U.S. Biopharmaceutical 3PL Market Worth $62.3 Billion By 2028
U.S. Biopharmaceutical Third Party Logistics Industry Overview The U.S. biopharmaceutical third party logistics market size was valued at USD 36.4 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.1% from 2021 to 2028. The market is majorly driven by the launch of innovative biopharmaceutical products including cell & gene therapies that are creating more demand for cold chain storage, transport & distribution solutions. Moreover, 3PL service providers are also investing in technology due to fluctuating demand, capacity problems, and ongoing disruptions owing to the COVID-19 pandemic. The pandemic has led to restrictions on air travel & disrupting the airfreight market & delaying of supply of health products including vaccines to many countries. In the initial months of the pandemic, all the existing airfreight rates were suspended with UNICEF registering rate rises by as much as 500% but stabilizing at between 150 to 250%. Gather m...