Future Market Insights (FMI) has released a comprehensive report on the global temperature-controlled packaging solutions for the pharmaceuticals market, projecting a market size of nearly US$ 3.5 billion in 2018. According to the report, the market is anticipated to witness a robust Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period 2018-2028.
The market for temperature-controlled packaging solutions in the pharmaceutical sector is projected to experience significant growth in the coming years. Key industries driving this demand include healthcare, biomedical, and chemicals. With the rising need for maintaining optimal conditions for pharmaceutical products, manufacturers are focusing on enhancing the quality of these perishable items.
Moreover, the involvement of central healthcare authorities is playing a crucial role in boosting the market for these packaging solutions. Their efforts are ensuring that the stringent requirements for storing and transporting sensitive pharmaceuticals are met, further fueling market expansion.
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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
About Future Market Insights (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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