U.S. Biopharmaceutical Third Party Logistics Market Size Is Expected To Reach USD 62.3 Billion By 2028Posted by rahul nikade on September 14th, 2022 U.S. Biopharmaceutical Third Party Logistics Industry Overview The U.S. biopharmaceutical third party logistics market size was valued at USD 36.4 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.1% from 2021 to 2028. The market is majorly driven by the launch of innovative biopharmaceutical products including cell & gene therapies that are creating more demand for cold chain storage, transport & distribution solutions. Moreover, 3PL service providers are also investing in technology due to fluctuating demand, capacity problems, and ongoing disruptions owing to the COVID-19 pandemic. The pandemic has led to restrictions on air travel & disrupting the airfreight market & delaying of supply of health products including vaccines to many countries. In the initial months of the pandemic, all the existing airfreight rates were suspended with UNICEF registering rate rises by as much as 500% but stabilizing at between 150 to 250%. Gather more insights about the market drivers, restrains and growth of the U.S. Biopharmaceutical Third Party Logistics Market The COVID-19 pandemic has uncovered vulnerabilities within the supply chains, including the risk of just-in-time inventory & the likely benefits of relocating production near to the consumption point. A study looked at areas most impacted by the pandemic for shippers that comprises international transportation & logistics (43%), sourcing & procurement (30%), and manufacturing (24%). The third-party logistics market was largely impacted by labor & workforce management (33%), manufacturing (24%), and international transportation & logistics (23%). The pandemic has also enhanced the demand within the cold chain. Maximum shippers expect the demand for cold chain capacity to rise over the next three years. Hence, most third-party providers have speeded up their growth plans, thus increasing their need for more cold chain capacity. In addition, the companies are also playing a key role in the pandemic to meet the growing demand. For instance, McKesson’s deep expertise in the healthcare supply chain is playing an important role in delivering medical supplies & pharmaceuticals to customers & patients during critical times. This comprises supporting the U.S. government as a centralized distributor of the COVID-19 vaccines and the ancillary supply kits required to administer them. Browse through Grand View Research's Medical Devices Industry Research Reports.
U.S. Biopharmaceutical Third Party Logistics 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)
U.S. Biopharmaceutical 3PL Service Type Outlook (Revenue, USD Billion, 2016 - 2028)
U.S. Biopharmaceutical 3PL Product Type Outlook (Revenue, USD Billion, 2016 - 2028)
Market Share Insights
Key Companies profiled: Some prominent players in the U.S. biopharmaceutical third party logistics market include
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