Technological advancements will boost demand for specialized medical courier services
New York, NY (PRWEB) August 23, 2014
The Medical Couriers industry transports medical equipment, specimens and organs for participants in the healthcare and pharmaceutical sectors. As a result of the industry's connection to the healthcare space, revenue for the industry tends to be somewhat resistant to economic downturns. Demand for medical courier services relies heavily on healthcare utilization rates, which IBISWorld determines by looking at the number of physician visits and total health expenditure. Fortunately for industry participants, the number of physician visits and total health expenditure have increased over the five-year period to 2014, as a result of increased healthcare coverage and the prevalence of chronic disease. With healthcare utilization rates increasing over the five years to 2014, IBISWorld estimates that industry revenue has grown at an annualized rate over the period, including growth in 2014 alone.
Aided by increased regulation and demand from pharmaceutical companies for a more controlled transportation environment, the Medical Couriers industry has experienced stable demand. Regulations on perishable healthcare cargo specify that when transporting certain products, the internal temperature must remain within a certain range. According to IBISWorld Industry Analyst Daniel Carusotto, “As a result of these specifications, coupled with the sensitive nature of the products industry participants transport, medical couriers have become increasingly important in the healthcare and pharmaceutical sectors' supply chain.” As a result of increased demand for industry services from pharmaceutical companies and other customers, profit margins have expanded over the five years to 2014.
In the coming five years, similar trends are expected to persist, resulting in solid demand for industry services. “Healthcare utilization rates will grow at a faster rate than in the previous five years, as the Patient Protection and Affordable Care Act increases the number of individuals with healthcare coverage,” says Carusotto. As a result, IBISWorld expects industry revenue to grow at an annualized rate in the five years to 2019. While demand for industry services will increase, competition from the general courier industry is expected to intensify as companies such as FedEx continue their push into the healthcare transport space.
For more information, visit IBISWorld’s Medical Couriers in the US industry report page.
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IBISWorld industry Report Key Topics
Medical couriers deliver medical equipment to patients and healthcare providers, and they deliver specimens to medical laboratories for testing. Some medical couriers carry donor organs and recipient patients to hospitals. Couriers are distinguished from other medical distributors by features such as speed, security, tracking, specialization and individualization of services. This industry excludes courier companies that do not primarily serve healthcare industries or patients.
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Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.