Medical Courier Market to Hit $10.96 Billion Propelled by Medical Supplies and Equipment Segment During 2020-2030 | The Insight Partners
Global medical courier market is growing at a CAGR of 5.2% during 2022–2030.
Pune, India, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Medical courier is the supply of samples and equipment related to healthcare and medical requirements can sometimes be urgent and critical. A medical courier allows the movement from one place to another, often from the collection point of a sample, urine, blood, etc., to the healthcare facility centres where the tests are performed. Usually, such samples are time-sensitive and require a prompt transfer between doctors, clinics and hospitals, and biochemistry labs. Medical courier services can be offered across borders with medical test samples, delivery reagents, kits, and more products to research, pharmaceutical, and biotechnology companies. The report covers detailed insights with respect to the services offered by the market players operating in the sector.
Medical Courier Market in terms of revenue was estimated to be worth $7.30 billion in 2022 and is poised to reach $10.96 billion by 2030, growing at a CAGR of 5.2% during 2022–2030 according to a new report published by The Insight Partners.
The growth of the medical courier market is driven by increasing incidence of road accidents and growing number of surgeries and rising prevalence of chronic diseases.
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Adoption of Hub and Spoke Model Worldwide act as a Trend for Global Medical Courier Market Growth:
A hub-and-spoke model is a centralized warehousing and shipment system similar to a bicycle wheel's structure. The center of the wheel is the hub or a distribution center, and each spoke represents a delivery direction. The hub-and-spoke model weighs more on the positive side of the spectrum and is a cost-effective and efficient approach. The model encourages consolidation of all the inventory in one place (hub), from where it is delivered timely to different areas (spokes). The hub-and-spoke distribution model allows for planning and optimizing delivery routes around the hub linking to various destinations. The product is packed, shipped to one place, and delivered to multiple locations within the preferred time. It improves the workforce and substantially reduces the delivery time compared to the other model.
In addition, with the help of selected logistics partners, merchants can control inventory from a single center, obtain products from the cost effective suppliers, and distribute goods to customers from local warehouses. Shippers can take advantage of more inexpensive rates by aggregating their inventory at a centralized point. This less-than-truckload shipment can then be combined to fill in a single truckload, which then can be dispersed throughout the network. Small-and-medium-sized businesses (SMBs) can negotiate for better rates often associated with full truckload shipments using this model.
Furthermore, according to the government’s impact assessment published in the Pharmacy Journal, hub-and-spoke models are already used in countries including Germany, Finland, Belgium, and Denmark. The government estimates that any changes could save England NHS US$ 34 million (£27.3 million) over 10 years. It would free up the time spent on dispensing the products in spoke pharmacies and allow pharmacists to provide more clinical services.
Implementing hub and spoke dispensing requires robust quality control measures to ensure patient safety. Regulatory bodies, such as the General Pharmaceutical Council (GPhC), are involved in setting standards and guidelines to ensure the proper implementation of this model.
The hub-and-spoke model simplifies the shipment process and improves workforce productivity. It allows delivery partners to plan their regular delivery routes around a single hub, finish deliveries in that particular region, and then move on to another hub for any extra deliveries or on-demand. It improves the productivity of on-ground executives, allows them to meet service levels effectively, optimizes route planning and faster deliveries, and brings down logistical costs as taking the most efficient route speeds up last-mile deliveries and dramatically saves fuel costs. The hub-and-spoke system also limits the number of distribution centers within a city, leading to reduced cost of inventory management as well.
Global Medical Courier Market: Competitive Landscape and Key Developments
ERS Transition Ltd, Send Direct Ltd, Med Logistics Grp, Citysprint Ltd, United Parcel Services, FedEx Corp, MNX Global Logistics, Reliant Couriers & Haulage Ltd, ZIPLINE International Inc, and Deutsche Post AG are among the leading companies operating in the medical courier market. These players focus on expanding and diversifying their market presence and acquiring a novel customer base, tapping prevailing business opportunities in the medical courier market. Market players focus on strategic initiatives such as product launch, merger and acquisition, and expansion to the market. Below are a few instances:
In June 2022, Zipline started delivery of medical supplies in Nigeria’s Kaduna State, marking integration with the local health systems and authorization from the regulatory authorities. Zipline and the Kaduna State government are expected to deliver medical supplies to many of the health facilities to help create a more responsive, agile, and accessible health system, which depends on final regulatory approval.
In October 2022, Zipline began delivery of prescriptions and medical products directly to select Intermountain Healthcare patients’ yards in the Salt Lake Valley area. Zipline’s Utah delivery system will expand steadily over five years and will eventually be competent of delivering directly to about 1 million people. With this new partnership, the companies are making healthcare more accessible, convenient, and better for the environment.
In July 2022, MultiCare Health System and Zipline partnered to launch the first commercial drone deliveries in the US. Zipline’s electric, autonomous aircraft will deliver a range of medical products throughout MultiCare’s network of facilities, including hospitals, laboratories, and doctors’ offices.
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Global Medical Courier Market: Segmental Overview
Based on product type, the medical courier market is segmented into lab specimens, medical supplies and equipment, blood and organs, medical notes, and others. The medical supplies and equipment segment held the largest share of the market in 2022. The lab specimens segment is anticipated to register the highest CAGR in the market during 2022–2030. The medical courier market, by destination, is segmented into domestic and international. The domestic segment held a larger market share in 2022 and the international segment is anticipated to register a higher CAGR during 2022–2030. Increasing e-commerce companies have resulted in the rising number of logistics companies. Companies such as DHL Group; United Parcel Services of America, Inc.; FedEx Corporation; Hermes; Royal Mail; Yodel; DTDC; UPS; Agility; and UK Mail offer international services for medical couriers and non-medical couriers. Various other companies provide courier services through freight services, which has increased international courier services globally for medical products. The medical courier market, by service, is bifurcated into standard services and rush and on-demand services. The standard services segment held a larger market share in 2022 and the rush and on-demand services segment is anticipated to register a higher CAGR during 2022–2030. Standard services for medical products are similar to traditional standard courier services that deliver products in a predefined time. Standards services are generally non-emergency services; therefore, they are more cost-effective, responsive, and flexible than other courier services, including same-day delivery, rush-hour deliveries, and others. Under standard services, deliveries are prioritized based on the parcels and products' weight, size, and durability. Companies offering standard services ensure deliveries within two to three days from the processed date, making them cost-effective. Also, traditional services can be personalized according to the customers' requirements based on extra or fewer delivery miles. It also offers traceability of the parcel to the customers to monitor the real-time movement of their parcel and ensure safe and on-time delivery. The growth of the market is due to a boom in the purchase of medicines and medical products. The medical courier market, by end user, is segmented into hospitals and clinics, diagnostic labs, pharmaceutical and biotechnology companies, blood and tissue banks, in-home support, and others. The hospitals and clinics segment held the largest share of the market in 2022 and the in-home support segment is anticipated to register the highest CAGR in the market during 2022–2030.
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