Healthcare Third-party Logistics Market Size, Share & Trends Analysis Report By Industry (Biopharmaceutical, Pharmaceutical, Medical Device), By Supply Chain, By Service Type, By Region, And Segment Forecasts, 2023 - 2030

Healthcare Third-party Logistics Market Size, Share & Trends Analysis Report By Industry (Biopharmaceutical, Pharmaceutical, Medical Device), By Supply Chain, By Service Type, By Region, And Segment Forecasts, 2023 - 2030

Healthcare Third-party Logistics Market Growth & Trends

The global healthcare third-party logistics market size is expected to reach USD 368.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.6% from 2023 to 2030. Some factors driving the growth of this market include technological advancements that help in developing new technologies to engage with consumers, reduction of operational costs through their use, and their assistance in expanding a business into emerging countries and new markets.

The COVID-19 pandemic significantly impacted the supply chain market and the way it is managed. However, the third-party logistics industry showed steady growth amid this pandemic. This is because the sector matched the rising demand with reliable manufacturers worldwide. In addition to the basic storage and transportation services during the pandemic, they also provided procurement assistance to relatively small retailers. There has also been an increase in healthcare companies partnering with third-party logistics providers to operate in a growing and changing set of regulatory requirements that vary by product classification, region, and state.

Healthcare third-party logistics (3PL) companies help in complying with these regulations without disturbing the time duration, efficiency, and cost-effectiveness. They also help in streamlining and simplifying the regulatory compliance process. Moreover, several service providers are focusing on expanding their logistic service portfolio via merger & acquisition strategies. For instance, in August 2022, UPS announced the imminent acquisition of Bomi Group, a multinational, industry-leading healthcare logistics provider. The acquisition would add temperature-controlled facilities in 14 countries to the UPS Healthcare network in Latin America and Europe.

Healthcare Third-party Logistics Market Report Highlights

• The industry segment is further classified into biopharmaceutical, pharmaceutical, and medical devices, with the biopharmaceutical segment accounting for the largest revenue share of 62.0% in 2022
• The cold chain logistics segment is anticipated to advance at the fastest CAGR of 10.5% during the forecast period. This is due to the rising global demand for biologics, which is a novel class of pharmaceutical
• North America dominated the global market with the largest revenue share of 42.6% in 2022, owing to the presence of several major industry players in the region, as well as the strong growth in pharmaceutical and biopharmaceutical exports and imports
• The warehousing and storage segment dominated the global market with a revenue share of 43.3% in 2022, owing to the increasing demand for biologics that require controlled temperature storage and warehousing facilities

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