Pune, India, Jan. 13, 2022 (GLOBE NEWSWIRE) -- The global healthcare logistics market is expected to value at USD 30.6 billion in 2021 and is expected to grow at a CAGR of 6.0% during the forecast period, according to a recent market study by Quince Market Insights. These days, logistics is utilized in the healthcare industry to manage the way resources are kept, obtained, and transferred. The effective use of logistics in this business aids in the continual delivery of pharmaceuticals, devices, and equipment from distributors and suppliers located across the country. Hospitals and clinics, as well as wholesalers of medical items and huge pharmacy retail chains, make up the healthcare industry.
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The increased preference for biological pharmaceuticals in recent years, as well as the increasing decision of corporations to outsource, are the major drivers expected to drive total market demand. Significant numbers of healthcare goods must be shipped over considerable distances by firms these days. These materials are priceless and delicate. The growing market for temperature-sensitive drugs and biological medical items, as well as increasing awareness among pharmaceutical and logistics companies, is boosting the scope for temperature-controlled healthcare logistics, benefiting the entire healthcare logistics market. There are several obstacles and roadblocks that will hinder market growth.
Aside from that, there are several restraints that will stifle market expansion. Factors such as inefficient items and price restrictions that differ from country to country. These issues may hamper the growth of the healthcare Logistics market in the coming years to some extent.
COVID 19 Impact on the Global Healthcare Logistics Market
The pandemic of COVID 19 has had a favorable influence on the healthcare logistics business, with demand for such items quickly increasing. Aside from that, the health-care industry played a critical role throughout the pandemic, ensuring that medical facilities and hospitals did not run out of medications. Not only that, but there was a massive import and export of pharmaceuticals all over the world. Furthermore, the demand for healthcare logistics will expand as vaccinations are distributed.
Global Healthcare Logistics Market, by Service
Based on the service, the global healthcare logistics market is segmented into transportation and warehousing. Among these, transportation segment is witnessing the fastest growth owing to increasing adoption of sea based pharmaceutical logistics, which is boosting the market demand because the sea freight logistics services handle sensitive large molecule biologics and personalized medicines.
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Global Healthcare Logistics Market, by Region
Based on the region, the global healthcare logistics market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa and South America. Among these, Asia Pacific region is witnessing the fastest growth with China accounting for the majority, and this trend is expected to continue during the projection period. The increasing healthcare business in nations like India, China, and Japan is the primary driver of this region's growth.
Some Significant Market Developments Considered in the Report:
- May 2020: United Parcel Service of America Inc (U.S.) had announced the development of a new UPS Premier to increase the possibilities of the healthcare industry.
- January 2019: FedEx (US) had bought Flying Cargo Group (Israel)'s Express Business in Israel. FedEx's portfolio will be strengthened as a result of this transaction.
- October 2018: Manton Air Sea Pty Ltd. (Australia), a logistics service company, was bought by FedEx (US).
Some Major Findings of the Global Healthcare Logistics Market Include:
- Profiles of major market players operating in the global healthcare logistics market include DB Schenker (Germany), Deutsche Post DHL (Germany), CEVA Holdings (France), Cold Chain Technologies LLC (U.S.), FedEx Corp (U.S.), Continental Cargo OU (Estonia), United Parcel Service Inc. (U.S.), Air Canada (Canada), AmerisourceBergen Corp (U.S.), and Kuehne + Nagel International AG (Switzerland)
- Impact of COVID-19 on the global healthcare logistics market.
For more insights, please check report titled, “Healthcare Logistics Market, by Service (Transportation, Warehousing), by Product (Pharmaceutical Products, Medical Devices), by Region (North America, Europe, Asia Pacific, Middle East and Africa, South America)” in-depth analysis along with the table of contents (ToC).
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