LONDON, Oct. 23, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Biopharmaceutical Third-Party Logistics Global Market Report 2023, the global biopharmaceutical third-party logistics market is poised for significant growth, with expectations of an increase from $122.36 billion in 2022 to $131.23 billion in 2023, reflecting a Compound Annual Growth Rate (CAGR) of 7.3%. Further, the biopharmaceutical third-party logistics market is anticipated to reach a substantial valuation of $170.26 billion by 2027, supported by a CAGR of 6.7%.
Outsourcing Trend: A Key Growth Driver
The rising trend of outsourcing logistics is set to be a pivotal factor driving the growth of the biopharmaceutical third-party logistics market. Outsourcing logistics involves the engagement of third-party providers to handle all or a portion of a company's logistical activities. In the biopharmaceutical sector, logistics outsourcing often includes cryogenic supply chain management entrusted to logistics partners. Notably, a survey conducted by Gartner Inc. in 2021 revealed that approximately 66% of logistics leaders in the US increased their budget allocation for logistics outsourcing, with an expected 74% anticipating further increases within the next two years. This trend underscores the anticipated growth in outsourcing logistics.
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Technological Advancements: A Major Market Trend
Technological advancements are gaining significant traction in the biopharmaceutical third-party logistics market. Major biopharmaceutical 3pl companies are dedicated to launching new products to bolster their positions and gain a competitive edge. For instance, in November 2022, Celcius Logistics Solutions Pvt Ltd., based in India, introduced Hyper-Local temperature-controlled delivery services for food and pharmaceutical orders. This innovative service ensures optimal quality by monitoring temperature in real time throughout the delivery process. Such advancements are a testament to the industry's commitment to ensuring the safe and efficient transportation of biopharmaceutical products.
Regional Insights
In 2022, North America emerged as the largest region in the biopharmaceutical third-party logistics market, reflecting its substantial market presence. However, Asia-Pacific is projected to be the fastest-growing region during the forecast period.
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Market Segmentation
The global biopharmaceutical third-party logistics market is divided into several key segments:
- By Supply Chain: Cold Chain, Non-Cold Chain
- By Service: Transportation, Warehousing And Storage, and Other Services
- By End-User: Pharmaceutical And Biopharmaceutical Companies, Medical Device Companies, Hospitals And Clinics, and Other End-Users
The Global Biopharmaceutical Third-Party Logistics Market Report 2023 serves as a valuable resource for various stakeholders. Businesses can make informed decisions and explore opportunities within the market. Investors can identify growth prospects across regions and segments. Government bodies can gain insights into market dynamics to shape relevant policies. This report is an essential tool for anyone involved in or looking to enter the dynamic biopharmaceutical third-party logistics market.
Biopharmaceutical Third-Party Logistics Global Market Report 2023 by The Business Research Company provides insights on the biopharmaceutical third-party logistics market size, biopharmaceutical third-party logistics market segments, biopharmaceutical third-party logistics market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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