Newly released data by Future Market Insights (FMI) projects the global pharmaceutical cold chain packaging market to register a CAGR of 14.8% and to reach US$ 60,100.9 million by 2033..
As per the report, polymer emerge as the top choice for packaging material and it is expected to account for over 62.1% of the global market share in 2023. It also is expected to attract an incremental opportunity of US$ 37.3 billion through 2033.
The global pharmaceutical cold chain packaging market is driven by healthcare vertical pressing for cold chain packaging for vaccines and biopharma industry. The market witnessed a boom during the pandemic. Since then, it hasn’t looked back.
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The United States International Trade Commission states that it’s imperative to store mRNA-based formulae at 80 degree Celsius. It’s a known fact that 5-20% of vaccines get lost at the time of transportation. This could be reduced by emphasizing on superlative storage and packaging.
Advanced cold chain packaging insulation solutions like VIP (Vacuum Insulated Panels) are being proposed for better handling temperature-sensitive pharmaceutical products. Sofrigam states that vacuum insulated panels are capable of providing packaging support of 7-10 days, or even twice or thrice the insulation materials.
Additionally, shippers who implement VIP are comparatively lighter in weight and smaller in size, do away with requirement of refrigerant, and ultimately reduce the distribution costs.
The technological advancements that are being adopted include real-time tracking, RFID tracking, advanced analytics, and likewise. Cloud-based data management apps are also tried out to facilitate faster decision-making. Future market Insights has walked through these findings with insights in its latest market study entitled ‘Pharmaceutical Cold Chain Packaging market’. The dedicated team of analysts and consultants has gone for bottom-up approach.
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Key Takeaways from Pharmaceutical Cold Chain Packaging Market
- North America holds the largest market share with the US being subject to technological advancements. The US International Trade Administration has stated that pharmaceutical cold chain packaging market has undergone drastic changes in the last few years, especially when mode of shipment changed to sea modes from air transportation. This transition could be attributed to the fact that difference in temperature results in pharmaceutical products getting deteriorated.
- Coming to Europe, Germany leads the market. As per Germany Trade and Invest (GTAI), extensive investment in research has put Germany on the top pedestal with respect to pharmaceutical cold chain packaging market. The scenario is expected to persist even in the forecast period.
- The Asia-Pacific is expected to grow at the fastest rate in the pharmaceutical cold chain packaging market in the forecast period. This could be reasoned with countries like India broadly promoting cold chain packaging in the pharmaceuticals vertical and China being one of the hubs of pharmaceuticals.
Competitive Arena
- Sonoco Thermosafe, in August 2021, announced that it had partnered with Korean Air for leasing the latest shipping container temperature controlled ‘Pegasus ULD’.
- Pelican Products, in February 2021, began distribution of temperature-controlled cases for transportation of Covid-19.
- CSafe Global, in December 2021, completed acquisition of Softbox Systems to make provisions for a one-stop solution for various temperature-sensitive products in the biologics, gene & cell therapy, and upcoming mRNA therapies during the Covid as well as post-Covid era.
- Cold Chain Technologies, in March 2021, entered into partnership with B Medical Systems for offering end-to-end storage and shipping solutions to the life science vertical.
- Softbox Systems Ltd., in January 2018, did acquire TP3 Global to expand its presence across the globe.
The Top Key Players Are:
- Sonoco ThermoSafe
- Cold Chain Technologies
- Sealed Air Corporation
- Nordic Cold Chain Solutions
- Cryopak
- CSafe Global LLC
- TemperPack Technologies, Inc.
- Insulated Product Corp.
- Global Cooling, Inc.
- Envirotainer AB
- va-Q-tec AG
- EMBALL’ISO
- Softbox Systems
- Sofrigam SAS
- DGP Intelsius LLC
- Tempack Packaging Solutions SL
- others
“Excessive emphasis on improvement of packaging formats’ performance is expected to drive the pharmaceutical cold chain packaging market in the forecast period”, says an analyst from Future Market Insights.
How does the Report line up?
- The research study is based on packaging format (passive packaging (single use or one way use packaging and multiple use or re-usable packaging) and active packaging (reefer trucks and containers and active pallet containers), by product (small boxes, pallets (double pallets and single pallets) and large sized pallet containers), by material (polymer (polyethylene, polypropylene, PET, EPS, polyurethane, and others), metal, and paper), by application (biologics and biological samples, vaccines and diagnostics, and likewise), and by end-user (diagnostic centers, clinical research organization, blood banks, vaccines packaging industry, pharmaceuticals, and likewise).
- With the fact that temperature monitoring is imperative for keeping the quality of product intact is bound to drive the pharmaceutical cold chain packaging market in the near future.
About Future Market Insights Inc. (FMI)
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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