What is the global market size of Biopharmaceuticals Third Party Logistics 3pl Market?

Biopharmaceuticals Third Party Logistics 3pl Market size was valued at USD 119.8 billion in 2021 and is poised to grow from USD 125.8 billion in 2022 to USD 198.5 billion by 2030, growing at a CAGR of 5.9% in the forecast period (2023-2030).

Global Biopharmaceuticals Third Party Logistics 3pl Market Size, Share, Growth Analysis, By Supply chain(cold chain and non-cold chain), By Service type(transportation, warehousing and storage) - Industry Forecast 2024-2031

Report ID: SQMIG35C2014 | Region: Global | Published Date: February, 2024
Pages: 255 | Tables: 60 | Figures: 75

Global Biopharmaceuticals Third Party Logistics 3pl Market Dynamics

Biopharmaceuticals Third Party Logistics 3pl Market Drivers

Rise of Automation to Bolster Market Growth

The growing demand for efficient logistics solutions that can safely transport temperature-sensitive medications is expected to drive the growth of the biopharmaceutical third-party logistics (3PL) market. The introduction of a wide range of biologics and biosimilars, all of which require temperature-controlled logistics service to be distributed, is expected to be the driving force behind the growth of the biopharmaceutical third-party logistics market. The increased adoption of automation in manufacturing facilities in an effort to reduce operational costs is driving demand for third-party logistics services. Furthermore, the rising prevalence of chronic diseases is driving up demand for biologics, which is fuelling the growth of the biopharmaceutical third-party logistics (3PL) market.

One of the most important drivers of the proliferation of temperature management logistic services is technological advancement. The introduction of new technologies such as warehouse robotics, mobile cloud solutions, data mining, and real-time monitoring has had a significant impact on the logistics industry as a whole. According to a survey conducted globally in July 2021, third-party logistics providers place a high value on cold chain services (3PLs). More than 60% of third-party logistics (3PL) service providers believe that cold chain services will be critical to their company's growth in the coming years.

Biopharmaceuticals Third Party Logistics 3pl Market Restraints

Lack of Skilled Workers to Hinder Market Growth During Forecast Period

Logistics service development in developing countries continues to lag behind that in developed countries. This increase in service demand is due to a shortage of skilled workers in the biopharmaceutical third-party logistics sector. The shortage of qualified personnel also makes it difficult to expand the biopharmaceutical third-party logistics industry. As a result, the global market for pharmaceutical third-party logistics has been hampered.

The competency of a biopharmaceutical third-party logistics service is also important to the shipper or manufacturer of pharmaceuticals and medications that use it. The shipper must work with an outside logistics agency due to a lack of direct management. Producers are jeopardising the quality of their products due to a lack of oversight. The global biopharmaceutical third-party logistics market is stifled due to shippers' lack of control over logistics services.

Global Biopharmaceuticals Third Party Logistics 3pl Market Report Snapshots

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Biopharmaceuticals Third Party Logistics 3pl Market size was valued at USD 119.8 billion in 2019 and is poised to grow from USD 125.8 billion in 2023 to USD 198.5 billion by 2031, growing at a CAGR of 5.9% in the forecast period (2024-2031).

The market is highly fragmented, with a large number of players. This fragmentation makes it difficult for major players to enter a few countries around the world. As a result, the big players are consolidating, which will allow them to accept modern technologies from small or regional players and expand their global presence. 'FedEx', ' DHL Supply Chain & Global Forwarding ', ' XPO Logistics ', ' UPS Supply Chain Solutions ', ' DB Schenker ', ' Kuehne + Nagel ', ' AmerisourceBergen ', ' CEVA Logistics ', ' Cardinal Health ', ' Expeditors International ', ' DSV Panalpina ', ' GEODIS ', ' NFI Industries ', ' Agility ', ' Penske Logistics ', ' Hellmann Worldwide Logistics ', ' Ryder ', ' Syncreon ', ' C.H. Robinson Worldwide ', ' CHAMP Cargosystems '

The growing demand for efficient logistics solutions that can safely transport temperature-sensitive medications is expected to drive the growth of the biopharmaceutical third-party logistics (3PL) market. The introduction of a wide range of biologics and biosimilars, all of which require temperature-controlled logistics service to be distributed, is expected to be the driving force behind the growth of the biopharmaceutical third-party logistics market. The increased adoption of automation in manufacturing facilities in an effort to reduce operational costs is driving demand for third-party logistics services. Furthermore, the rising prevalence of chronic diseases is driving up demand for biologics, which is fuelling the growth of the biopharmaceutical third-party logistics (3PL) market.

Companies are investing more money in R&D to develop efficient value-added services in order to meet the growing demand for advanced logistic services in the biopharmaceutical industry. Smart sensor technology refers to the technology that measures the ambient conditions inside the vehicle. DHL is able to improve its distribution network in part because of the implementation of technologically advanced devices.

North America's market was the most profitable and held the largest share in 2021, accounting for more than 42.0% of total revenue generated worldwide. This is primarily due to the region's dominance in the biologics and pharmaceutical medication markets, as well as an increase in the number of biopharmaceuticals shipped out of and brought into the region. Furthermore, due to the high cost of medical treatment, the region has a relatively high rate of adoption of various cutting-edge technologies.

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Global Biopharmaceuticals Third Party Logistics 3pl Market Size, Share, Growth Analysis, By Supply chain(cold chain and non-cold chain), By Service type(transportation, warehousing and storage) - Industry Forecast 2024-2031

Global Biopharmaceuticals Third Party Logistics 3pl Market Dynamics

Global Biopharmaceuticals Third Party Logistics 3pl Market Report Snapshots

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