Pune, India, March 23, 2021 (GLOBE NEWSWIRE) -- The Global Healthcare Logistics Market without the COVID 19 impact was valued at USD 30.6 billion in 2021 and is projected to grow over a CAGR of 6% during the forecast period till 2029. Healthcare logistics are logistics in managing how pharmaceutical, medical, and surgical supplies, medical devices and facilities, and other items are acquired, stored, and transported to their destination. Healthcare logistics is an integrated part of the healthcare system.
In healthcare logistics, the parameters that are considered are customer requirements, maintaining the integrity of the product, and following government regulations. The maintenance of healthcare logistics such as storing, distribution time, and temperature-sensitive goods require extraordinary attention.
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The major factor that is contributing to the growth of the global healthcare logistics market is the government initiative for the development of healthcare infrastructure in rural areas due to the less availability of medical devices and pharmaceutical products. For instance, in 2020, the government of India announced USD 9.87 billion for the healthcare sector. This is expected to fuel the growth of the healthcare logistics market.
Additionally, governments of many countries are spending on the development of logistic infrastructure, which is also contributing to the growth of the healthcare logistics market. The introduction of drones in healthcare logistics is expected to create various growth opportunities in the market. Drones can facilitate the delivery of vaccines and medicines more efficiently. In future, small indoor drones may carry medications from the pharmacy to the patient's bedside, which will help ensure a smoother and less error-prone administration of drugs. These factors are expected to fuel the growth of the market.
Due to the increase in the cost of fuel, pharmaceutical and medical device companies prefer seaborne shipments over railways and airways. For instance, AstraZeneca, a leading multinational pharmaceutical company, shifted around 65% of its product transportation to seaborne transportation, which will have a positive impact on the seaborne transportation type.
Some Noted Developments Considered in the Report:
- In February 2021, Kuehne+Nagel, one of the leading logistic companies that focus on integrated logistic solution, has acquired Asian logistics provider Apex International Corporation. Apex International Corporation is Asia’s leading freight forwarders, especially in the transpacific and intra-Asia. This acquisition will help the company to offer customers a compelling proposition in the competitive Asian logistics industry, especially in e-commerce fulfilment, hi-tech, and e-mobility.
- In October 2020, DB Schenker introduced a new autonomous mobile robot (AMR). In the warehouse about 120 kilometers east of Prague, the robot called MiR Hook 200 helps detect and transport trolleys to make operations more effective.
COVID-19 Impact on the Logistics Market
The QMI team has closely monitored the impact of COVID-19 on the global logistics market, and it has been observed that the firms that are involved in storage, movement, and flow of products have been disrupted due to the COVID-19 pandemic. In India, around 8 million people are employed in the logistics sector, and it is a leading contributor in the development of the economy. After the complete lockdown imposed to contain COVID-19, the demand for logistics decreased that led to an economic slump. Due to the lockdown and border closure, the movement of goods were restricted. All these factors are mentioned and analysed in this report.
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Global Healthcare Logistics Market, by Service
Based on service, the healthcare logistics market is segmented into transportation and warehousing. Among these segments, the transportation segment of the global healthcare logistics market is expected to exhibit lucrative growth in the forecast period. The seaborne transportation is majorly used by pharmaceutical companies for outsourcing the packaging and labeling activities from third party providers. This, along with the growing government initiatives in the development of logistics infrastructure, is contributing to the growth of the transportation segment.
Global Healthcare Logistics Market, by Product
Based on product, the market has been segmented into pharmaceutical products and medical devices. Among these segments, the pharmaceutical products segment of the global healthcare logistics market is anticipated to grow significantly in the forecast period. Various companies and research institutes are involved in the development of innovative drugs that are required to be transported using a secure cold chain solution. According to National Investment Promotion & Facilitation Agency, the pharmaceutical industry is anticipated to reach USD 65 billion by 2024. This is expected to fuel the market for pharmaceutical product logistics.
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Global Healthcare Logistics Market, by Region
Based on the region, the global healthcare logistics market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia Pacific region is anticipated to grow significantly in the forecast period. Factors such as low cost of production and R&D efficiency are expected to drive the pharma companies in the Asia Pacific region. According to IBEF (India Brand Equity Foundation), pharmaceutical export accounted for USD 16.3 billion in 2020. Moreover, government initiative in the development of healthcare infrastructure and growing focus on elderly care and home-based healthcare facilities have resulted in increased demand for prescription drugs and devices in the Asia Pacific region. This will eventually give a major boost to the healthcare logistics market of the region.
Some Major Findings of the Healthcare Logistics Market Report Include:
- Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth global healthcare logistics market analysis by the aforementioned segments along with an analysis of trend-based insights and factors
- Profiles of the major market players operating in the global healthcare logistics market, which include DB Schenker, Deutsche Post DHL, CEVA Holdings, Cold Chain Technologies LLC, FedEx Corp, Continental Cargo OU, United Parcel Service Inc., Air Canada, AmerisourceBergen Corp, and Kuehne + Nagel International AG, among others.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players along with their major investments in the last five years
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global healthcare logistics market
- Impact of COVID-19 on the global healthcare logistics market
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “ Healthcare Logistics Market By Service (Transportation, Warehousing), By Product (Pharmaceutical products, Medical devices)” in depth analysis along with the table of contents (ToC).
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