Market Highlights —
The global healthcare cold chain monitoring market is projected to be valued at USD 5,345.6 million by the end of 2027, registering a CAGR of 12.2% during the forecast period.
Healthcare cold chain monitoring is a logistics and transportation solution that helps track the life and freshness of perishable products such as vaccines, biopharmaceuticals, clinical trial materials, and serums that are temperature sensitive and may need special handling.
The primary factor driving the global healthcare cold chain monitoring market is maintaining temperature integrity through the supply chain provides challenges that may slow the growth of the cold chain monitoring market for healthcare during the forecast period. The growing need for consensus across logistics pertaining to pharmaceutical trade and continuous transitions in new product developments are responsible for the adoption of cold chain monitoring solutions. The increasing demand for vaccines and insulin products is also driving the need for cold chain technologies as there is an industry-wide demand for all these products from developed economies to underdeveloped ones, especially in Asia.
COVID-19 Impact Analysis
With the continuous spread of the novel coronavirus across the world, auto makers are taking extreme measures in the form of plant closures to halt the spread of COVID-19. Vaccines may be lost, stolen, or rendered worthless due to poor storage techniques during the two to seven days it may take to reach a healthcare facility. Ice packs or cold water are frequently the only means of temperature control. Vaccination has become one of the most successful public health treatments for preventing the spread of numerous life-threatening diseases, with UNICEF estimating that it saves 2-3 million lives per year.
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The global healthcare cold chain monitoring market has been segmented on the basis of component, temperature type, product, end-user, and region.
By component, the healthcare cold chain monitoring market has been bifurcated into hardware and software. The hardware segment is further divided into sensors, data loggers, real-time monitoring devices, RFID devices, resistance temperature detectors, and others. In addition, the software segment is further segmented into cloud based and on-premises. Cold chain monitoring uses various sensors to capture data for parameters, such as temperature, humidity, proximity, smoke, shocks & vibrations, light, tilt, and location. In general, these sensors are classified into active, passive, and semi-passive sensor types.
By temperature type, the healthcare cold chain monitoring market has been segmented into frozen and chilled. Any temperature not exceeding 8°C is known to be refrigerated or chilled. Cold chain monitoring providers enable supervising the refrigeration system environments, especially for the vaccines, blood samples, drugs, and other medicines, to maintain the temperature across the distribution and storage channels.
Based on product, the healthcare cold chain monitoring market has been divided into vaccines, biopharmaceuticals, clinical trial materials, and others. The biopharmaceuticals segment covers complex medicinal products manufactured from live cells and/or organisms after passing from advanced biotechnological methods.
By end-user, the global healthcare cold chain monitoring market has been segmented into biopharmaceutical companies, hospitals & clinics, research institutes, and others. The biopharmaceutical companies segment accounted for the largest market share of 32.8% in 2020, with a CAGR of 13.5% during the forecast period.
Key Findings of the Study:
The global healthcare cold chain monitoring market is projected to reach a value of USD 5,345.6 million by 2027, with a CAGR of around 12.2% during the forecast period from 2021 to 2027.
North America accounted for the largest market share in 2020; this is due to the increasing awareness of healthcare products and vaccines is driving the growth of healthcare cold chain monitoring.
Europe is expected to register the second-highest CAGR of 11.3%. Organizations in the region are increasingly focusing on reducing the cost of pharmaceutical logistics across global resources to meet the growing industry demands.
The Asia-Pacific market is anticipated to register significant growth due to the high potential for adopting cold chain monitoring solutions due to developments in healthcare infrastructure.
Growing investments in pharmaceutical cold chain technology createlucrative growth opportunities for the players operating in this market.
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Healthcare Cold Chain Monitoring Market: Information by Component (Hardware (Sensors, Data Loggers, Real-Time Monitoring Devices, RFID Devices, Resistance Temperature Detectors, and Others), Software (Cloud Based and On-Premises),Temperature Type (Frozen and Chilled), Product (Vaccines, Biopharmaceuticals, Clinical Trial Materials, and Others),End-User (Biopharmaceutical Companies, Hospital & Clinics, Research Institutes, and Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World)—Forecast till 2027
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Name: Saurabh Sinha
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