Medical Courier Market Size Estimated to Reach $7.1 Billion by 2027

Medical Courier Market
Growing Demand Catered From Pandemics, Along With Demand for Transporting Organs Has Allowed for Robust Demand

The Medical Courier Market size is estimated to reach $7.1 billion by 2027. Furthermore, it is poised to grow at a CAGR of 5.5% over the forecast period of 2022-2027. Medical couriers assist in timely pharmaceutical deliveries along with various medical specimen delivery. The market has been fueled by the growing adoption of technology and cloud assistance which allows for better geographic reach in a cost-efficient manner. Additionally, the market progressed owing to a robust need for specimen courier pertaining services. Owing to the global demand for vaccines, various APIs (active pharmaceutical ingredients) are needed, integrated with non-hazardous approach. Healthcare courier services companies are now delivering confidential patient documents, which include patient medical history bills for reimbursements and other imaging reports. Confidentiality and low product damages are the standing pillars for achieving and fulfilling ever-growing medical needs. A substantial increase in the geriatric population and the dependence on telemedicine deliveries along with tech-delivery partnerships to fulfill supply chain challenges are some of the key factors driving the Medical Courier Industry forward in the projected period of 2022-2027.

Medical Courier Market Segmentation Analysis- By Product

The medical courier market based on the product can be further segmented into Lab Specimens, Medical Supplies, Transport Prescription Drugs, Blood and Organs, X-Rays, Medical Notes. Medical Supplies held a dominant market share in the year 2021. The high revenue share was primarily owing to the pandemic and increased demand for syringes required for vaccination. Additionally, there has been an uproar demand felt in the elective surgeries domain, which further boosted the revenue contribution. As per UNICEF notification, around 385 million surgical masks and 23.3 million N95 masks were recently distributed across the low-and middle-income countries. The following helped the market to gain immense share.

Moreover, medical supplies are estimated to be the fastest-growing, with a CAGR of 6.3% over the forecast period of 2022-2027. It is owing to the non-fulfilled demand, which is still seen in low- and middle-income countries. Furthermore, if the pandemic waves are kept under focus, there would be repeated surges which would push the need for medical supplies. If the pandemic becomes endemic, the demand would be fulfilled by the rising elective surgeries.

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Medical Courier Market Segmentation Analysis- By User

The medical courier market based on users can be further segmented into Hospitals and Clinics, Pharmaceutical and Biotechnology, Blood and Tissue Banks, Laboratories, Academia, and Research Centers, Contract Research Organization, and Others. Hospitals and Clinics held a dominant market share in the year 2021. It is owing to the robust need expressed by the pandemic and other surgical procedures. Additionally, the demand was catered by a flamboyant number of COVID-19. A total of 621,095 patients have been admitted to the hospitals owing to COVID.

Furthermore, hospitals and clinics are estimated to be the fastest-growing, with a CAGR of 6.4% over the forecast period of 2022-2027. It is owing to the huge backlog of cases being finally summarized by various health agencies. Between January 2020 and July 2021, around 6 million fewer patients opted for elective care surgeries. Experts believe that the numbers would be felt in installment over the coming period of time. Owing to the robust demand, and new medical devices being readily developed the segment would outpace the others.

Medical Courier Market Segmentation Analysis- By Geography

The medical courier market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America’s medical courier market held a dominant market share of 34% as compared to its other counterparts. It is owing to the robust demand being seen across the needs. For example, at least 62% of the population has been fully vaccinated which translates into double the number of syringes used, and various other supplies consumed. Further, the amount of unvaccinated is hampering billions of dollars for the government, in terms of providing better medical infrastructure which results in an increment of spending on hospital/medical supplies.

However, Asia-Pacific is expected to offer lucrative growth opportunities to marketers in the projected period of 2022-2027. It is owing to the growing resilience of India and China to supplement the global needs for supply and courier assistance. Both the regions act as a standpoint to achieve better medical coverage in other low-and middle-income countries. Lastly, the geriatric population increment along with e-medicines would drive the market forward.

Medical Courier Market Drivers

A substantial increase in the geriatric population has helped the market through various ancillaries’ and services.

The world is aging and with that, the overall caseload pertaining to cardiovascular diseases and other ailments is growing. As per WHO estimates, between 2015-2050, the world population above 60 years would double from 12% to 22%, moreover, the geriatric prevalence would be felt in low-and-middle-income countries, whereas high as 80% of the older population would live. The major aspect of old age diseases, which leads to wants of medicines-and in other cases machines-organs and various other needs. Owing to such demands, medical courier practices have been proactively used. Cardiovascular diseases have been growing, and various NGOs have been roped in to suffice the demands of various medicines. Additionally, certain suppliers are now allowed to send confidential patient notes and reports which further allows inter-state and intra-country needs.

The growing demand catered from pandemics, along with demand for transporting organs has allowed for robust demand.

The pandemic helped the courier market in various ways, as it allowed to send across various medical supplies, along with various fragile machines, such as for conducting RT-PCRs and X-Rays. Additionally, various vaccines had to be sent across the world, and the following activity would continue to go throughout the forecast period as the majority of low- and middle-income countries are not yet vaccinated. An interesting statistic that governs that 57.4% of the world population has had received at least one dose, however, only 8.3% of the population living in low-income countries have received one dose. Essentially, all the vaccines circulating need medical supplies such as syringes-and other antiseptic bandages, along with various others which have helped the industry. Moreover, as per statistics revealed by NHS, 2521 patients have had received transplants till December 2021, however- the demand/ or the waitlist is thrice of what has taken place. Owing to such factors, the market would face enough traction.

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Medical Courier Market Challenges

The supply chain-transport strain has impeded the overall market growth.

Pandemic affected the supply chains, especially for the medical couriers. As per industry experts- even after vaccination levels have been achieved at a significant pace, the overall effect of covid-19 on the supply chain has made a long-lasting impact. For example, as per an interview with the executive director of the supply chain of Missouri Health care, the average time to receive medical supplies such as gauze-sponges-tongue depressors was two days, however, the numbers have exponentially touched the mark of 10-14 days owing to supply chain issues. The following is a 5x increase, which impedes the need for a market. Additionally, medical veterans have contributed that online (e-shopping) has made the medical couriers suffer in terms of bandwidth, as there have been instances where the former was given high delivery preference than later. Owing to such challenges, the market’s growth is impeded.

Medical Courier Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Medical Courier Market. Medical Courier top 10 companies include:

Affordable Courier Solutions, Inc.,

Aylesford Couriersswine,

CitySprint Healthcare,

IntelliQuick Delivery, Inc.,

Best Courier,

Americord Registry LLC,

Blaze Express Courier Service,

Dynamex,

DHL International GmbH,

FedEx Corporation

Recent Developments

In July 2020, Deutsche Post DHL and Resilience 360 have provided their aid in supporting the WHO. The cloud-based platform Resilience360 visualizes supply chain risks and contributes to the Global Logistics Cluster’s support to humanitarian organizations in reacting to potential disruptions in real-time. Fast transport of relief supplies to Africa is especially important in times of humanitarian crises like COVID-19 because frontline health workers urgently need protective equipment.

In May 2020, FedEx and Microsoft have joined hands to transform and innovate the end-end commerce experience. A new multi-year collaboration to help transform commerce by combining the global digital and logistics network of FedEx with the power of Microsoft’s intelligent cloud. Today, FedEx networks link more than 99% of the world’s gross domestic product across 220 countries and territories, and Microsoft Azure is trusted by more than 95% of Fortune 500 companies. 

In January 2020, Aquiline Drones (AD), a Connecticut-based drone enterprise that provides sophisticated solutions in drone manufacturing, autonomous operations, and cloud services, is partnering with VyrtX, an advanced logistics-technology firm, to create an innovative and life-saving medical delivery service for human organs and tissues using unmanned aerial vehicles (UAVs)/drones. Aquiline Drones (AD), a Connecticut-based drone enterprise that provides sophisticated solutions in drone manufacturing, autonomous operations, and cloud services, is partnering with VyrtX, an advanced logistics-technology firm, to create an innovative and life-saving medical delivery service for human organs and tissues using unmanned aerial vehicles (UAVs)/drones.   

Key Takeaways

Geographically, North America’s medical courier market held a dominant market share in the year 2021. It is owing to the presence of robust players in the industry, supplemented by the growing need for efficient services along with the government’s monetary and regulatory support. However, Asia-Pacific is estimated to offer lucrative growth opportunities to the marketers in the projected period of 2022-2027 owing to the growing players, which are providing efficient services and supplementing the growing demand.

The market is majorly driven by the optimistic organ transplant processes and needs, along with the substantial geriatric population-whose needs and wants are fulfilled by various ancillaries. However, growing problems in the supply chains have severely impeded the overall market growth.

A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Medical Courier Market Report.

Relevant Titles

Healthcare Transportation Services Market

https://www.industryarc.com/Report/5341/Healthcare-Transportation-Services-Market-Research-Report.html

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