The global temperature controlled packaging material for healthcare market size was US$ 13,075.2 million in 2020 and expected to reach US$ 40,144.7 million by 2027; this converts into a compound annual growth rate (CAGR) of 15.8% for the forecast period.
The temperature controlled packaging material for healthcare has gained popularity over the last two years primarily due to the rise in COVID-19 cases
The temperature-controlled packaging material for healthcare market is projected to foresee a notable growth pace throughout the forecast period. The pharmaceutical industry is one of the fastest growing industries coupled with the rising investments in research and development. The market players are developing new products and expanding their business to meet the accelerating demand for temperature controlled packaging material for the distribution of COVID-19 vaccines supporting the market growth.
The manufacturers across the healthcare and pharmaceutical industry are manufacturing products that are highly sensitive to temperature fluctuations and thus requires temperature controlled packaging material to meet their storage needs. Furthermore, the biotechnology industry is witnessing the significant developments with more and more companies developing their technologies. The temperature controlled packaging will further experience a huge demand from the biopharmaceutical industry.
The global pharmaceuticals market is forecast to grow to over $1 trillion by 2022 and is primarily driven by aging demographics especially from North America and Europe. In addition to this, the rising income levels of people from the developing countries is also contributing to the rise in pharmaceutical industry. The industry growth is further supported by the excellent growth in biologics. The healthcare, pharmaceutical and biological products are very sensitive to the changing environment and temperature than the products of almost any other industry. To ensure that the reagents for labs, medicines, and samples to maintain their quality temperature controlled packaging materials are extensively used across the industry.
On the basis of application, the ambient temperature segment held the largest market share in 2020, while the refrigerated segment accounted for 32.5% market share in the same year followed by the frozen and cryogenic segment. When it comes to healthcare products, ambient temperature is a broad term and varies among storage facilities and countries, with particular requirements for a different types of medicines. The ambient temperature ranges from 15°C to 30°C and accounted for approximately 51% of the total temperature-sensitive products shipped in 2015.
Moreover, the electrical refrigeration such as ice lined refrigerators are a preferred option where there is reliable electricity, for at least eight hours per day. Even with the periodic breaks in electricity it can preserve the +2Ë?C to +8Ë?C holdover time. Electric refrigeration is primarily used for the storage and transportation of vaccines.
Among the European countries, Germany, France and Sweden have the highest healthcare expenditure. With the changing lifestyle of the people across Europe more people are being diagnosed with critical diseases. Healthcare spending is thus continuously increasing with the support of government bodies. The research-based pharmaceutical industry in Europe is playing a critical role in the economic growth of the region. An estimated amount of € 36,500 million have been invested in the R&D of the European pharmaceutical industry in 2018. The investment in R&D is anticipated to boost the demand for temperature controlled packaging for pharmaceutical samples and laboratory testing reagents.
Temperature controlled packaging material for healthcare Market Recent News: