U.S. Biopharmaceutical 3PL Market Growth & Trends
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.
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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
Access Press Release@ https://www.grandviewresearch.com/press-release/us-biopharmaceutical-3pl-market-analysis
U.S. Biopharmaceutical 3PL Market Segmentation
Grand View Research has segmented the U.S. biopharmaceutical 3PL market on the basis of supply chain, service type, and product type:
U.S. Biopharmaceutical 3PL Supply Chain Outlook (Revenue, USD Billion, 2016 - 2028)
- Cold Chain
- Non-cold Chain
U.S. Biopharmaceutical 3PL Service Type Outlook (Revenue, USD Billion, 2016 - 2028)
- Transportation
- Air Freight
- Sea Freight
- Overland Transportation
- Warehousing &Storage
- Others
U.S. Biopharmaceutical 3PL Product Type Outlook (Revenue, USD Billion, 2016 - 2028)
- Specialty Drugs
- Generics
- Plasma-derived Products
- Others
List of Key Players of the U.S. Biopharmaceutical 3PL Market
- DHL International GmbH
- SF Express
- United Parcel Service of America, Inc.
- AmerisourceBergen Corporation
- DB Schenker
- KUEHNE + NAGEL
- Kerry Logistics Network Ltd.
- Agility
About Grand View Research
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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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