Healthcare Cold Chain Logistics Market Information by Product type (Biopharmaceuticals, Vaccines, Clinical Trial Materials and Others), Services (Storage, Transportation, Packaging and Others), Storage Techniques (Electrical refrigeration, Dry Ice, Gel Packs, Liquid nitrogen and Others), By Region (North America, Europe, Asia Pacific, The Middle East & Africa (MEA) and Latin America) – Global Forecast by 2027
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As per the latest report published by Market Research Future (MRFR), the Global Healthcare Cold Chain Logistics Market will increase at a compound annual growth rate of 7.54% between 2018 and 2023. Unbroken cold chain services the gaining popularity in the healthcare sector. This can be attributed to the arrival of various pharmaceutical products that require a controlled environment starting from the initial point till the time they reach end-users. Cold chain services offer long term solution for drug preservation and potency issues. It facilitates the transportation of temperature-sensitive drugs and medical specimens. Market opportunities for cold chain in healthcare is expected to increase in the years to come. Development of novel biopharmaceutical products that require uninterrupted refrigeration is also auguring well for service providers. Nonetheless, the fluctuating regulatory standards for cold chain in healthcare sector from region to region or country to country is have a negative impact on the market. Lack of effective regulatory guidelines undermines the market prospects for cold chain in several parts of the world.
Market Drivers and Restraints:
Cold chain logistics plays a vital role in maintaining the efficacy of personalized drugs. Hence increasing preference for personalized drugs by the large patient pool and rapidly increasing geriatric population is resulting in the significant growth of the global healthcare cold chain logistics market. With increasing research in the field of molecular biotechnology and extensive stem cell research are inducing high demand for cold chain logistics in the healthcare sector, resulting in the rapid expansion of the global healthcare cold chain logistics market.
The export of pharmaceuticals has increased in the last few years as the governmental and non-governmental organizations are focusing on providing healthcare facilities in the underdeveloped regions. Initiatives such as mass immunization, which requires vaccines stored in temperature-controlled chambers, in various developing and underdeveloped regions are generating demand for cold chain logistics for the transportation of temperature-sensitive medications, leading to the expansion of the global healthcare cold chain logistics market.
Increasing focus on clinical trials for development of new treatment methods employ temperature-sensitive tissue samples, blood samples and various types of drugs. Transportation delays and weather fluctuations can cause potential damage to such samples. The vital role of cold chain logistics for carrying out clinical trials is one of the important factors that are propelling the growth of the global healthcare cold chain logistics market. Increasing utilization of cold chain logistics for safe delivery and distribution of temperature-sensitive products in the healthcare sector is resulting in the noteworthy expansion of the global healthcare cold chain logistics market.
The report includes a detailed segmental analysis of the Healthcare Cold Chain Logistics Market based on product type, storage techniques, end user and services. On the basis of product type, the market has been segmented into clinical trial materials, vaccines, biopharmaceuticals, and others. The vaccines segment holds a predominant position in term of market value. The segment surpassed a market valuation of USD 3,800 Mn in 2017. Vaccines account for significant percentage of the overall pharmaceutical products produced globally. This, in turn, is supporting the growth of the segment. The biopharmaceutical segment is also set to witness a strong growth in the forthcoming years and will eventually outperform the vaccine segment. With targeted therapies becoming more popular, the biopharmaceutical products gain higher prominence. By services, the market has been segmented into packaging, transportation, storage and others.
Towards the end of the forecast period, the segment is projected to reach a valuation is excess of USD 7,200 Mn. Demand for cold chain transportation services is substantially high as they form a crucial part of the entire logistics operation. Special vehicles are utilized for cold chain transportation services, which ensures uninterrupted temperature control. The storage segment is projected to capture a relatively higher growth rate. By storage techniques, the market has been segmented into liquid nitrogen, electrical refrigeration, gel packs, dry ice and others.
The market has been covered across regions such as Latin America, North America, Asia Pacific (APAC), Europe and the Middles East and Africa (MEA). Latin America and North America collectively dominate the global Healthcare Cold Chain Logistics market. Factors such as presence of large number of service providers and existence of a vast pharmaceutical manufacturing sector is supporting the growth of market in these two regions, particularly in North America. The Americas is followed by the Europe and Asia Pacific respectively.
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AmerisourceBergen Corporation, American Airlines, Inc., DB Schenker, FedEx, Marken, Cavalier Logistics, KUEHNE + NAGEL, and DHL international GmbH are some of the key market players mentioned MRFR’s report.
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