PUBLISHER: The Business Research Company | PRODUCT CODE: 1392692
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392692
“Healthcare Logistics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare logistics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare logistics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The healthcare logistics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Healthcare logistics refer to the logistics service of surgical, medical, and pharmaceutical supplies. The aim of healthcare logistics is to maximize the use of technical and material resources available to health systems for improving the efficiency, quality, and traceability of health operations.
The main types of services of healthcare logistics include transportation and warehousing. Healthcare transportation services refer to the movement of healthcare goods from one place to another by various means such as marine, inland, and aviation. The products transported or stored in the warehouse are pharmaceutical products, medical devices, and medical equipment. These products are brand drugs or generic drugs. These logistics services are utilized by pharmacies, healthcare facilities, and research and diagnostics laboratories.
The healthcare logistics market research report is one of a series of new reports from The Business Research Company that provides healthcare logistics market statistics, including healthcare logistics industry global market size, regional shares, competitors with a healthcare logistics market share, detailed healthcare logistics market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare logistics industry. This healthcare logistics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The healthcare logistics market size has grown strongly in recent years. It will grow from $85. 38 billion in 2023 to $93. 2 billion in 2024 at a compound annual growth rate (CAGR) of 9. 2%. The growth in the historic period can be attributed to growing demand for pharmaceutical and medical device transportation, expansion of global healthcare supply chains, increased focus on temperature-sensitive and specialized logistics for healthcare products, stringent regulations and compliance requirements, aging population.
The healthcare logistics market size is expected to see strong growth in the next few years. It will grow to $134. 03 billion in 2028 at a compound annual growth rate (CAGR) of 9. 5%. The growth in the forecast period can be attributed to rise in e-commerce and direct-to-patient healthcare delivery models, growing demand for personalized medicine and precision healthcare, increasing adoption of telemedicine and remote patient monitoring, increasing focus on sustainability and eco-friendliness, increasing chronic diseases. Major trends in the forecast period include integration of blockchain technology for enhanced transparency and traceability, adoption of advanced technologies for inventory tracking and management, collaboration between logistics providers and healthcare institutions, implementation of data analytics and artificial intelligence for predictive and proactive logistics management, customization of logistics solutions for high-value and high-risk medical products.
The growing global pharmaceutical sales are expected to propel the growth of the healthcare logistics market. Increasing sales of pharmaceuticals is expected to boost the demand for logistics as the pharmaceutical products or drugs should be stored and transported to pharmacies, drug stores, and others, thus increasing the demand for transportation or healthcare logistics. Transporting healthcare products by air, roads, and sea needs the formation of logistical methods for sustaining a pharmaceutical shipment's integrity. It will require specific equipment, storage facilities, harmonized handling procedures, and strong cooperation among the cold chain partners. According to the annual report published by the Indian Ministry of Chemicals and Fertilizers, Department Of Pharmaceuticals, In July 2021, there was an increase in trade of import and export volume of pharmaceuticals by 1. 78% from Financial year FY19 to FY20. Furthermore, according to the Pharmaceutical Industry Report published by India Brand Equity Foundation, In March 2022, The domestic pharmaceutical industry in India is expected to grow from USD 42 billion in 2021 to USD 65 billion by 2024 and then another USD 120-130 billion by 2030. Therefore, the growing global pharmaceutical sales are expected to boost demand for healthcare logistics during the forecast period.
Rising medical facilities and infrastructure are expected to propel the growth of the healthcare logistics market going forward. Medical facilities and infrastructure refer to the physical locations, buildings, equipment, and resources that are used for healthcare purposes. The growth and establishment of new healthcare facilities such as hospitals, clinics, and diagnostic centers drive increased demand for healthcare logistics services. These facilities rely on efficient supply chains for a continuous flow of essential medical equipment, pharmaceuticals, and supplies, highlighting the vital role of healthcare logistics providers in sourcing, storing, and delivering these critical items. For instance, in November 2021, according to Ministry of Health and Family Welfare, Government Of India, Critical Care Hospitals are expected to be built in 602 districts at a cost of Rs 19064. 80 crores, with the central government contributing Rs 11952. 43 crore and the state government contributing Rs 7112. 37 crore. The component will be executed with the assistance of the state government during a five-year period, from 2025 to 2026. Therefore, rising medical facilities and infrastructure are expected to propel the growth of the healthcare logistics market.
Strategic partnerships and collaboration are shaping the healthcare logistics market. Key players operating in the healthcare logistics market are focusing on partnerships and collaborations to work towards common goals that can be more effectively achieved by combining resources, expertise, or capabilities to simplify the drug replenishment process. For instance, in March 2023, Health Care Logistics Inc. (HCL), a US-based healthcare logistics company, announced a collaboration with AmerisourceBergen, a US-based manufacturer of health care products. The partnership enables users of AmerisourceBergen's RFID-tagged products to take advantage of HCL's Stat Stock inventory management solution, instantly track items throughout their facility, and improve patient safety throughout the medication use process. Stat Stock is an automated RFID-based system that cuts replenishment time in half and keeps expired medication out of rotation.
Advancement in technology is a key trend gaining popularity in the healthcare logistics market. Major companies operating in the healthcare logistics market are focused on providing technologically-advanced logistics solutions to strengthen their market position. These companies are implementing next-generation logistics solution technologies into their services, such as automation, artificial intelligence and machine learning (AI and ML), blockchain, transportation management systems, and others, to increase supply chain productivity, reduce costs and avoid errors. For instance, In April 2021, a France-based CEVA Logistics company launched the FORPATIENTS healthcare logistics sub-brand. This new temperature-sensitive solution offers complete logistics solutions to healthcare and pharmaceutical companies in temperature-controlled facilities worldwide. The CEVA will provide visibility and tracking solutions for real-time decisions through embedded location and temperature IoT devices.
In September 2022, DHL Supply Chain, a Germany-based logistics company, acquired New Transport Applications (NTA) for an undisclosed amount. The acquisition extends DHL Supply Chain Mexico's portfolio of services in the important life sciences and healthcare sectors, expanding temperature-controlled storage and transportation infrastructure. New Transport Applications (NTA), a Mexico-based pharmaceutical and healthcare logistics company, maintains commercial agreements with major airlines in Mexico to serve the different stakeholders in the pharmaceutical product supply chain nationally.
Major companies operating in the in the healthcare logistics market report are Air Canada, AmerisourceBergen Corporation, CEVA Logistics AG, Cold Chain Technologies LLC, Deutsche Post DHL Group, DHL Supply Chain, UPS Healthcare, FedEx HealthCare Solutions, DB Schenker, Kuehne + Nagel International AG, XPO Logistics Inc. , CEVA Logistics, Cardinal Health Inc. , World Courier, Agility Logistics Corp. , Marken, Panalpina World Transport Ltd. , QuickSTAT, VersaCold Logistics Services, LifeConEx LLC, Expeditors International of Washington Inc. , ModusLink Global Solutions Inc. , Cryoport Inc. , Movianto GmbH, Cold Chain Technologies, Hellmann Worldwide Logistics SE & Co KG, Lineage Logistics Holdings LLC, Logista Pharma SA, FedEx Custom Critical, BDP International Inc. , Purolator Inc. , MNX Global Logistics, Envirotainer AB, Yusen Logistics Co Ltd.
North America was the largest region in the healthcare logistics market in 2023 and is expected to be the fastest growing region in the forecast period. The regions covered in the healthcare logistics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the healthcare logistics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The healthcare logistics market includes revenues earned by entities by storing, delivering, and shipping of medical supplies. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.