Healthcare cold chain logistics Market: Primary Boosters and Main Barriers
With the COVID-19 pandemic having a huge impact on the product demand as well as the supply chains of industries worldwide, the focus has now shifted from profits to survival. The massive financial crunch along with the drop in the product demand are some of the challenges being dealt with by the companies. The market demand has plummeted owing to the falling demand for non-essential products as well as services. Furthermore, the evolving buying behavior of consumers as a result of the uncertainty brought on by the novel coronavirus can affect the growth scope of the overall market.
The healthcare cold chain logistics market research report has valued the industry size at USD 13.9 billion in 2022 and is projected to grow from USD 14.99 Billion in 2023 to USD 23.65 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.89% during the forecast period (2023 – 2030).
With that said, since the onset of the pandemic, cold chain has become an essential component in the battle against the virus. Healthcare has emerged as a key end-user of cold chain logistics, with vaccines, and biopharmaceutical products witnessing unwavering demand worldwide. Despite the lockdown, leading manufacturers, cold storage warehouses and distribution centers are still working in order to ensure continuous flow of fresh products, which can favor the market growth to some extent. Pharmaceuticals constantly need efficient cold chain monitoring systems and can effectively spur the market demand in the coming period.
The rising adoption of advanced cold chain technologies such as RFID, cloud WMS, AGVs, sensor tags, mobile racking and IOT has led to more efficient warehouse operations, enhanced productivity of the cold chain monitoring systems. A mounting number of cold chain firms are embracing digitization and automation to bring down the overall costs and enhance the business efficiency. Automation has emerged as the most critical weapon in tackling with challenges posed by SARS-CoV-2. Also, partnerships and mergers seem to be the top favored growth strategies being adopted by the renowned vendors to elevate their market position.
The healthcare cold chain logistics industry has been dissected into product type, storage techniques, services, and end-users.
The major product types considered in the report are vaccines, clinical trial materials, biopharmaceuticals, and many more. The leading spot has been secured by the vaccines segment, as a large number of these products require proper temperature control that is offered primarily by cold chain.
The healthcare cold chain logistics market, depending on storage techniques, covers electrical refrigeration, dry ice, gel packs, liquid nitrogen, and more. The most commonly deployed technique is electrical refrigeration as it is used extensively for preserving a variety of pharmaceutical products.
The services highlighted are packaging, storage, transportation, and many more. The transportation category will note the highest demand in the years ahead and garner a solid valuation of USD 7200 million by 2027-end.
The top end-users of healthcare cold chain logistics are research institutes, biopharmaceutical companies, hospitals and clinics, and others. The biopharmaceutical companies currently as the leading end-users in the healthcare cold chain logistics industry and can touch USD 6800 million by the review period’s end.
The five key geographies considered in the market study are Europe, Latin America, the Middle East & Africa/MEA) APAC/Asia Pacific along with North America.
The APAC market is the currently the leader and is the top consumer of healthcare cold chain logistics. Thanks to the rapid economic growth, rising trade of temperature-sensitive pharma items, escalating industrialization rate, and the extensive rollout of warehouse and transportation networks, particularly in India and China, the market attractiveness is bound to grow further in the coming years. Another important growth inducer can be the rising innovations in connected devices technologies including IoT/Internet of Things and RFID/ Radio Frequency Identification combined with the soaring demand for intelligent sensors.
North America is another important market, thanks to the massive investments that go in cold chain services and solutions along with the rising demand for vaccines and biopharmaceutical products. Also, the high requirement for refrigeration across the pharmaceutical industry could benefit the North American market. The United States heads the regional market, as a result of the well-developed pharmaceutical industry and the growth in the different types of drugs that need controlled room temperature.
Top Market Firms
DHL international GmbH, Cavalier Logistics, American Airlines, Inc., Marken, KUEHNE + NAGEL, DB Schenker, AmerisourceBergen Corporation, FedEx are some of the top key playersprofiled in the healthcare cold chain logistics market report.
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