Demand for Efficient Packaging and Storage to drive the Pharmaceutical Cold Chain Packaging Market forecast by 2033 Newly released data by Future Market Insights (FMI) projects the global pharmaceutical cold chain packaging market to register a 14.8% annual rate of growth and reach US$ 60,100.9 million by 2033.
The healthcare vertical is pushing for cold chain packaging for vaccines and the biopharma industry, which is driving the worldwide pharmaceutical cold chain packaging market. The pandemic caused a boom in the market. It hasn’t looked back since.
According to the US International Trade Commission, mRNA-based formulas must be kept at 80 degrees Celsius for storage. It is well known that 5–20% of vaccinations get misplaced during transit. It would be possible to lessen this by stressing excellent packaging and storage.
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Innovative insulation options for cold chain packaging, such as vacuum-insulated panels, or VIPs, are being suggested to improve the handling of pharmaceuticals that are temperature-sensitive. According to Sofrigam, vacuum insulated panels can withstand packaging for seven to ten days, or even more than three times as long as the insulation materials.
Furthermore, shippers that use VIP are smaller and lighter overall, eliminate the need for refrigerant, and eventually save distribution expenses.
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.
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.
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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
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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