Albany, New York, Aug. 02, 2019 (GLOBE NEWSWIRE) -- According to a recent report published by Transparency Market Research (TMR), the global biopharmaceutical logistics market is foreseen to expand at a decent CAGR of 6.2% within the forecast period from 2016 to 2024. In 2015, the global biopharmaceutical logistics market was valued around worth of US$70.9 Bn, which is likely to reach near about the value US$120.7 Bn by the end of forecast period. This presents an incremental value of US$49.8 Bn, which seems to provide a decent opportunity for growth among the players in the market, both regional and global.
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Rising Demand for Product Upgradation in Biotech Companies to Fuel Market Growth
The surging demand in biopharmaceutical and biotech companies to upgrade their production and distribution process and increasing efforts to reduce temperature fluctuation are some of the leading factors instrumental in boosting the growth in global biopharmaceutical logistics market in the forthcoming years. Apart this, the increasing demand for household healthcare products such as aftershave, antiperspirant, baby soap, acne and pigmentation control, ointments and so on is another factor that is highly significant in the increasing demand in biopharmaceutical logistics market. Other contributing aspects in the market growth across the globe need to reduce the distribution price by developing a single source of distribution and requirement of fast track assistance and a need to maintain a consistently low temperature. Besides, the rising popularity of novel technologies is foreseen to create new growth scope for companies dwelling in the market.
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Europe to Lead Due to Rising Import-Export Activities
Geographically, Europe and North America are the major regions in the global biopharmaceutical logistics market. This is attributed to the increasing number of import-export activities in the biopharmaceutical sectors of the regions, along with emerging as the early adopters of advanced technologies which makes them an obvious choice for the key players for the future investments. The regions are also a productive hub for new entrants.
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The key players are working on improving their services by providing better logistics solutions for biopharmaceutical products, such as cold chain integrity, proper and immediate management of geopolitical hurdles, and better commercial and clinical supply chain. In addition, players are also trying to reduce the transportation cost to make biopharmaceutical products accessible for the people in remote and underdeveloped areas as well. Nevertheless, an increase in the number of targeted therapies, and drug production are some of the factors providing a scope of improvement in market development. In addition, efforts are being taken to reduce or rather eliminate the obstruction by investing in research activities and developing solutions that are more effective.
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The global biopharmaceutical logistics market is estimated to witness a transforming growth in the coming years, due to the rising importance of logistics in biopharmaceutical supply chain. Lately, owing to a fast-paced business environment, along with complex production and distribution activities, the logistics segment also requires proper and effective management. Transparency Market Research (TMR) finds that the global biopharmaceutical logistics market features a highly competitive nature owing to a large number of the key players operating in the market. Additionally, the key players are trying to retain their position in this competitive world by offering advanced and innovative products to the consumers.
Some of the key players in the global biopharmaceutical logistics market include FedEx Corporation, United Parcel Service, DHL Express, DB Schenker, and AmerisourceBergen Corporation. Continuous investments and technological advancements in the biopharmaceutical logistics market is estimated to benefit the market players in the coming years. For instance, one of the key players, AeroSafe Global (AeroSafe) announced recently in 2019 that the company is investing an aggregate of US$31.5 mn. This investment is likely to be used for sales and marketing initiatives coupled with the launch of value-added services and technologies and expansion of business to new geographies. Such investments are estimated to benefit the market growth in coming years.
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The information presented in this review is based on a TMR report, titled “Biopharmaceutical Logistics Market (Type - Cold Chain Logistics and Non-cold Chain Logistics; Mode of Transportation - Air Shipping, Sea Shipping, Road Shipping, and Rail Shipping; Service - Transportation and Warehousing) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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