According to Acumen Research & Consulting, the Global Healthcare Logistics Market size is expected to be valued USD 158.5 Billion by 2030, with a CAGR of 8.3% throughout the projected timeframe.
Generally, logistics refers to the secure transfer of raw resources, finished products, and commodities. Logistics in healthcare entails a set of operations, a workforce distributed across multiple teams, and the movement of drugs, medical tools, and other materials required by healthcare professionals to carry out their duties. The purpose of healthcare logistics is to identify and recommend solutions to organizational vulnerabilities. It seeks to identify vulnerable locations in order to attain targeted health outcomes and boost international health expenditures. The benefits of efficient logistics and supply chain in healthcare are improved operations, efficient resource utilization, successful treatment, satisfied workers, and satisfied patients.
In some contexts, healthcare logistics is also referred to as medical and pharmaceuticals logistics. The demand for medical supplies, medical equipment, and medicine is constantly expanding, and healthcare logistics is the method of gathering such things to where they are needed and when they are needed. Healthcare logistics is similar to any other sector, albeit with potentially greater ramifications. In healthcare, logistics is a true potentially dangerous situation; if the necessary medicine or medical equipment is not available where it is needed, patients suffer the consequences. Based on the products, many supply chains exist within healthcare or medical logistics. Some pharmaceuticals and even some equipment require temperature control, whereas others, due to fragility or odd dimensions, may necessitate specialized packaging. However, healthcare logistics is complex and critical; consequently, a logistics service provider with the requisite knowledge makes the process more manageable.
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Global Healthcare Logistics Market Growth Aspects
Rising individual healthcare spending is the major factor driving the healthcare logistics market growth. Other aspects, such as the implementation of novel gadgets and increased competition among manufacturers, will also enhance the overall market. Furthermore, as chronic diseases become more prevalent, demand for contemporary healthcare equipment and services will rise. Furthermore, the development of sophisticated technology for conveying effective medicines will increase healthcare logistics market size. Furthermore, rising international demand for pharmaceuticals and monitoring implants is a crucial cause for the global healthcare logistics market trend. Furthermore, rising e-commerce and online selling activity, as well as internet penetration, are driving up the desire for the healthcare logistics market. The developing medical and pharmaceutical device industry has become increasingly complex in recent years as competitors extend their product and services to meet customer demands and move up with a swiftly changing market. This will stimulate healthcare logistics market value in the ensuing years.
In addition, the need for pharmaceuticals used to treat the new coronavirus disease is likely to drive market expansion. The increasing desire for biological pharmaceuticals, as well as the development and designing of organizations to outsource, are expected to be the primary drivers of the healthcare logistics market expansion. Furthermore, ongoing research and development into the deployment of new healthcare technologies will broaden the spectrum of growth.
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Impact of COVID 19
The most recent COVID-19 virus breakthroughs have enabled numerous large pharmaceutical or vaccine companies to expand considerably in development and trials in order to manufacture effective anti-virus medications. COVID-19 had a major impact on the healthcare logistics business because nearly every country elected to close all manufacturing facilities save those involved with the production of essential items. More than 50 companies were undertaking clinical trials of COVID-19 vaccines around the world, with a few of the vaccinations, including Sputnik V, Covaxin, Covishield, and mRNA, being approved for emergency use in critical countries like Russia, the United Kingdom, India, and the United States.
Rapid Growth of the E-Commerce Business Leads to the Growth of Healthcare Logistics
E-commerce, often known as electronic commerce, is the practice of buying and selling products and services over a networked medium or electronic marketplace, most notably the Internet. The widespread use of e-commerce platforms such as Flipkart, Amazon, and eBay in recent years has contributed to an expansion in the online trade of products and services. This has developed a framework for individuals to independently obtain and use healthcare items as needed. As a result, the healthcare logistics market will see growing demands in the coming years.
Healthcare Logistics Market Segmentation
According to Acumen Research and Consulting, the global healthcare logistics market is segmented by supply chain, product, and service type. By supply chain, the market is separated into non-cold chain logistics and cold chain logistics. By product, the market can be divided into medical devices, pharmaceutical products, and others. By service type, the segment is further segmented into transportation (sea freight, air freight, and overland transportation), warehouse and storage, and monitoring components.
Healthcare Logistics Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global healthcare logistics market. According to healthcare logistics market forecasts, North America will have significant market shares and be the world’s fastest-growing region in the coming years. The growing commercial, infrastructure, and industrial activity in emerging countries such as the United States and Canada have contributed to the market’s significance. Furthermore, the growing e-commerce and advanced healthcare industries are boosting regional healthcare sectors. The United States continues to lead the North American region in air transport logistics, sea freight logistics, overland logistics, and third-party logistics.
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Healthcare Logistics Market Players
Some of the prominent healthcare logistics market companies are Deutsche Post DHL Group, FedEx Corp., Schenker AG, CEVA Logistics AG, LifeConEx, Cold Chain Technologies LLC, Kuehne + Nagel International AG, AmerisourceBergen Corp., Air Canada, United Parcel Service Inc., Continental Cargo OU, and VersaCold Logistics Services.
Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Frank Wilson
Acumen Research and Consulting
E-mail: [email protected]