The rising investments across the healthcare sector are proliferating the demand for temperature controlled services for healthcare
The global temperature controlled services for the healthcare market was valued at US$ 6,898.9 Mn in 2020, and is expected to reach US$ 6,898.9 Mn by 2027, and is expanding at a CAGR of 12.6% during the forecast period.
The growing demand for transporting products like vaccines worldwide is one of the key factors for the growth of the global temperature controlled packaging for the healthcare market. The ongoing COVID-19 pandemic has increased the demand for temperature controlled transportation of vaccines. This is because the vaccines which are being used in the treatment of COVID-19 patients need a range of temperature. For instance, the Pfizer-BioNTech or Moderna vaccines require a temperature of -70 ℃ and the Indian vaccines need to be stored only at 2-8 ℃s
The growing prevalence of numerous diseases which require donor organs, blood transfers and others across the globe is another key factor for the growth of the global temperature controlled packaging for healthcare market. As strong growth continues across the global pharmaceuticals industry, the sub-category of temperature-controlled products is surging ahead worldwide. The growing need for medicines, clinic trial distribution products, donor organs, blood transfers, and others are some of the other reasons for the expansion of the global market over the upcoming years.
The lack of infrastructure for temperature sensitive medicines in the developing economies is one of the key restraints anticipated to hinder the growth of the global temperature controlled packaging for healthcare market. The key developing economies such as India and China are the major players in the manufacturing of pharmaceutical products. The lack of skilled labor and availability of infrastructure to handle temperature controlled medicines are estimated to hamper the growth of the market.
In terms of region, Europe held the third largest market share in the temperature controlled services market accounting growing at a CARG of 12.2% during the forecast period. 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 various diseases. The healthcare spending is thus continuously increasing with the support of government bodies.
Additionally, the substantial growth in the trade of pharmaceutical products across the European region is further increasing the demand for pharmaceutical logistics. In 2020, exports and imports of pharmaceutical and medicinal products increased in the region with Slovenia reporting an increase of 31% in imports of medicinal products and an increase in exports with registering the growth of 42%, whereas Greece registered the largest increase of 48% in medicinal products exports.
The imports and exports of medicinal and pharmaceutical products in countries across Europe rose significantly predominantly due to increasing coronavirus cases. The ongoing drive for COVID-19 vaccine distribution that requires temperature controlled packaging is supporting the growth of logistics in the region.