High demand for COVID-19 vaccines in the country during the COVID-19 pandemic contributed to the hospitals, public organizations, and other institutions entering into partnerships with third-party logistics service providers. For instance, in 2020, the Ohio Department of Health partnered with Cardinal Health for the distribution of the COVID-19 vaccine. This is expected to have improved the demand for third-party logistics services in the country during the pandemic period.
There is a growing demand for biopharmaceuticals in the country for treating diseases such as cancer, autoimmune diseases, neurological diseases, and others. Furthermore, a significant number of researches are conducted in the country on drugs. All these factors are expected to boost the demand for third-party logistics services over the forecast period.
During the last five years, a significant number of pharmaceutical, biopharmaceutical, and medical devices were approved and launched in the country. For instance, in January 2023, Amgen launched Amjevita biosimilar for treating active polyarticular juvenile idiopathic arthritis. Similarly, in December 2022, the USFDA approved a drug named ublituximab-xiiy from Briumvi for treating multiple sclerosis. Similar drug approvals and drug launches in the country in the forecast period are expected to create opportunities for third-party logistics services in the U.S.
Furthermore, strategic initiatives undertaken by key entities in the market is expected to create growth opportunity for the regional market in the coming years. For instance, in January 2023, Censinet received funding of USD 9 million to accelerate third-party risk management in healthcare. This funding was led by the MemorialCare Innovation Fund including Ballad Ventures and Rex Health Ventures, bringing the Company’s total funding to over USD 22 million.
U.S. Healthcare Third-party Logistics Market Highlights
- Based on industry, the biopharmaceutical segment dominated the market with a share of over 61.00% in 2022. The growth of the segment is attributed owing to technological advancements, and an increase in the number of biosimilar launches
- On the other hand, the cold chain logistics segment is expected to occupy a significant market share in the coming years. This is attributed due to the increasing demand for temperature-sensitive pharmaceuticals, biologics, vaccines, and other healthcare products in the U.S.
- Based on service type, the warehousing and storage segment captured the major share of 43.29% in 2022 owing to its capacity to offer temperature-controlled storage, adhere to regulatory standards, and provide inventory management solutions
- Midwest region dominated the U.S. healthcare third-party logistics industry in 2022 due to factors such as robust healthcare infrastructure, the concentration of pharmaceutical manufacturers, and robust transportation infrastructure
Table of Contents
Companies Mentioned
- ShipMonk
- DHL International
- Cardinal Health
- MCKESSON CORPORATION
- Kuehne+Nagel
- AmerisourceBergen Corporation
- C.H. Robinson
- CEVA Logistics
- Promptus, LLC
- FedEx
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 96 |
Published | June 2023 |
Forecast Period | 2022 - 2030 |
Estimated Market Value ( USD | $ 80.53 Billion |
Forecasted Market Value ( USD | $ 160.8 Billion |
Compound Annual Growth Rate | 9.0% |
Regions Covered | United States |
No. of Companies Mentioned | 10 |