Bio-Pharmaceutical Logistics Market Set to Skyrocket to $215.69 Billion by 2028, Fueled by Gene Therapies and Sustainable Practices: A Comprehensive Analysis of the Global Industry
Dublin, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The "Bio-Pharmaceutical Logistics Global Market Report 2024" report has been added to * ResearchAndMarkets.com's* offering.
The global bio-pharmaceutical logistics market has grown rapidly in recent years. It will grow from $131.79 billion in 2023 to $145.69 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. North America was the largest region in the bio-pharmaceutical logistics market share in 2023. The historic growth in biopharmaceutical logistics can be attributed to several factors including the escalation of clinical trials, globalization affecting pharmaceutical supply chains, the expanding prominence of personalized medicine, management of temperature-sensitive clinical materials, a shift towards patient-centric logistics, and the implementation of pharmaceutical serialization initiatives.
The bio-pharmaceutical logistics market is expected to see rapid growth in the next few years. It will grow to $215.69 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The forecasted growth in biopharmaceutical logistics is expected due to the expansion of the gene and cell therapies market, the adoption of sustainable logistics practices, increased development of orphan drugs, the integration of autonomous vehicles, growing demand for biologics and biosimilars, and the evolution of precision medicine logistics. Key trends in this period encompass technology integration within logistics, digitalization across supply chains, emphasis on risk mitigation and contingency planning, the formation of strategic partnerships and collaborations, and the emergence of patient-centric distribution models.
The surge in the use of biologics is expected to drive the growth of the bio-pharmaceutical logistics market. In 2021, revenues from biological drugs in the USA reached $17 billion, doubling those from non-biologic drugs at $8 billion, as reported by the Academy of Health Information Professionals. This underscores the significant impact of the increasing use of biologics on propelling the bio-pharmaceutical logistics market.
The growing demand for personalized medicine is expected to be a key driver for the bio-pharmaceutical logistics market. As of October 2022, there were over 75,000 genetic testing products and 300 personalized medicines, as reported by STAT, a US-based health-oriented news company. The rising demand for personalized medicine is, therefore, a significant factor propelling the growth of the bio-pharmaceutical logistics market.
Technological advancement is a prominent trend gaining traction in the bio-pharmaceutical logistics market. Major companies in the market are embracing innovative technologies to maintain their competitive edge. For instance, in September 2022, CubeWorks, a US-based company specializing in breakthrough smart sensing solutions, introduced CubiSens XT1. This next-generation visibility solution for cold chain logistics, equipped with the world's smallest temperature tracker and ultra-small IoT sensing technology, monitors biopharma products throughout their entire lifecycle. The CubiSens XT1 ensures temperature compliance and quality assurance, addressing challenges in fragmented temperature monitoring, data aggregation, and incomplete tracking across the supply chain. Powered by CubeWorks' patented ultra-low power system-on-chip solution, the CubiSens XT1 offers scalability and cost-effectiveness, marking a significant technological advancement in the bio-pharmaceutical logistics market.
Prominent companies in the bio-pharmaceutical logistics market are directing their focus towards innovating advanced logistics solutions, particularly in the realm of ultra-low temperature-controlled logistics, to enhance their market operations. Ultra-low temperature-controlled logistics involves the storage, preservation, and transportation of goods requiring maintenance at extremely low temperatures. Notably, Nippon Express, a Japan-based logistics company, has introduced an ultra-low temperature-controlled logistics service specifically tailored for the pharmaceutical industry. This service is designed to handle goods demanding ultra-low temperatures, ranging from -20C to -85C. With a strategic emphasis on the pharmaceutical sector, Nippon Express is actively developing quality control systems and enhancing its business infrastructure in alignment with Good Distribution Practices (GDP) established for pharmaceuticals. The service covers a wide spectrum of pharmaceutical commodities, including raw materials, intermediates, active pharmaceutical ingredients, and finished products.
In August 2022, CRYOPDP, a France-based company specializing in innovative temperature-controlled logistics solutions for clinical research, acquired Polar Express for an undisclosed amount. This strategic acquisition positions CRYOPDP to expand its coverage in Europe and offer solutions to both global and local customers in Spain. Polar Express, based in Spain, is recognized for providing worldwide temperature-controlled shipping services for biopharmaceutical and biological commodities. The acquisition underscores the industry's commitment to strengthening and extending temperature-controlled logistics capabilities, reflecting the importance of advanced solutions in the bio-pharmaceutical logistics market.
*Report Scope*
*Markets Covered:*
· *By Type:* Cold Chain Logistics; Non-Cold Chain Logistics.
· *By Service:* Transportation; Warehousing and Distribution; Value Added Services.
· *By Retail Format:* Specialty Stores; Hyper Markets; Departmental Stores.
· *By Application:* Ground Shipping; Sea Shipping; Air Shipping.
· *By End Users:* Pharmaceuticals; Biopharmaceuticals; Pharmacies; Hospitals; Clinics; Supermarkets; Other End Users.
*Key Companies Mentioned:* Kuehne + Nagel International AG; FedEx Corporation; SF Express Co. Ltd.; Dalsey Hillblom and Lynn; Kerry Logistics Network Limited.
*Countries:* Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
*Regions:* Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa.
*Time Series:* Five years historic and ten years forecast.
*Data:* Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
*Data Segmentations:* Country and regional historic and forecast data, market share of competitors, market segments.
*A selection of companies mentioned in this report includes:*
· Kuehne + Nagel International AG
· FedEx Corporation
· SF Express Co. Ltd.
· Dalsey Hillblom and Lynn
· Kerry Logistics Network Limited
· AmerisourceBergen Corporation
· United Parcel Service of America Inc.
· DB Schenker
· Agility Public Warehousing Company K.S.C.P.
· C.H. Robinson Worldwide Inc.
· Ceva Logistics
· Dansk Supermarked A/S.
· Nippon Express
· GEODIS S.A.
· Air Canada Cargo
· World Courier Inc.
· QuickSTAT Global Life Science Logistics Inc.
· Marken
· Biocair
· Almac Group
· PCI Pharma Services Holdings LLC
· Cryoport Inc.
· MNX Global Logistics LLC.
· Movianto
· Clinical Trial Logistics
· Thermo Fisher Scientific
· World Courier Management Inc.
· Cardinal Health Inc.
· Parexel International Corporation
· Selvita S.A.
For more information about this report visit https://www.researchandmarkets.com/r/bpkr0s
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