Temperature Controlled Services For Healthcare Market is Expected to Reach US$ 6,898.9 Mn by 2027

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.

Key Findings:

• Based on Service Type, warehousing held the second largest market share in 2020
• Based on logistics type, cold chain logistics is the fastest growing segment during the forecast period
• Based on regions, the Asia Pacific region is held the largest market share in 2020 and is growing at a high rate during the forecast period

Recent News:

• In September 2020, Envirotainer AB, announced the expansion of their network of stations by adding Beijing (PEK), China, to the growing list of e-technology network stations
• In November 2020, SF Airlines officially opened "Shenzhen=Hangzhou=Los Angeles" its first all-cargo route in the Americas. It was the 5th route that is opened by SF Airlines since its inception. At the same time, the aforementioned route is also the first domestic SF Airlines domestic route.
• In July 2020, Deutsche Post DHL Group has opened its first temperature-controlled facility in India at Hyderabad to meet the rising demand for reliable temperature-controlled transportation. The new facility of DHL Group in Hyderabad provides conditioning of packaging materials in different chambers for varying temperatures up to -20 ℃, and to meet the needs of pharmaceutical shipments.