Temperature-sensitive pharmaceutical items, such as vaccinations are driving the demand for more effective temperature-controlling packaging. Additionally, temperature-controlled packaging is anticipated to pave the way for effective and profitable supply chains for vaccinations and delicate pharmaceuticals. The World Health Organization (WHO) estimates that liquid vaccines make up 25% of yearly worldwide vaccine waste and lyophilized vaccines account for 50% of that waste. To maintain their effectiveness, temperature-sensitive vaccinations must be kept at a constant temperature of 2°C to 8°C. As a result, the demand for the temperature-controlled packaging solutions increases and enhances the market growth.
According to Data Bridge Market Research the Temperature Controlled Packaging Solutions accounted for USD 34.4 billion in 2021, and expected to reach USD 68.49 billion by 2029. The market is expected to grow with a CAGR of 8.99% in the forecast period of 2022 to 2029.
“Increasing demand of temperature controlled packaging solutions in healthcare sector”
The government's growing investment in healthcare infrastructure improvement is anticipated to fuel the growth of pharmaceutical industry. The usage of temperature control packaging solutions in the transportation of medications, clinical trial distribution items, donor organs, and blood transfers is predicted to increase as a result of the expanding pharmaceutical industry. The World Health Organization estimates that worldwide healthcare spending increased from US$ 7.6 trillion in 2016 to US$ 7.8 trillion in 2017 and US$ 1,080 per person. The market for temperature-controlled packaging solutions is anticipated to develop as a result.
What restraints the growth of Temperature Controlled Packaging Solutions Market?
“High cost associated with temperature controlled packaging solutions market”
It is predicted that ongoing expenses of temperature controlled packaging solutions will restrain market expansion throughout the projected period. The temperature controlled packaging containers and its parts have a very high buying cost. As a result, before deploying a technology, end users such as pharmaceutical and food and beverage firms evaluate the costs of leasing and purchasing. Leasing temperature controlled packaging containers at cheaper monthly expenses rather than buying them outright is the norm for businesses that ship infrequently. This lowers the initial investment costs for the business. The costs of package transportation both incoming and outbound must also be bear by the businesses.
Segmentation: Temperature Controlled Packaging Solutions Market
The temperature controlled packaging solutions is segmented on the basis of products, type, usability, revenue type and end-user.
- On the basis of product, the temperature controlled packaging solutions market is segmented into Insulated shippers, insulated containers, Refrigerants, others.
- Based on type, the temperature controlled packaging solutions market is segmented into active systems, passive systems.
- Based on usability, the temperature controlled packaging solutions market is segmented into single, reuse.
- On the basis of revenue type, the temperature controlled packaging solutions market is segmented into products, services.
- Based on end user, the temperature controlled packaging solutions market is segmented into food and beverages, healthcare, others.
Regional Insights: North America is expected to dominate the Temperature Controlled Packaging Solutions Market
North America is expected to dominate the market and is expected to grow significantly owing to the growing demand for the temperature controlled packaging solutions in this region. Furthermore, high adoption of temperature packaging in healthcare industry of Canada and the U.S. is anticipated to remain favorable for the market. Furthermore, the increasing importance of convenience foods among population of the U.S. is likely to upscale the need of temperature-controlled packaging in this region.
In addition, the Asia-Pacific region is likely to register highest growth rate during the forecast period of 2022 to 2029 due to growing sale of pharmaceutical products and rising disposal income of individuals in this region. Furthermore, increasing investments by governments and major market players are also expected to remain a major factor for this region's market growth.
Recent Development: Temperature Controlled Packaging Solutions Market
- In 2022, United Cargo and Sonoco ThermoSafe which is a unit of Sonoco Products Company has announced a global lease agreement fora temperature-controlled bulk shipping container named new Pegasus ULD. This contract allows pharmaceutical freight suppliers to access Pegasus ULD containers directly from United Cargo.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-temperature-controlled-packaging-solutions-market
The Prominent Key Players Operating in the Temperature Controlled Packaging Solutions Market Include:
- Sonoco Products Company (U.S.)
- Cold Chain Technologies (U.S.)
- Va-Q-Tec AG (Germany)
- Pelican BioThermal Limited (U.S.)
- Softbox (U.K.)
- Sofrigam SA (France)
- Intelsius (U.K.)
- Inmark Global Holdings, LLC (U.S.)
- Envirotainer (Sweden)
- Fedex (U.S.)
- United Parcel Service of America, Inc (U.S.)
- AmerisourceBergen Corporation (U.S.)
- Snyder Industries (U.S.)
- ACH Foam Technologies, LLC (U.S.)
- Cryopak Industries Inc. (Canada)
- Saeplast (U.S.)
- Tempack (Spain)
- Exeltainer (Spain)
- OMEGA Engineering (U.S.)
- Olympus Corporation (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of Temperature Controlled Packaging Solutions companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Temperature Controlled Packaging Solutions Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
