The U.S. Biopharmaceutical Third Party Logistics Market size is expected to reach USD 62.3 billion by 2028, at a CAGR 7.1% over the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for novel biologics and the need to manage those is boosting the market growth. Moreover, the rising demand for temperature-controlled logistic services to transport biologics in various regions and the growing distribution networks of biopharmaceutical companies to improve their sales are factors driving the market growth.
The COVID-19 pandemic has had a major impact on global
logistics to some extent due to diminished air freight capacity and reduced
workforce at warehouses and airports. The decisions of local authorities to
shut down the logistic infrastructure, enforce movement restriction, or put in
place additional requirements to suppress transmission of the virus have also
impacted the logistic services. This has significantly hindered many supply
operations.
The future seems lucrative for the market with the
retraction of government regulations related to transportation and
shelter-in-place mandates. A sudden surge in the demand for cold chain
logistics was observed during the pandemic. Growth in the manufacture and
distribution of the COVID-19 vaccine is expected throughout 2021. For instance,
in March 2021, FedEx Express started shipping the COVID19 vaccine for McKesson
Corp. to centers all across the U.S. The company has already shipped millions
of COVID-19 vaccines since mid-December 2020.
Related Press Release@ U.S. Biopharmaceutical Third Party Logistics Market Report
U.S. Biopharmaceutical 3PL Market
Report Highlights
- The non-cold chain logistics held the largest market share of 80.8%
in 2020 owing to the sales of a large number of drugs that do not require
any temperature control
- The cold chain logistics segment is projected to witness the
fastest of CAGR 10.1% over the forecast period owing to the demand for
biologics, such as cellular therapies, vaccines, and test kits
- The increasing demand for the COVID-19 vaccine is a major
contributing factor to the market growth. Furthermore, the rising trend of
outsourcing logistics services is fueling the growth
- The warehousing & storage segment held the largest revenue
share of 43.6% in 2020 due to the growing demand for storage
- The specialty drugs segment dominated the market in 2020 owing to
the rapid growth in specialty pharma
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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