In the upcoming years, it is projected that the about US$ 3.5 billion temperature-controlled packaging solutions market for the pharmaceuticals industry will experience rapid expansion. A recent analysis by Future Market Insights (FMI) estimates that the adoption of temperature-controlled packaging solutions for pharmaceutical items will generate global revenues at a CAGR of just under 8% from 2018 to 2028.
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According to the FMI analysis, the demand for biologics is predicted to expand at a faster rate than the pharmaceutical industry as a whole, accounting for 20% of future growth. The development of innovative techniques in biotechnology and clinical trials is anticipated to continue to rise, albeit slowly, as a result of increased investment in the healthcare sector globally. In consequence, it is predicted that this will reduce global demand for solutions for temperature-controlled packaging of medications.
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.
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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.
Key Players:
- Sonoco Products Company
- Pelican Biothermal
- Sofrigam SA Ltd.
- Cryopak
- Cold Chain Technologies
- Envirotainer Ltd.
- va-Q-tec AG
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Key Segment
On the basis of product type :
- insulated shippers
- insulated protective shippers
- insulated containers
- others (including refrigerants, gel, icepacks, and phase change materials)
On the basis of application :
- frozen
- chilled
- ambient
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