Biopharmaceutical Third Party Logistics Market Is Expected To Reach $ 145.2 Billion By 2028

 San Francisco, 4 March 2021: The Report Biopharmaceutical Third Party Logistics Market Size, Share & Trends Analysis Report By Supply Chain (Cold Chain, Non-cold Chain), By Service Type (Transportation, Warehousing And Storage), By Region, And Segment Forecasts, 2021 - 2028

The global biopharmaceutical third party logistics market size is expected to reach USD 145.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.6% from 2021 to 2028. Rising demand for temperature-controlled logistic services to transport biologics in various regions and growing distribution networks of biopharmaceutical companies to improve their sales are factors driving the market growth. The rising adoption of automated storage and retrieval systems in emerging countries is an ongoing trend in pharmaceutical logistics companies that has gained significant traction.

The biopharmaceutical third party logistic players played a vital role in the fight against COVID-19 by minimizing supply disruptions and prioritizing critical care drugs. The future also seems good for the biopharmaceutical 3PL market with rising demand for domestic logistics coupled with favorable government initiatives and policies.

Furthermore, the trend of shifting from small molecule drugs to biopharmaceuticals, mainly vaccines & biologics, is projected to drive the market. Since these small molecule drugs are temperature-sensitive products, demand for temperature-controlled transportation and storage increases and thus is responsible for market growth.

Additionally, environmental concerns and cost have caused a slight shift in the means of transport used for commercial products, moving from airway to seaway shipping, and in roadways from trucks to intermodal (both rail and truck). Intermodal transport is majorly used by these pharmaceutical companies to reduce the carbon footprint. The ongoing trend shows that pharmaceutical manufacturers have shifted towards sea freight to reduce the cost and risk factors. Although for cold chain products, the companies still prefer air freight. However, some of the large pharmaceutical companies are planning to transport 70% of their products via ocean freight including cold chain products.

Access Research Report of Biopharmaceutical Third Party Logistics Market @ https://www.grandviewresearch.com/industry-analysis/biopharmaceutical-third-party-logistics-3pl-market

Biopharmaceutical 3PL Market Report Highlights

  • In 2020, non-cold chain logistics held the largest market share of 80.8% in terms of revenue owing to the sales of a large number of drugs that do not require any temperature control
  • The cold chain logistics segment is expected to register the faster CAGR of 8.6% over the forecast period owing to the demand for biologics, such as cellular therapies, vaccines, and test kits
  • Warehousing and storage held the largest market of 43.6% share among the types of services in 2020
  • Asia Pacific is expected to emerge with the fastest CAGR of 7.2% over the forecast period owing to the adoption of medicines from the aging population and a shift of drug sales from brand manufacturers to generic

List of key players in the Biopharmaceutical 3PL Market

  • DHL International GmbH
  • SF Express
  • United Parcel Service of America, Inc.
  • AmerisourceBergen Corporation
  • DB Schenker
  • KUEHNE + NAGEL
  • Kerry Logistics Network Limited
  • Agility

Access Press Release of Biopharmaceutical Third Party Logistics Market @ https://www.grandviewresearch.com/press-release/global-biopharmaceutical-third-party-logistics-3pl-market

 

Comments

Post a Comment

Popular posts from this blog

U.K. Point Of Sale Software Market To Expand Industry Growth At USD 1.05 Billion By 2028

Image
  San Francisco, 21 Jan 2022:   The Report  U.K. Point Of Sale Software Market  Size, Share & Trends Analysis Report By Application (Fixed POS, Mobile POS), By Deployment, By Organization Size, By End-user, And Segment Forecasts, 2021 - 2028 The global U.K. point of sale software market size is expected to reach USD 1.05 billion by 2028, expanding at a CAGR of 8.1% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The integration of a Point-Of-Sale (POS) solution with capabilities such as sales reports monitoring, cash flow recording, product demand analysis, tracking delivery status, and inventory management ensure systematic functioning and upscaling of a business. The adoption of POS software is directly impacted by the demand for POS terminals, which is witnessing growth in demand due to changing lifestyles and government policies. However, the COVID-19 pandemic disrupted the industry's business, wherein ...
Read more

Gas Detection Equipment Market Anticipated To Expand At A CAGR 9.7% From 2021 To 2028

  San Francisco, 5 May 2021:   The Report  Gas Detection Equipment Market  Size, Share & Trends Analysis Report By Product, By Technology (Infrared, Catalytic, PID), By End-use, By Region, And Segment Forecasts, 2021 - 2028 The global gas detection equipment market size is expected to reach USD 8.38 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 9.7% from 2021 to 2028. The market growth can be attributed to the growing awareness among governments regarding the harmful effects of greenhouse gases, coupled with their increased efforts toward protecting the environment. Major industries such as petroleum, oil, and gas, among others are needed to comply with safety and environmental regulations which are also major factors driving the market growth. Many companies are focused on introducing drone-based gas detection equipment, which is expected to create new opportunities for market growth in...
Read more