Healthcare Third-party Logistics Market Grows to USD 415.24 Billion by 2032

Report Overview

The Healthcare Third-party Logistics Market has been experiencing significant growth due to the increasing complexity of supply chains, stringent regulations, globalization of pharmaceutical markets, and the rising demand for healthcare products worldwide. Healthcare 3PL providers offer a range of services, including transportation, warehousing, inventory management, order fulfillment, packaging, and reverse logistics (product returns, recalls, etc.).

Global healthcare third-party logistics market size and share is currently valued at USD 203.35 billion in 2022 and is anticipated to generate an estimated revenue of USD 415.24 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 7.4% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023 - 2032

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The global healthcare third-party logistics market is poised for significant growth. With the continuous evolution of technology, 3PL companies are pioneering more efficient strategies to engage consumers, thus fueling market expansion. Additionally, the pharmaceutical and medical device sectors are intensifying their focus on fortifying their distribution networks to stay competitive and bolster sales figures, serving as pivotal drivers for the market.

In light of the escalating COVID-19 cases and international infection rates, establishing a robust healthcare supply chain system is paramount. Third-party logistics (3PL) providers have emerged as vital connectors, bridging market demand with reliable producers worldwide. Some 3PL entities also offer support to relatively small-scale merchants, providing procurement, transportation, and storage services.

The market is experiencing substantial growth, propelled by the burgeoning e-commerce sector. Healthcare enterprises are turning to online platforms for product sales, leveraging them as an alternative to establishing their own logistics services. This surge in demand is driving the need for third-party logistics solutions. Furthermore, the continuous advancement of technology in this domain presents lucrative opportunities for market expansion. The integration of cutting-edge technologies like real-time tracking systems, the Internet of Things (IoT), and blockchain is gaining traction in healthcare logistics. These innovations facilitate efficient shipment tracking, heightened visibility, and ensure product integrity, ultimately enhancing supply chain management and elevating the overall customer experience.

However, one of the key restraints in the healthcare third-party logistics market is the stringent regulatory environment. The healthcare industry is highly regulated, and compliance with numerous standards and guidelines is essential. 3PL providers must navigate complex and ever-evolving regulations, which often require significant investments in compliance management and documentation. This can increase operational costs and pose challenges in adapting to changing requirements. Security concerns, including the need to safeguard sensitive patient data and pharmaceutical products from theft and tampering, further add to the regulatory burden. Successfully managing these regulatory intricacies is a significant restraint in the healthcare third-party logistics market.

Some of the major players operating in the global market include:

• 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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Growth Drivers:

Regulatory Compliance: Stringent regulations regarding product handling, storage, and transportation in the healthcare industry drive the need for specialized logistics services to ensure compliance and mitigate risks.

Focus on Core Competencies: Healthcare companies prefer to outsource logistics functions to 3PL providers to focus on their core competencies such as research, development, and marketing.

Globalization: The globalization of pharmaceutical markets and the increasing demand for healthcare products in emerging markets require efficient and reliable logistics solutions to reach diverse geographical locations.

Applications:

 Pharmaceutical Distribution: 3PL providers play a crucial role in the distribution of pharmaceutical products, ensuring timely delivery while maintaining product integrity and compliance with regulatory standards.

 Medical Device Logistics: Transportation, warehousing, and distribution of medical devices require specialized handling due to their sensitive nature and regulatory requirements. 3PL providers offer tailored solutions to meet these needs.

 Clinical Trial Logistics: Managing the supply chain for clinical trials involves complex logistics processes, including the transportation of investigational drugs, biological samples, and medical equipment to various research sites worldwide.

Healthcare Third-party Logistics Market Report Highlights

• The pharmaceutical segment is expected to grow at the highest CAGR during the projected period, on account of technological advancements
• The warehousing and storage segment accounted for the largest market share in 2022, which is mainly driven by the increasing need for specialized storage solutions
• The cold chain logistics segment held a significant market revenue share in 2022, mainly due to stringent quality controls
• North America region dominated the market with a majority share in 2022, owing to advanced healthcare infrastructure in this region
• The global key market players include CEVA Logistics, DHL Supply Chain, Expeditors International of Washington Inc., FedEx Corporation, Kuehne + Nagel International AG, and Nippon Express Co., Ltd.

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Polaris Market Research has segmented the healthcare third-party logistics market report based on type, service, supply chain, and region:

Healthcare Third-party Logistics, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Pharmaceutical
• Biopharmaceutical
• Medical Device

Healthcare Third-party Logistics, Service Outlook (Revenue - USD Billion, 2019 - 2032)

• Warehousing and Storage
• Transportation
• Others

Healthcare Third-party Logistics, Supply Chain Outlook (Revenue - USD Billion, 2019 - 2032)

• Cold Chain Logistics
• Non-Cold Chain Logistics

Healthcare Third-party Logistics, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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