Biopharmaceuticals Third Party Logistics 3pl Market Size, Share, Growth Analysis, By Supply chain(cold chain and non-cold chain), By Service type(transportation, warehousing and storage), By Region - Industry Forecast 2024-2031

Biopharmaceuticals Third Party Logistics 3pl Market size was valued at USD 119.8 billion in 2019 and is poised to grow from USD 125.8 billion in 2023 to USD 198.5 billion by 2031, growing at a CAGR of 5.9% in the forecast period (2024-2031).

Biopharmaceutical third-party logistics refers to logistics services provided by third-party organisations to pharmaceutical companies (3PL). Receiving small molecule pharmaceuticals into the warehouse, for example, as well as fulfilling orders and managing commodity inventory using a warehouse management system. For example, 3PL assists pharmaceutical and medical institutions in maintaining logistics for the delivery of medical therapies by reducing unnecessary overhead costs, ensuring continuous product supply, optimising transportation, and improving overall organisational efficiency. The pharmaceutical industry's rapid expansion is one of the primary reasons for the market's optimistic outlook. Furthermore, the growing trend of medical organisations outsourcing logistics to improve their distribution network is propelling market growth. Some of the key factors driving the market are the rising trend of outsourcing logistics, pharmaceutical companies' focus on their distribution network due to its strong sales numbers, and an increase in the number of biosimilar launches. The supply chain of the biopharmaceutical industry was disrupted by the coronavirus pandemic in 2019. The pharmaceutical and cold chain sectors were pushed to innovate during the COVID-19 vaccine development process, creating temperature-controlled packages to meet the needs of new deep-frozen COVID-19 vaccine storage and increased demand for existing supplies.

US Biopharmaceuticals Third Party Logistics 3pl Market is poised to grow at a sustainable CAGR for the next forecast year.