New York, USA, May 11, 2023 (GLOBE NEWSWIRE) -- Healthcare Logistics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Healthcare Logistics Market Information By Service, Product, Type, End-Users, And Region - Forecast till 2032", the market is projected to grow from USD 84.87 Billion in 2023 to USD 179.30 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.80% during the forecast period (2023 - 2032).
Market Scope
Increasing pharmaceutical revenue growth in international commerce and globalization are the key market drivers enhancing market growth. The term "logistics" describes the overall process of controlling how resources are obtained, stored, and delivered to their final location. Healthcare logistics covers the entire supply chain process, from start to finish. From their origin, raw materials are shipped to a production facility, then to a factory. The finished goods are then transported from the factory to warehouses or distribution centers that can store them on demand.
Healthcare logistics encompasses the supply chain that runs from the manufacturing plants of healthcare product manufacturers and manufacturers of medical equipment to the front doors of hospitals and other healthcare facilities. Healthcare includes preventing, detecting, treating, recuperating, or enhancing wellness by eliminating infection, illness, harm, and other physical and mental impediments in people. Fitness professionals in related industries are used to address healthcare needs. Many health professions supplement healthcare, including dentistry, medicine, nursing, psychology, occupational therapy, and physical therapy.
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It involves identifying potential sellers and providers and addressing their efficiency and reachability. Therefore, healthcare logistics refers to the movement of pharmaceuticals, clinical devices and equipment, medical and surgical supplies, and other products needed by physicians, nurses, and other healthcare professionals. Logistics regulates how resources are stored, acquired, and transferred in the healthcare sector. Thanks to the efficient use of transportation in this industry, pharmaceuticals, equipment, and systems are continuously transported from suppliers and providers spread across the nation. The healthcare sector comprises hospitals, clinics, large pharmacy retail chains, and wholesalers of medical supplies. Any form of transportation, including cars, trucks, trains, boats, planes, and vehicles with temperature control, can transport people for medical purposes. The expansion of medical infrastructure and facilities worldwide fuels the market for logistics in healthcare.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 179.30 billion |
| CAGR | 9.80% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Service, Product, Region and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Technological advancements and rapidly growing e-commerce sector |
| Increasing pharmaceutical revenue growth in international commerce |
Healthcare Logistics Market Competitive Landscape:
The contenders in the healthcare logistics market are:
- Air Canada
- FedEx Corp
- Kuehne + Nagel International AG
- Schenker AG
- United Parcel Service Inc.
- Owens & Minor
- AmerisourceBergen Corp
- CEVA Logistics AG
- Cold Chain Technologies LLC
- Deutsche Post DHL Group
- Lufthansa Cargo
- Farmasoft
Healthcare Logistics Market Trends:
Market Drivers:
E-commerce, also known as electronic commerce, is the purchasing and selling products and services over online platforms. In recent years, the widespread use of e-commerce platforms such as Amazon, eBay, and Flipkart has led to a substantial increase in the online purchase and sale of products. Drones could be the ideal answer to the issue, providing just-in-time resupplies of essential healthcare logistics and medical supplies wherever needed. The two main factors expected to fuel market growth are the growing demand for biological pharmaceuticals and the rising propensity of companies to outsource. These days, a sizable number of medical items require to be transported through businesses over sizable distances. These substances are priceless and delicate. The potential for temperature-controlled medical logistics is expanding, which is advantageous for the entire healthcare logistics market. This is due to the growing market for temperature-sensitive biological, clinical objects, and drugs and growing awareness among pharmaceutical and logistics companies. Drones can ensure that these items are deliverable when certain healthcare systems cannot sustain cold-chain products on-site, such as platelets or blood. In the last few years, there have been several firsts for drones used in healthcare logistics.
Market Restraints:
Reverse logistics services are expensive and are provided by many manufacturers and service providers. Because there is such a high demand for numerous healthcare-related products, reverse logistics services are prevalent in the healthcare industry. Reverse logistics service costs are high because of several interrelated factors that go into their calculation. The method of ordering, storing, and marketing a business's products while also keeping track of its logs is known as inventory management. This covers keeping and handling returned goods and managing components, raw materials, and finished goods.
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COVID 19 Analysis
The COVID-19 standard has positively impacted the global healthcare logistics market. Even though most industries suffered significant losses and fell during the pandemic, the global healthcare sector experienced a boom. To stop the spread of COVID-19, the government has implemented several stringent measures, including halting the manufacturing and distribution of non-essential goods and obstructing international trade. Only the essential services that are permitted to open and conduct business are dealing with this pandemic situation. Due to a spike in consumer appetite for oxygen and other medical equipment, the healthcare logistics market specifically saw growth during the second wave.
Additionally, the global vaccination campaign is expected to show an uptick in sales. The market has been significantly impacted by the production facilities shutting down due to the pandemic. Manufacturers are taking several strategic actions to recover from COVID-19. The market has expanded due to government authorities using healthcare logistics in contract logistics, overland logistics, airborne logistics, and sea freight.
Healthcare Logistics Market Segmentation
By service, the market includes transportation and warehousing.
By end-users, the market includes pharmacies, healthcare facilities, and research and diagnostic laboratories.
By product, the market includes pharmaceutical products, medical devices, and medical equipment.
By type, the market includes branded drugs and generic drugs.
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Regional Insights
In 2022, the North American healthcare logistics market will rule. The region's authority in pharmaceutical and biologic medicines and a surge in biopharmaceutical imports and exports are primarily responsible for this high revenue share. The largest market share belongs to Europe. The development of technology is a crucial trend that is becoming more and more popular in the medical logistics sector. The biggest names in the healthcare logistics market are focusing on offering technologically cutting-edge logistics solutions to strengthen their market positions. Additionally, the UK Healthcare Logistics market grew at the fastest rate in the European region. The increasing adoption rate of advanced technology facilities, rising demand for cold storage facilities, and the increase in merger and acquisition activity by industry participants will boost the market in this region.
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