The temperature-controlled packaging solutions market in the pharmaceutical industry has seen substantial growth in recent years, with its size reaching approximately US$3.5 billion in 2018. This market is expected to continue expanding at a compound annual growth rate (CAGR) of 7.8% from 2018 to 2028.
A key driving factor behind this growth is the challenge of delivering pharmaceutical products to remote locations. Ensuring the appropriate temperature throughout the supply chain is crucial for maintaining the efficacy and safety of these products, particularly in areas with limited access to healthcare facilities.
North America is projected to remain the largest regional market for temperature-controlled packaging solutions in the pharmaceutical industry. This is primarily due to the presence of major manufacturers and the extensive use of temperature-controlled pharmaceutical products in countries like the United States and Canada.
However, the Asia Pacific excluding Japan (APEJ) region shows significant growth potential. Factors such as the rapid increase in the prevalence of chronic diseases, a rising number of clinical trials in countries like China and India, and a growing demand for temperature-sensitive products contribute to the market’s expansion in this region.
The temperature-controlled packaging solutions market for pharmaceuticals is expected to exceed the average growth rate during the forecast period. Key end-use industries for these solutions include healthcare, biomedical, and chemical sectors.
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Manufacturers are focusing on improving the quality of perishable pharmaceutical products to meet the rising demand for an optimal environment. Additionally, regulatory bodies like the U.S. Food and Drug Administration (FDA) play a significant role in driving market growth. Regulatory requirements, such as FDA regulations on proper temperature control during pharmaceutical distribution, encourage companies to adopt electronic temperature and humidity equipment to ensure accurate delivery and dispatch of drugs.
Furthermore, the outbreak of the COVID-19 pandemic has further increased the demand for temperature-controlled packaging solutions in the pharmaceutical industry. With a heavy reliance on healthcare and pharmaceutical products, the market experienced heightened demand during this period. Moreover, the use of temperature-controlled packaging solutions for vaccines and medicines aimed at treating and preventing COVID-19 is expected to contribute to the market’s growth in the coming years.
Key takeaways:
- The global market for temperature-controlled packaging solutions for pharmaceuticals reached nearly US$3.5 billion in 2018 and is projected to grow at a CAGR of 7.8% during 2018-2028.
- Reaching patients in remote locations drives the demand for temperature-controlled packaging solutions for pharmaceuticals.
- North America is the largest regional market, while the Asia Pacific excluding Japan (APEJ) region shows high growth potential.
- The healthcare, biomedical, and chemical industries are the key end-use sectors for these solutions.
- Compliance with regulatory requirements, such as FDA regulations, and the intervention of central healthcare bodies drive market growth.
- The COVID-19 pandemic has further increased the demand for temperature-controlled packaging solutions, particularly for vaccines and medicines.
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Key Players:
- Sonoco Products Company
- Pelican Biothermal
- Sofrigam SA Ltd.
- Cryopak
- Cold Chain Technologies
- Envirotainer Ltd.
- va-Q-tec AG
Market Benefits
- The study provides an in-depth analysis of the global Temperature Controlled Packaging Solutions for Pharmaceuticals Market along with the current trends and future estimations to elucidate the imminent investment pockets.
- The key market players along with their strategies are thoroughly analyzed to understand the competitive outlook of the industry.
- An extensive analysis of the market based on application assists in understanding the trends in the industry.
- The report presents a quantitative analysis of the market from 2018 to 2028 to enable stakeholders to capitalize on the prevailing market opportunities.
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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