technological innovations, such as the introduction of mobile cloud computing, warehouse robotics, real-time monitoring, and data mining solutions, are positively influencing the market growth. The newly introduced technologies assist in automating logistics-related procedures and reducing operation complexities, human errors, and damages that are caused to the products in transit. Moreover, the internet of things (IoT) and near field communication (NFC) based cold chain monitoring products are used to manage temperature-sensitive pharmaceuticals and achieve real-time updates and alerts regarding the shipment. Looking forward, IMARC Group expects the market value to reach US$ 161.7 Billion by 2028, expanding at a CAGR of 5.6% during the forecast period (2023-2028).
- On the basis of the supply chain, the market has been bifurcated into cold chain and non-cold chain.
- Based on the service type, the market has been divided into transportation (air freight and sea freight), warehousing and storage, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Agility Logistics, AmerisourceBergen Corporation, DB Schenker (Deutsche Bahn), DHL International GmbH (Deutsche Post), Fedex Corporation, Kerry Logistics Network Limited, Kuehne+Nagel International AG, Mckesson Corporation, SF Express Co. Ltd., and United Parcel Service of America Inc.
|Base Year of the Analysis
||Supply Chain, Service Type, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Agility Logistics, AmerisourceBergen Corporation, DB Schenker (Deutsche Bahn), DHL International GmbH (Deutsche Post), FedEx Corporation, Kerry Logistics Network Limited, Kuehne + Nagel International AG, McKesson Corporation, SF Express Co. Ltd. and United Parcel Service of America Inc.
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