Global Temperature-controlled Packaging Solutions for Pharmaceuticals Market was valued at US$ 4.6 Bn in 2022, and is projected to reach US$ 10.2 Bn by 2030, exhibiting a CAGR of 10.5% during the forecast period (2023-2030). According to Temperature-controlled Packaging Solutions for Pharmaceuticals Market, By Product Type (Insulated Shippers (Panels and Envelopes, EPS Foam Container, Fiberboard Polyurethane (PUR)), Insulated Protective Shippers Insulated Containers (Chest Style, Upright Style), Others (refrigerants, gel, icepacks, and phase change materials)), By Application (Frozen, Chilled, Ambient), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023-2030. Published by: Coherent Market Insights.
Drivers
- Booming pharmaceutical industry around the globe
The booming pharmaceutical industry around the globe, especially in the Asia Pacific is expected to foster the market growth of Temperature-controlled packaging solutions for pharmaceuticals. According to the India Brand Equity Foundation, the pharmaceutical sector in India was valued at US$ 42 billion in 2021. The country’s pharmaceutical industry is expected to expand at a CAGR of 22.4% over 2015–2020 and reach to US$ 55 billion. India’s pharmaceutical exports stood at US$ 17.27 billion in FY18 and have reached US$ 19.14 billion in FY19. Therefore, the rising pharmaceutical industry is projected to augment the market growth temperature-controlled packaging solutions for pharmaceuticals.
Market Opportunities
- Increasing the focus of manufacturers to introduce novel temperature-controlled packaging solutions for pharmaceuticals
Increasing the focus of manufacturers to introduce novel temperature-controlled packaging solutions for pharmaceuticals is expected to propel the market growth of temperature-controlled packaging solutions for pharmaceuticals. For instance, in October 2016, Storopack, a leader in protective packaging is adding a 96-hour system solution to its product portfolio for temperature-controlled shipping. The new prequalified box maintains a temperature of between 2 and 8°C in the shipping unit for around 96 hours, depending on the required temperature profile. The protective packaging is ideal for international shipments, especially for products in the pharmaceutical or biotechnology sector.
Market Restraints
- Complexity associated with the Cold chain packaging system, especially for pharmaceuticals products
The complexity associated with the Cold chain packaging system, especially for pharmaceuticals products as they are exposed to harsh climatic conditions, during transportation, which also includes ocean transportation is expected to hamper the market growth of temperature-controlled packaging solutions for pharmaceuticals. This is a major issue, for many industries facing due to temperature-controlled pharmaceutical packaging product performance over different climatic conditions and does not meet quality standards. This factor is expected to restrict the market growth of temperature-controlled packaging solutions for pharmaceuticals.
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Key Takeaways
On the basis of product type, insulated shippers segment dominated the global temperature-controlled packaging solutions for pharmaceuticals market in 2022 with a 67.5% of market share in terms of revenue, followed by insulated containers and insulated protective shippers, respectively.
Market Trends
- Rising trend of outsourcing packaging and transportation of temperature-sensitive products
The rising trend of outsourcing packaging and transportation of temperature-sensitive products to a third-party logistics company in the temperature-controlled packaging solution industry to offer customized end-to-end solutions is expected to foster the market growth over the forecast timeframe. The strong distribution network of most 3PLs offers easy access to a new consumer base around the globe. Therefore, rising outsourcing packaging and transportation of pharmaceutical products that are temperature sensitive are propelling the market growth.
- Growing Focus of Insulated Containers Manufacturer on adopting Rental Business
Growing Focus of Insulated Containers Manufacturer on adopting Rental Business as they are very expensive to own and manage is expected to augment the market growth of temperature-controlled packaging solutions for pharmaceuticals. Moreover, the manufacturer is expanding its rental business as it helps to reduce the cost of ownership and increased the return on investment, which ultimately raise the profit generation. Therefore, the rising adoption of rental business among packaging solution manufacturers of pharmaceuticals is accelerating the market growth.
Competitive Section
Key players operating in the global temperature-controlled packaging solutions for pharmaceuticals market are 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
- In February 2020, Pelican BioThermal LLC declared its acquisition with NanoCool LLC. This company is probable to be involved in the manufacture of temperature-controlled packaging systems. Pelican BioThermal is the first cold chain packaging solutions provider to make available a broad and comprehensive portfolio of patented and award-winning single-use and reusable thermal protection packaging solutions for the safe transport of pharmaceuticals, clinical trials, diagnostics, tissue, vaccines and blood.
Cold Chain Technologies
- In March 2021, by establishing new regional offices in the Netherlands, Cold Chain Technologies intended to increase the market for its temperature-controlled systems in the EMEA (Europe, the Middle East, and Africa) region. The cold chain is a set of rules and procedures that ensure the proper storage and distribution of vaccines to health services from the national to the local level. The cold chain is interconnected with refrigeration equipment that allows vaccines to be stored at recommended temperatures to maintain their potency.
- In November 2020, for the purpose of distributing COVID-19 vaccinations, Cold Chain Technologies plans to construct a new plant in Lebanon, United States. Cold Chain Technologies, Inc. specializes in thermal packaging solutions. The Company provide thermal packaging solutions for temperature-sensitive products. Cold Chain Technologies operates globally and is headquartered in Holliston, Massachusetts, United States
