Global Biopharmaceutical Third-party Logistics Market Size to grow USD 202.3 Billion by 2030 | CAGR of 6%

According to a research report published by Spherical Insights & Consulting, the Global Biopharmaceutical Third-party Logistics Market Size to grow from USD 119.8 billion in 2021 to USD 202.3 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6% during the forecast period.  The most major reason that is driving the expansion of this market is the enormous market demand for biopharmaceuticals that is caused by the increasing prevalence of chronic illnesses and the expanding population of elderly people. In addition, the expanding healthcare sector along with rising awareness about the efficacy and availability of biopharmaceuticals among the population is also anticipated to act as a cushion for the growth of the market during the forecast period.

Browse key industry insights spread across 240 pages with 102 market data tables and figures & charts from the report “Global Biopharmaceutical Third-party Logistics Market Size, Share, and COVID-19 Impact Analysis, By Supply Chain (Cold Chain and Non–Cold Chain), By Service Type (Transportation [ Air Freight, Sea Freight, Overland], Warehousing and Storage, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030.” in detail along with the table of contents https://www.sphericalinsights.com/reports/biopharmaceutical-third-party-logistics-market

View a detailed Table of Content here–

The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.

The Non – Cold Chain segment  to account for the largest market size during the forecast period

Based on the supply chain, the biopharmaceutical third-party logistics market is categorized into Cold Chain and Non–Cold Chain. The Non – Cold Chain segment accounts for the largest market size during the forecast period. Due to a growth in the number of pharmaceutical products sold through distributors, the non-cold chain logistics sector accounted for the biggest percentage of the overall revenue. Greater scalability is provided by 3PL services, and increased visibility helps to minimize total operating costs while also contributing to the development of a more robust logistics network with higher returns and reduced risks. As a result, third-party logistics (3PL) has evolved into an essential component of the business strategies employed by pharmaceutical businesses.

The Warehousing and Storage segment to hold a higher CAGR during the forecast period

Based on service type, the biopharmaceutical third-party logistics market is categorized into Transportation [ Air Freight, Sea Freight, Overland], Warehousing and Storage, and Others.  The Warehousing and Storage segment to hold higher CAGR during the forecast period. This is because the pharmaceutical and healthcare industries have a significant need for third-party logistics (3PL) services. Many businesses in the life sciences industry are turning to third-party logistics providers (3PLs) in order to save their operational costs and other overhead expenses. As a result of the dramatic increase in customer demand, service providers have expanded their product lines to include a wide variety of value-added services such as warehousing and packing.

Asia-Pacific to hold a higher CAGR during the forecast period.

The Global Biopharmaceutical Third-party Logistics Market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. North America is estimated to account for the highest market share in 2022. The rising import and export of pharmaceutical ingredients, medicines, biologics, vaccines, and other related products is the primary driver of growth in this sector. In addition, there is high cost of medical treatment, this region has the highest rate of implementation of various cutting-edge technology. Therefore, pharmaceutical businesses situated in North America are increasingly depending on 3PL service providers for the purpose of improving storage and shipping, which is driving the overall expansion of the region.

Major vendors in the Global Biopharmaceutical Third-party Logistics Market include FedEx., SF Express, AmerisourceBergen Corporation, DB Schenker, KUEHNE + NAGEL, Kerry Logistics Network Limited, Agility, McKesson Corporation, Nippon Express, C.H. Robinson Worldwide, CEVA Logistics

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