Westford,USA, June 21, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, service providers in the biopharmaceuticals third party logistics 3pl market industry have expanded their offerings to include value-added services such as warehousing and packaging due to an increase in demand for the logistics services. In addition, providers have implemented the advanced technology to increase efficiency and reduce turnaround time, such as barcode scanners and robots for picking and aligning products from remote locations. This has resulted in significant benefits for clients in terms of cost reduction, better inventory managementand an improved distribution network.
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Biopharmaceutical third-party logistics (3pl) refers to logistics services provided by third-party organizations for pharmaceutical businesses. These services involve various activities such as receiving small molecule pharmaceuticals into the warehouse, fulfilling orders and managing inventory using a warehouse management system. The primary aim of 3PL is to help pharmaceutical and medical institutions maintain the logistics for the delivery of medical therapies by reducing unnecessary overhead costs, ensuring continuous product supply, optimizing transportation, and improving the organization's overall efficiency.
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Prominent Players in Biopharmaceuticals Third Party Logistics 3pl Market
- FedEx
- DHL Supply Chain & Global Forwarding
- XPO Logistics
- UPS Supply Chain Solutions
- DB Schenker
- Kuehne + Nagel
- AmerisourceBergen
- CEVA Logistics
- Cardinal Health
- Expeditors International
- DSV Panalpina
- GEODIS
- NFI Industries
- Agility
- Penske Logistics
- Hellmann Worldwide Logistics
- Ryder
- Syncreon
- C.H. Robinson Worldwide
- CHAMP Cargosystems
Warehouse and Storage Segment is Expected to Dominate the Market Due to theRising Third-Party Logistics Services
The warehouse and storage segment are expected to dominate the global sales, accounting for more than 45% of the market share. The demand for thirdparty logistics services has increased significantly in the pharmaceutical and healthcare industries. In addition, companies in the life sciences sector are leveraging 3PL services to reduce operational and overhead costs. In response to growing demand, service providers have expanded their offerings to include warehousing and packaging solutions.
The markets in North Americaemerged as the most lucrative market for biopharmaceuticalsthird party logistics 3pl, holding the largest share and accounting for over 42% of the total revenue generated globally. This can be attributed to the region's dominance in the biologics and pharmaceutical medication and an increase in the number of biopharmaceuticals shipped in and out of the region.
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Cold Chain Segment is Expected to Dominatethe Market Due to the Increasing Demand for Biologics
The cold chain segment of the market is projected to experience the highest compound annual growth rate (CAGR). This growth can be attributed toa rapidly expanding class of drugs. These pharmaceuticals require distribution that is controlled in terms of temperature and time. Precision medicine breakthroughs have also emerged in the market, such as biomarker testing, cellular therapies, blood products, specific vaccines and regenerative medicine.
Regional markets in Asia Pacificare expected to experience rapid growth in the market owing to various factors, including the increasing need for pharmaceuticals among an ageing population, the adoption of technologically enhanced servicesand developing economic conditions in emerging countries such as China and India. In addition, an increasing number of patents are set to expire in the coming years, leading to a significant shift in the market share of medicine sales from original brand manufacturers to generic ones.
A comprehensive analysis of the major players in the biopharmaceuticals third party logistics 3pl market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Biopharmaceuticals Third Party Logistics 3pl Market
- STG Logistics made a strategic move in 2022 by acquiring the intermodal branch of XPO logistics, a major provider of container transportation services in North America. This acquisition has allowed STG logistics to solidify its position as a leader in containerized logistics.
- ESA s.r.o., announced that it had reached an agreement with Volkova Partners s.r.o., a Czech logistics provider specializing in reverse logistics services for EC business operators in 2022. These acquisitions indicate a growing trend in the logistics industry, where companies are expanding their capabilities and service offerings through strategic collaborations and acquisitions to stay competitive in the market.
Key Questions Answered in Biopharmaceuticals Third Party Logistics 3pl Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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