The roughly US$ 3.5 Bn market for temperature controlled packaging solution for pharmaceuticals industry has been anticipated to observe strong growth prospects in the coming years. According to a new study by Future Market Insights (FMI), the global revenue through adoption of temperature controlled packaging solution for pharmaceutical products will see just-under 8% CAGR over 2018-2028.
FMI’s report opines that the demand for biologics is set to outpace the overall pharmaceutical industry’s growth, and biologics are expected to represent 20% growth in the near future. Strengthened by the increasing investment in the healthcare sector across the globe, the development of new methods in biotechnology and clinical trials is expected to register continuous growth, albeit at a slow pace. This, in turn, is anticipated to hamper the demand for temperature-controlled packaging solutions specifically for pharmaceuticals, globally.
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Insulated Shippers Account for around 3/5th Share of the Total Market Revenue
Various types of temperature controlled packaging solutions, such as insulated shippers, insulated protective shippers, insulated containers, and others types including refrigerants, gels, icepacks, and phase change materials, are used in the pharmaceuticals market. In the report, FMI points to a significant market value share of insulated shippers, i.e. nearly 60.0% of the total product type used for temperature controlled packaging solutions for pharmaceuticals market.
Rising use of temperature-sensitive products and the need to transport products in remote locations are expected to be the major driving forces for the growth of temperature controlled packaging solutions, especially insulated shippers, in the pharmaceuticals market globally.
North America to Create Lucrative Opportunities for Manufacturers
According to the FMI study, North America is expected to dominate the temperature controlled packaging solutions for pharmaceuticals market throughout the forecast period. The US is home to some of the major manufacturers and consumers of temperature controlled products in the world. This factor is expected to create immense opportunities for the growth of the global temperature controlled packaging solutions for pharmaceuticals market in the region.
The FMI study analyzes the temperature controlled packaging solutions for pharmaceuticals market in several regions and focuses on key dynamics affecting the temperature controlled packaging solutions for pharmaceuticals market, globally. It has been observed that growing number of diseases across the globe fuel the demand for different pharmaceutical products. This is expected to propel the demand for temperature controlled packaging solutions for pharmaceuticals during the forecast period.
R&D Activities to Play an Important Role in Bolstering Innovations
Research and development activities are an integral part of the manufacturing process in pharmaceuticals and biotech industries, which is reflected in continuous annual increase in pharmaceuticals R&D spending of 4.2% in 2014, compared to the global average spending recorded in 2013.
Also, the development of novel therapies such as stem cells, monoclonal antibodies, and r-proteins alongside pharmaceutical products have further necessitated the use of cold chain packaging solutions at various stages of development.
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