New York, NY, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled "Healthcare Third-party Logistics Market Share, Size, Trends, Industry Analysis Report, By Type (Pharmaceutical, Biopharmaceutical, Medical Device); By Service; By Supply Chain; By Region; Segment Forecast, 2023- 2032" in its research database.
As per the recent [110+ Pages] analysis by Polaris Market Research, the global healthcare third-party logistics market size was valued at USD 203.35 billion in 2022 and is predicted to reach USD 415.24 billion by 2032. Also, the study states that the market reveals a robust 7.4% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032.
What is Healthcare Third-party Logistics? How Big is Healthcare Third-party Logistics Market Size?
- Overview
Instead of an employee compelled to develop the logistics for supplies, one has now a third-party logistics firm managing all the distribution and accomplishment requirements. When one depends on a third-party logistics firm with the capital, participation, and know-how of the needs, one no longer has to disburse the time, energy, and stress on that facet of healthcare administration. The rapidly rising demand for the healthcare third-party logistics market can be attributed to the fact that the firm should be capable of generating a scheme that arranges the requirements, notwithstanding the intricacy. It involves ensuring that the shipment appears in a timely manner and damage damage-free.
The healthcare third-party logistics market growth can be attributed to technological progressions, restricted service demands, and the requirement of conformity with strict directives. While provocations such as administrative intricacy and certainty probabilities prevail, the opportunities offered by e-commerce augmentation and progressive technologies assure a radiant future for 3PL providers in the healthcare sector. Adjusting to this course and funding contemporary solutions will be the solution to flourishing in this spirited and crucial industry.
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What are the Key Findings of the Report?
- Technological progressions, restricted service demands, and the requirement of conformity with strict directives is propelling the market growth.
- The market is primarily segmented based on type, service, supply chain, and region.
- North America dominated the market with the largest market share in 2022.
Who Produces Healthcare Third-party Logistics?
- CEVA Logistics
- DHL Supply Chain
- Expeditors International of Washington Inc.
- FedEx Corporation
- Kuehne + Nagel International AG
- Nippon Express Co., Ltd.
- Panalpina World Transport (Holding) Ltd.
- Penske Logistics
- Ryder System, Inc.
- SF Express Co., Ltd.
- Sinotrans Limited
- UPS Healthcare
- XPO Logistics, Inc.
- Yusen Logistics Co., Ltd.
- Zhenhua Logistics Group Co., Ltd.
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Healthcare Third-party Logistics Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 415.24 Billion |
| Market size value in 2023 | USD 218.04 Billion |
| Expected CAGR Growth | 7.4% from 2023 – 2032 |
| Forecast Year | 2023 – 2032 |
| Segments Covered | By Type, By Service, By Supply Chain, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Market Dynamics
- Which Factors are Driving the Market Growth?
The healthcare industry needs technical management of commodities, particularly temperature susceptible pharmaceuticals and technical devices. The healthcare third-party logistics market size is expanding as 3PL providers with prowess in cold chain logistics, and other specific facilities are in excessive demand to sanction the coherence of these products from production to delivery. The amalgamation of progressive technologies such as blockchain, IoT, and AI in logistics functionalities has transfigured the market. These technologies offer real-time tracing, temperature observation, and data analytics, potentially guaranteeing the rectitude and standard of medical commodities all over the supply chain.
Moreover, strict directives presiding over the conveyance and repository of healthcare commodities involve the skills of 3PL providers adept in compliance needs. The healthcare third-party logistics market sales are soaring as these providers sanction that all logistics ventures stick to industry-distinct standards, securing the quality and security of healthcare commodities.
- What are the Latest Market Trends and Opportunities?
The merger of 3PL services in healthcare has significantly enhanced operational efficacy. Assigning logistics chores permits healthcare providers to focus on their key sturdiness, causing even functioning and fiscal savings. Therefore, this accelerates enhanced patient care and diminished healthcare costs. Convenient delivery of medical supplies and pharmaceuticals is supreme in sanctioning unbroken patient care. 3PL providers usher prowess in supply chain management sanctioning crucial supplies extend to healthcare potential accurately when required. This causes enhanced [patient satiation and results.
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Overview of the Top Segments
- The pharmaceutical Segment is Anticipated to Witness the Highest Growth
Based on type, the pharmaceutical segment is anticipated to witness the highest growth. The healthcare third-party logistics market demand is on the rise as global demand for pharmaceutical products involving rejuvenating drugs and temperature susceptible biologics persists to surge aggressively. Thus, pharmaceutical firms are growingly falling back on specific 3PL providers to sanction the security and timely delivery of these crucial supplies.
Moreover, the strict administrative scenario controlling the repository and conveyance of pharmaceuticals requires prowess in conformance and quality affirmation. 3PL providers prepared with the requisite knowledge and framework to encounter these stringent needs are witnessing an upswing in demand for pharmaceutical manufacturers.
- The Warehousing and Storage Segment Dominated the Market
Based on service, the warehousing and storage segment dominated the market. The healthcare third-party logistics market trends include escalating requirements for specific storage solutions to lodge the manifold scope of pharmaceutical and medical supplies. Temperature susceptible drugs and biologics specifically need regulated environments to sustain their efficacy. 3PL providers armed with modern warehouses and progressive check-listed management systems are in excessive demand.
Moreover, conformity with strict regulatory caliber for pharmaceutical repositories is non-negotiable requiring the competence of 3PL providers in this domain. As healthcare firms organize inadequate functions, deploying warehousing operations to limited 3PL providers has become a growing alluring solution.
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Regional Landscape
North America: This region held the largest healthcare third-party logistics market share, which can be attributed to a well-founded healthcare framework and a strong pharmaceutical firm pushing the demand for the market. Further, strict administrative needs for pharmaceutical repositories and conveyance require the prowess of 3PL providers with comprehensive knowledge of conformity caliber. Also, the augmentation of e-commerce in healthcare involving the direct-to-patient distribution of medications confers an expanding opportunity for 3PL market in this region.
Asia Pacific: This region is experiencing notable growth pushed by an expanding pharmaceutical sector and the government’s thrust for comprehensive healthcare. The acquisition of progressive technologies and an upswing in e-commerce are modifying logistics practices. With an expansive and varied population, the requirement for efficient distribution of pharmaceuticals and medical supplies is foremost.
Browse the detailed report “Healthcare Third-party Logistics Market Share, Size, Trends, Industry Analysis Report, By Type (Pharmaceutical, Biopharmaceutical, Medical Device); By Service; By Supply Chain; By Region; Segment Forecast, 2023- 2032” with in-depth TOC at: https://www.polarismarketresearch.com/industry-analysis/healthcare-third-party-logistics-market
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Current Progresses
- In June 2023, IntegriChain, a data and business process platform serving the pharmaceutical industry, entered into an agreement with Knipper Health, a healthcare solutions company, in a non-exclusive partnership aimed at assisting emerging manufacturers. Under this collaboration, the two entities are set to offer support for products requiring comprehensive third-party logistics (3PL) services, order-to-cash processes, government pricing compliance, and claims adjudication support.
Report Answers to the Following Questions
- What is the study period of the healthcare third-party logistics market?
- At what CAGR is the market expected to grow?
- Which segments are covered in the report?
- Who are the market's key players?
- Which region is holding the largest healthcare third-party logistics market share?
Polaris Market Research has segmented the healthcare third-party logistics market report based on type, service, supply chain, and region:
By Type Outlook
- Pharmaceutical
- Biopharmaceutical
- Medical Device
By Service Outlook
- Warehousing and Storage
- Transportation
- Others
By Supply Chain Outlook
- Cold Chain Logistics
- Non-Cold Chain Logistics
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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