A large proportion of biosimilars have been approved year-over-year in recent times. In the same years of 2021, the approval of products by the U.S. FDA rose to 31 biosimilars for 11 reference products.
Biosimilars Play Crucial Role in Shaping Evolution Trajectories in Biopharmaceutical Logistics Market
A large proportion of biosimilars have been approved year-over-year in recent times. In the same years of 2021, the approval of products by the U.S. FDA rose to 31 biosimilars for 11 reference products. This is a key trend extending the avenue in the biopharmaceutical logistics market. The growing trend of supply chain outsourcing for players in the biopharmaceuticals and pharma industry has added momentum to the evolution of the biopharmaceutical logistics market.
With more biosimilar approvals to make way in the next couple of years, the biopharmaceutical logistics market is poised to make some striking strides in near future.
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Cutting-Edge Monitoring Technologies to Bolster Prospects
The increasing adoption of cutting-edge monitoring technologies in the logistics sectors has opened up lucrative opportunities for stakeholders in the biopharmaceutical logistics market. A few of them have witnessed rapid adoption such as real-time monitoring, mobile cloud solutions, and data mining technologies. Rise in computational power of these systems continue to boost the capabilities of these, thus bolstering their uptake by customers in the biopharmaceutical logistics market.
Stakeholders in the pharmaceutical and life sciences industries are focusing on the cold supply chain for complex proteins, hormones, vaccine, and biologics. The study on the biopharmaceutical logistics market has made an in-depth assessment of various product types. Key of them are cold chain logistics and non-cold chain logistics. Of the two, the non-cold chain logistics segment held a whopping share of 80% of the global market in 2015. Meanwhile, the demand for biologics has filliped the growth of the cold chain logistics segment over the past few years.
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Technological advancements have enabled industry players to accomplish a targeted approach to temperature control. In recent months, such technological advancements have been game-changer for ensuring the delivery of COVID-19 vaccines.
The global biopharmaceutical logistics market is projected to rise at CAGR of 6.2% during the forecast period of 2016 - 2024. By the end of the forecast period, the global market will reach worth of US$120.7 bn by 2024. In 2015, the valuation was pegged at US$70.9 Bn.
The key modes of transportation generating revenues in the biopharmaceutical logistics market are air shipping, sea shipping, road shipping, and rail shipping. Of these, air shipping held the leading revenue share in 2015. The high speed of delivery and the presence of cutting-edge monitoring technologies for air shipping has been propelling the revenue in the segment. The demand for air shipping has risen especially for several temperature-sensitive vaccines and biologic drugs over the past decade.
On the other hand, the growing volumes of sea shipping and road shipping in the biopharma industry has spurred the revenue generation, thus fueling the expansion of these segments during the forecast period. This can be ascribed to the preference of these for large-scale delivery of biopharmaceuticals.
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North America and Europe Replete with Opportunities
On the regional landscape, North America and Europe have emerged as potentially lucrative markets. These regions have witnessed a flood of exports and imports for biopharmaceuticals. Rise in adoption of advanced monitoring technologies for transportation and warehousing in the supply chain has spurred the revenue sales in the North America biopharmaceutical logistics market.
On the other hand, Asia Pacific is projected to generate several new revenue streams in the near future. Rise in number of clinical trials on vaccines has spurred the growth prospects of the regional market. Massive initiatives by governments, especially in emerging economies, to bolster cold storage facilities.
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Some of the key players in the biopharmaceutical logistics market are C.H. Robinson Worldwide, Inc., DB Schenker, Deutsche Post DHL Group, United Parcel Service, Inc., XPO Logistics, Inc., Kuehne + Nagel International AG, Panalpina Group, Amerisource Bergen Corporation, Ceva Logistics LLC, and FedEx Corporation.
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