The latest market report published by Credence Research, Inc. “Medical Courier Market By Application (Hospitals, Diagnostic & Clinical Laboratories, Dental Clinics, Pharmaceuticals & Biotechnology Industries, Blood & Tissue Banks, Public Health Departments, Law Enforcement Agencies/Departments) – Growth, Future Prospects, and Competitive Analysis, 2018 – 2026” the global market for medical courier was valued at 4.164.5 Mn in 2017 and is expected to reach 5.958.0 Mn by 2026 with a CAGR of 4.8 per cent during the forecast period from 2018 to 2026.
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The global market for medical couriers unveils dynamic growth over the forecast period from 2018 to 2026, due to increasing signs of progress in the delivery of rapid transport services to hospitals, medical laboratories, blood centers and public health departments. Medical courier ensures the prompt delivery of medical specimens or samples, medical products / equipment and medical records to hospitals & clinics, diagnostic & clinical laboratories, dental & orthodontic offices, pharmaceutical & biotechnology industries, blood & tissue banks, public health departments and law enforcement agencies / departments. Expansion of express delivery systems in developed countries contributes to better models of health care delivery with enhanced services. Growth in the provision of medical courier services on the same day will also boost revenue growth globally. Increased globalization of healthcare and technological innovation, coupled with an increasing demand for medical specimens or samples, an increasing number of service providers and a growing awareness across the globe, are few of the key factors contributing to the growth of the market.
In particular, the growth of the market is driven by growing international trade, encouraged by the liberalization of trade through various free trade agreements (FTAs). Other factors driving overall growth include increased government spending on social care and the expansion of home health delivery models. Developing medical tourism in countries such as China, India, Brazil, and raising awareness of providers of medical courier services in local regions will gain momentum in the coming years. In addition, constraining factors such as the huge cost of private medical courier services, on-time security delivery and the lack of trained staff may hinder the growth of the global market for medical courier services.
The pharmaceutical and biotechnology industries are increasingly conducting clinical trials and manufacturing key ingredients or specimens on the overseas market. These activities require the safe transport of specimens and materials at specified temperatures and within certain timeframes. Improvements in delivery services that are capable of successfully transferring medical products have enabled medical couriers to meet the needs of biopharmaceutical manufacturers and health care providers.
Major players in this vertical are FedEx Corporation, DHL International GmbH, Americord Registry LLC, Network Global Logistics, United Parcel Service of America, Inc., Medical Couriers, Inc., Medical Courier Services Ltd., Aylesford Couriers Ltd., CitySprint (UK) Ltd, MedLine Express Services Inc., IntelliQuick Delivery, Inc., Blaze Express Courier Service, and others.
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Key Market Movements:
- Globally, the medical courier market remains to exhibit a profitable growth with a CAGR of 4.8% for the period from 2018 to 2026
- Based on the applications, hospitals and clinics segment expected to spearhead the market
- Same day delivery model and express medical courier services are gaining more traction in terms of revenue generation during the forecast period
- The U.S. market shall contribute maximum revenue share, attributed to the presence of multinational medical care service providers, sophisticated logistics infrastructure, demand for clinical supplies and specimen from developing nations in the U.S. and Canada.
- Asia Pacific, Eastern Europe, and Latin America, to show promising opportunities at a lucrative CAGR during the forecast period. Increasing private funding, the rise in the number of government & private hospitals in emerging countries such as China & India coupled with rising adoption of medical courier services contribute to the overall market growth.
By Application (2016–2026; US$ Mn)
- Diagnostic & Clinical Laboratories
- Dental Clinics
- Pharmaceuticals & Biotechnology Industries
- Blood & Tissue Banks
- Public Health Departments
- Law Enforcement Agencies/Departments
By Geography Segment (2016–2026; US$ Mn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America