Healthcare Logistics Market to Reach the Size of US$ 158.5 Billion by 2030 at a CAGR of 8.3% from 2022 to 2030
According to Acumen Research & Consulting, the global healthcare logistics market revenue is projected to rise at a CAGR of more than 8.3% over the forecast timeframe and reach a market value of around USD 158.5 billion by 2030.
The global COVID-19 pandemic is having a negative effect on all countries and societies, resulting in unprecedented human and economic costs. The availability of effective and safe anti-virus vaccines, as well as specialized diagnostic imaging techniques and therapeutic applications, the improvement of current zoonotic introductions, and adherence to healthcare and social measures, all contribute to the saving of additional lives. The Access to COVID-19 Tools Accelerator COVAX Facility's, vaccine pillar aims to accelerate balanced access to proper, safe, and efficacious vaccines for all countries. However, the impact of the COVID-19 pandemic is a critical factor in the rapid growth of healthcare logistics. During the global epidemic, governments across the world are emphasizing healthcare facilities and an ample supply of medications for patients.
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To scale up to the capacity to meet the global reach of COVID-19 vaccines, many government agencies adapt their infrastructure, methods, and resources to effectively respond to the massive global healthcare logistical issues. As a result, the COVID-19 pandemic has accelerated the demand for healthcare logistics services. Besides, UNICEF plays an important role on behalf of the COVAX Facility in supporting with the transportation and delivery operations of COVID-19 vaccines to developing and underdeveloped economies. UNICEF expects to transport up to 850 metric tons of COVID-19 vaccines per month in 2021.
Healthcare logistics is an important part of the medical system because pharmaceuticals and medical devices must be handled and transported with extreme care. Healthcare logistics is a subset of logistics services concerned with transporting, storing, handling, and delivering medical products from the manufacturing unit to the desired location. As a result, the equipment and personnel services in the health care supply chain are prohibitively expensive. Logistics is used in the pharmaceutical industry to manage the entire process of storing, acquiring, and moving resources to end-users based on their needs. Consolidation among drug manufacturers to increase their market share and international reach is the latest market trend gaining traction. Furthermore, technological developments such as cloud-based supply chain processes and blockchain technology, which provide precise and dependable real-time data on operational processes, will drive market growth.
Global Healthcare Logistics Market Growth Aspects
Increased production and consumption of pharmaceutical drugs and advanced medical devices as a result of the high incidence of chronic diseases, as well as strong growth in the target patient population, are expected to drive growth in the global healthcare logistics market over the forecast period. Due to the global impact of COVID-19, the market for cold-chain and non-cold chain healthcare logistics is expected to grow rapidly. Furthermore, the steadily increasing use of air transport logistical support for intercontinental and long-distance distribution of valuable drugs and vaccines is expected to play a significant role in the growth of the healthcare logistics market. Furthermore, changing consumer lifestyle habits and dietary factors are driving demand for temperature-sensitive nutrients and food supplements, which are expected to boost demand for the healthcare logistics market during the forecast period.
Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global healthcare logistics market. The Asia-Pacific region is expected to be the fastest-growing region in the healthcare logistics market due to strong economic growth in developing countries such as China and India. The Asia-Pacific healthcare logistics market is anticipated to grow due to a large population's demand for over-the-counter medications. During the COVID 19 pandemic, the Asia-Pacific healthcare transportation and logistics market has seen massive development despite social and economic problems in two of its largest economic regions, the EU and the US, and is seeing a plethora of opportunities open up in emerging countries such as Africa. Furthermore, the pharmaceutical industry has been experiencing a geographical shift in terms of manufacturing and sales locations. Market participants are discovering exciting opportunities in emerging economies in Asia and the Middle East, which is expected to boost the market growth in these regions over the forecast period.
Market Segmentation
The global healthcare logistics market has been segmented by Acumen Research and Consultancy based on supply chain, service type, and product. Based on the supply chain, the market is divided into cold chain logistics, and non-cold chain logistic. Based on service type, the market split into transportation, warehouse and storage, and monitoring components. Based on product, the market is categorized into pharmaceutical products, medical devices, and others.
Major Players
The healthcare logistics market's players are constantly investing in research and development to improve the quality and transparency of their transportation system. Some key players covered global in the healthcare logistics industry are United Parcel Service Inc., Air Canada, LifeConEx, AmerisourceBergen Corp., Cold Chain Technologies LLC, CEVA Logistics AG, VersaCold Logistics Services, Deutsche Post DHL Group, Kuehne + Nagel International AG, FedEx Corp., Continental Cargo OU, and Schenker AG.
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