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Press Release: Temperature-controlled Packaging Solutions for Pharmaceuticals Market to Surpass US$ 7.3 Billion by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Temperature-controlled packaging solutions for pharmaceuticals are an important tool in reducing the risk and maintaining quality of product throughout the supply chain process by stabilizing internal temperature. This system helps to safeguard shipments across every aspect of the medical supply chain. Some of the major application of temperature-controlled packaging solutions are inactive pharmaceutical ingredients with balanced temperature, vaccines, biological samples& products, clinical trials, and medical products with specific timeline requirements.
The global temperature-controlled packaging solutions for pharmaceuticals market is projected to reach US$ 7.3 billion by the end of 2027, in terms of revenue, growing at CAGR of 9.6% during the forecast period (2019 to 2027).
Drivers
Implementation of strict government rules and regulation by the government in order to improve the distribution practices of pharmaceutical goods are expected to fuel the market growth. For example, the Food & Drug Administration (US), Regulation 21 CFR 211.150 “Distribution procedures,” says that pharmaceutical products must be shipped within appropriate temperatures and under accurate conditions in accordance with requirements and appropriate manual, electromechanical, or electronic temperature and humidity recording equipment, devices, and/or logs shall be utilized to document proper storage of prescription drugs.
Growing research and development programs around the globe for enhancing manufacturing and packaging process in pharmaceuticals and biotech industries are expected to propel the market growth of Temperature-controlled packaging solutions for pharmaceuticals. Moreover, the increasing development of novel drugs and therapies such as stem cells, r-proteins and monoclonal antibodies alongside pharmaceutical materials have further raised the demand for cold chain packaging system at various stages of product development, thereby propelling market growth.
Geographically, North America dominated the global temperature-controlled packaging solutions for pharmaceuticals market in 2018, reporting 31.1% market share in terms of revenue, followed by Europe and Asia-Pacific, respectively.
Figure 1. Global Temperature-Controlled Packaging Solutions for Pharmaceuticals Market, Revenue Share (%), By Region, 2018
Market Restraints
High investment and maintenance cost associated with the temperature controlled pharmaceutical packaging solution in pharmaceutical the industry is estimated to hinder the market growth over the forecast period. Moreover, various strict government legislations on the usage of certain types of pharmaceutical products for manufacturing temperature-controlled packaging solution is also expected to restrict the market growth of temperature-controlled packaging solutions for pharmaceuticals.
Lack of awareness regarding the benefits of temperature-controlled packaging solutions for pharmaceuticals as only a few companies in the industry utilizes Temperature-controlled packaging solutions for pharmaceuticals is projected to hamper the market growth over the forecast period. Moreover, lots of precautions are need to maintain during packaging of pharmaceutical product such as the container should be clean and dry etc. Aforementioned factors are projected to restrict the market growth of temperature-controlled packaging solutions for pharmaceuticals.
Market Opportunities
Adoption of new high performance convection systems that are efficient for warehousing and supply of pharmaceutical products is expected to offer new growth opportunity to the market of temperature-controlled packaging solutions in pharmaceutical industry. Rising usage of vacuum panel insulation with phase change materials can enhance the shelf life of stored pharmaceutical product. Therefore, the rising adoption of such advanced technologies in the pharmaceutical industry is expected to foster the market growth.
Growing focus of pharmaceutical manufacturer to produce drugs and therapies for rare diseases. These drugs are composed of high-value ingredients and have short shelf lives as a result of which they require strict temperature-controlled environment. Thereby, this is expected to foster the Ultra-low Temperature Range packaging solutions.
Figure 2. Global Temperature-Controlled Packaging Solutions for Pharmaceuticals Market – Opportunity Analysis
Market Trends
The growing need for better product handling of pharmaceutical products that are temperature sensitive has raised the adoption of more advanced temperature-controlled packaging insulation products such as PCMs, VIP, and sheep wool VIP based insulation and PCM-based refrigerants that serve various advantages over conventional polystyrene (EPS) and polyurethane insulated shippers. PCMs and VIPs are comparatively lightweight, offer a wide range of temperature and cut down the distribution costs which is expected to propel the market growth.
Growing focus of manufacturer to use reusable packaging containers is projected to propel the market growth of temperature-controlled packaging solutions for pharmaceuticals. Due to regulatory pressure and need to reduce the transportation costs, vendors are focusing on adopting reusable packaging container rather than one-way (disposable) systems as it reduces the usage of refrigerants and insulation products that are associated with ozone depletion and global warming. Aforementioned factors are projected to foster the market growth.
Figure 3. Global Temperature-Controlled Packaging Solutions for Pharmaceuticals Market, Revenue Share (%), By Application, in 2018
On the basis of application, in 2018, chilled segment accounted the largest market share of 40.7% in terms of revenue, followed by frozen and ambient, respectively.
Competitive Section:
Key players active in the global temperature-controlled packaging solutions for pharmaceuticals market Sonoco Products Company, Pelican Biothermal, Sofrigam SA Ltd., Cryopak, Cold Chain Technologies, Envirotainer Ltd., VA-Q-Tec AG, Inmark Packaging, American Aerogel Corporation
Few Recent Developments
Sonoco Products Company
Pelican Biothermal
Temperature-controlled packaging solutions are extensively used by pharmaceuticals industry for transportation of drugs and other products which are sensitive to temperature. Drugs with lower shelf-life requires specific temperature conditions during their storage and distribution. Temperature-controlled packaging solutions helps in mitigation of these risks and maintain product quality in adverse external environmental conditions.
Market Dynamics
The global temperature-controlled packaging solutions for pharmaceuticals market has witnessed an increase of demand in recent few years, owing to the rising growth of pharmaceuticals industry in emerging economies. Pharmaceuticals companies are encouraging the usage of temperature-controlled packaging solutions as they provide better performance than conventional insulating materials by reducing the weight and volume of the cold source required and maintaining the thermal conditions according to the requirements.
Government and international organisations are focused to implementation of better temperature-controlling supply chain for pharmaceutical products. Various programs and initiatives started to monitor the wastage of temperature-sensitive drugs and vaccines. The global demand for critical vaccines is expected to grow substantially in forthcoming years which is expected to boost the demand for temperature-controlled packaging solutions in pharmaceuticals industry.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
* Browse 45 market data tables* and 30 figures* on "Global Temperature-controlled Packaging Solutions for Pharmaceuticals Market” – global forecast to 2027
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