Medical Supply Delivery Service Market to surpass $112.09 billion by 2031, at a CAGR of 8.1%, says Coherent Market Insights
/EIN News/ -- Burlingame, May 07, 2024 (GLOBE NEWSWIRE) -- The Global medical supply delivery service market is estimated to be valued at USD 65.08 Bn in 2024 and is expected to reach USD 112.09 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.1% from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Medical supply delivery services involve delivery of medical supplies such as durable medical equipment, disposable medical supplies, pharmaceuticals and others to healthcare facilities and patients' homes. These services help streamline operations and improve patient outcomes.
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Market Dynamics:
The increasing demand for on-time product delivery and doorstep delivery amidst Covid-19 pandemic is a key driver fueling the growth of medical supply delivery service market. With hospitals focusing on providing efficient care, medical product delivery services that ensure product availability is witnessing high demand. Further, growing aged population worldwide who require regular medication at doorstep is further boosting the market growth.
Medical Supply Delivery Service Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $65.08 billion |
| Estimated Value by 2031 | $112.09 billion |
| Growth Rate | Poised to grow at a CAGR of 8.1% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Service Type, By Mode of Delivery, By Delivery Type, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growing adoption of renewable energy sources • Increasing R&D and innovations |
| Restraints & Challenges | • Rural delivery services increases transportation expenses • Underdeveloped infrastructure in developing regions |
Market Trends:
Rise of Startups: In the recent years, there has been significant rise in startups engaging in medical product delivery service, especially in developing regions. These startups are leveraging latest technologies such as AI, IoT and block chain for enabling efficient management of delivery operations.
Adoption of Clean Technology: Major players in the market are focusing on adoption of clean technology such as electric vehicles for delivery. This is done with a view to make delivery operations sustainable and reduce carbon footprint. Several startups are engaged in development of e-vehicles specific for medical deliveries.
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The hospital equipment segment accounts for around 30% of the total medical supply delivery service market. With the rising demand for sophisticated medical devices and equipment for surgeries and patient care across hospitals and clinics, this segment is expected to witness strong growth over the forecast period. The need for timely delivery of large medical equipment such as MRI machines, CT scanners, ventilators etc is driving the demand for specialized medical equipment logistics services.
Drone delivery is still in a nascent stage but offers significant opportunities for medical supply delivery due to its ability to reach remote locations in less time. Around 10% of the total deliveries are estimated to be handled by drones by 2030. Various companies are conducting trials to deliver defibrillators, blood samples and medicines using drones which can help save critical time during medical emergencies. This decreases reliance on traditional transportation modes.
Recent Developments:
In February 2024, in order to expedite the distribution of pharmaceutical, TechEagle announced an acquisition with 10 All India Medical Institute of Medical Science.
In December 2023, Apain and Zipline collaborated to significantly grow the NHS program, which provides medical supplies to healthcare facilities.
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Key Market Takeaways:
The global medical supply delivery service market is anticipated to witness a CAGR of 8.1% during the forecast period 2024-2031, owing to the rising need for fast and reliable delivery of healthcare products and growing complexities in medical logistics.
On the basis of service type, pharmaceutical supplies segment is expected to hold a dominant position, accounting for over 35% of the market share due to the large volume of prescription drugs and consumables required to be delivered regularly to pharmacies and hospitals.
On the basis of mode of delivery, courier delivery is expected to hold a dominant position over the forecast period, accounting for around 75-80% share due to widespread infrastructure and expertise of courier companies.
Regionally, North America is expected to hold the major market share over the forecast period, due to well established healthcare industry and requirement of timely delivery of medical supplies in large quantities.
Key players operating in the medical supply delivery service market include Dropoff, UPS, FedEx, DHL Medical Express, Cardinal Health, Agility, Byram Healthcare Centers, Inc., National delivery Solution, and Diamond Logistics. These players are focusing on fleet expansion and automation to strengthen their market position.
Detailed Segmentation-
By Service Type:
- Medical Lab Supplies
- Pharmaceutical Supplies
- Biological Specimen Delivery
- Hospital Equipment
- Others
By Mode of Delivery:
- Courier
- Drone
By Delivery Type:
- Express/Urgent Delivery
- STAT Delivery
- Scheduled Delivery
- Others
By End User:
- Hospitals
- Diagnostic Laboratories
- Pharmacies
- Blood Banks
- Government Agencies
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights
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