Yahoo Finance Healthcare Cold Chain Monitoring Market Projected to Reach USD 5,345.6 Million at a CAGR of 12.2% by 2027 - Report by Market Research Future (MRFR)
New York, US, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Healthcare Cold Chain Monitoring Market information by Software, by Components, by Temperature Type and Region – forecast to 2027” market size to reach USD 5,345.6 million, growing at a compound annual growth rate of 12.2% by 2027.
Market Scope:
The global healthcare cold chain monitoring market is growing rapidly, witnessing the rising demand from the burgeoning medical and pharmaceutical industries. Healthcare cold chain monitoring technology has tremendous potential to improve the safety and quality of pharmaceutical products. Also, healthcare cold chain monitoring solutions help extend the shelf life of healthcare products.
Dominant Key Players on Healthcare Cold Chain Monitoring Market Covered are:
Monnit Corporation (US)
Carrier (US)
Berlinger & Co. AG (Switzerland)
Emerson (US)
Testo SE & Co. KGaA (Germany)
Signatrol (UK)
Temptime Corporation (US)
Haier Biomedical (Shandong)
Cold Chain Technologies (US)
Spotsee (US)
Dickson (US)
Rotronic (Switzerland)
Controlant (Iceland)
Elpro (Switzerland)
Roambee Corporation (California)
Tive (US)
OnAsset Intelligence Inc. (US)
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Market USP Exclusively Encompassed:
Market Drivers
Increased use of IoT technology in the healthcare sector substantiates the market revenues, interacting with internal and exterior influences. The usage of IoT in healthcare has grown dramatically in recent years and is expected to continue to grow in the coming years. Furthermore, the rising demand for warehouse automation in cold chain storage impacts the market growth positively.
Growing investments in building the pharmaceutical cold chain are key growth propellers. The cold supply chain comprises various components and distinct services, creating many investment prospects. Many companies are entering the pharmaceutical cold chain packaging area, tackling the market from multiple perspectives. The rising focus on sustainability trends, such as returns and reuse, pushes market growth.
Due to their effectiveness, healthcare cold chain monitoring solutions are now increasingly being used to transport vaccines to many new sites worldwide safely. Additionally, the emergence of innovative healthcare cold chain monitoring solutions commutatively propels market growth. The increased demand for effective storage systems for perishable items provides a huge impetus to market growth.
Technological advancements in cold chain monitoring solutions positively impact the market share. Furthermore, growing awareness towards healthcare and supply chain inefficiencies are other factors bolstering the market growth. On the other hand, high investment requirements for implementations and R&D impede the market growth.
Healthcare cold chain monitoring demand is estimated to rise drastically by 2027, driven by rapid advances in new technologies and the growing emphasis on the safety of temperature-sensitive drugs distribution. To meet greater cargo shipping demand, many end-user verticals are increasingly forming strategic partnerships with healthcare cold chain monitoring solution providers.
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Segmentation of Market Covered in the Research:
The market is segmented into products, components, temperature types, end-users, and regions. The product segment is bifurcated into vaccines, biopharmaceuticals, clinical trial materials, and others. The component segment is bifurcated into hardware (data loggers, sensors, real-time monitoring devices, RFID devices, resistance temperature detectors, others) and software (cloud-based and on-premises).
The temperature type segment is bifurcated into chilled and frozen. The end-user segment is bifurcated into biopharmaceutical companies, hospitals & clinics, research institutes, and others. By regions, the market is sub-bifurcated into the Americas, Asia Pacific, MEA, Europe, and rest-of-the-world.
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Regional Analysis
North America dominates the global healthcare cold chain monitoring market. The increasing need for customized storage and transportation to ensure the effectiveness of healthcare products is a key driving force. Besides, the growing focus of organizations on improving business agility in the region boosts the market size.
Rising developments of active & intelligent healthcare storage and key industry players holding a substantial market share in the region drive the market growth. Additionally, the growing demand for healthcare cold chain monitoring solutions substantiates the region's market shares.
Competitive Landscape
The global market of healthcare cold chain monitoring appears highly competitive, characterized by the presence of several notable players. To gain a larger competitive advantage, these players incorporate strategic approaches such as mergers & acquisitions, collaborations, expansions, and technology/product launches.
They make significant investments to drive research & development activities and expansion plans. Technology providers employ continuous improvement strategies to analyze product updates, implement improvements, and launch new technologies to meet the changing consumer needs.
For instance, recently, on Oct 11th, 2021, Marken, UPS Healthcare's clinical trial logistics unit, announced the addition of significant capacity to support increased demand for cell and gene therapies expanding the global cold chain logistics network. Marken is accelerating the expansion of clinical supply chain networks across all regions to provide increased flexibility and global access for partners, including access in emerging markets like South Korea and Sub-Saharan Africa.
Marken has expanded its global network to support increased demand for its clinical drug supply chain services. Expansion plans, including new locations and cold chain services & packaging solutions, will support accelerated demand for mRNA therapies, cell & gene therapies, and early access and managed access programs. These investments are critical, especially for cell and gene therapy developers, where increased innovation has been enabled by mRNA, CAR-T, and viral vectors.
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