The global market for temperature controlled packaging solutions for pharmaceuticals market reached nearly USD 3.5 billion in 2018 and is poised for significant growth in the coming decade. According to recent market analysis, the sector is expected to witness a compound annual growth rate (CAGR) of 7.8% during the forecast period from 2018 to 2028.
The increasing challenge of reaching patients in remote locations is driving the demand for temperature controlled packaging solutions within the pharmaceutical industry. These solutions are essential for ensuring the safe and effective transportation of temperature-sensitive medications, vaccines, and biologics, thereby maintaining their efficacy and quality.
North America is set to remain the largest regional market for temperature controlled packaging solutions for pharmaceuticals. The region’s strong market position is attributed to the presence of numerous large manufacturers and the high utilization of temperature controlled pharmaceutical products in the United States and Canada.
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Key Findings:
- Driving Factors: The challenge of reaching patients in remote locations, coupled with the rising prevalence of chronic diseases, is expected to fuel the demand for temperature-controlled packaging solutions for pharmaceuticals. Additionally, regulatory interventions by healthcare authorities, such as the Food and Drug Administration (FDA) in the U.S., are driving the adoption of electronic temperature and humidity equipment for proper drug delivery.
- Regional Outlook: North America is projected to remain the largest regional market for temperature-controlled packaging solutions for pharmaceuticals, driven by the presence of large manufacturers and high utilization of temperature-controlled pharmaceutical products in the U.S. and Canada. However, the Asia Pacific excluding Japan (APEJ) region is expected to exhibit significant growth potential due to the rapid rise in the prevalence of chronic diseases and increasing clinical trials in countries like China and India.
- Market Dynamics: Efforts to reduce wastage of critical biologics, particularly vaccines, are expected to boost the demand for temperature-controlled packaging solutions. Furthermore, challenges related to maintaining a robust supply chain amidst changing climatic conditions pose a significant challenge for the industry, with only a handful of manufacturers able to meet quality standards across different climatic conditions.
Top 3 Factors Shaping the Market:
- Emphasis on Waste Reduction: The global demand for temperature-sensitive vaccines is growing, with organizations like the World Health Organization (WHO) focusing on reducing vaccine wastage. Initiatives to monitor vaccine wastage and ensure proper handling and transportation are driving the demand for temperature-controlled packaging.
- Supply Chain Challenges: Cold chain packaging for pharmaceuticals faces challenges related to exposure to rigorous climatic conditions during transportation. Not all suppliers can meet quality standards, leading to issues with product performance across different climatic conditions.
- Market Growth During Pandemic: The temperature-controlled packaging solutions for pharmaceuticals market witnessed significant growth during the spread of the pandemic, as the dependency on healthcare and pharmaceuticals surged. The market is expected to further amplify during the forecast period, driven by multiple uses of temperature-controlled packaging solutions for vaccines and other medicines to combat COVID-19.
Future Outlook:
The temperature-controlled packaging solutions for pharmaceuticals market is expected to witness above-average growth during the forecast period, driven by increasing demand for a conducive environment for pharmaceuticals and the growing emphasis on waste reduction of critical biologics. Moreover, the market is likely to benefit from multiple applications in vaccine transportation and distribution, particularly amid the ongoing pandemic.
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Key Segment
Based on product type:
- insulated shippers
- insulated protective shippers
- insulated containers
- others (including refrigerants, gel, icepacks, and phase change materials)
Based on application:
- frozen
- chilled
- ambient
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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