Temperature Controlled Packaging Solutions for Pharmaceuticals Market - Key Research Findings
- Global temperature controlled packaging solutions for pharmaceuticals market size in 2018 – nearly US$ 3.5 Bn.
- The temperature controlled packaging solutions for pharmaceuticals market is expected to witness a CAGR of 7.8% during the forecast period 2018-2028.
- The challenge of reaching more and more patients residing in remote locations is expected to drive the demand for temperature controlled packaging solutions for pharmaceuticals.
- North America will remain the largest regional market for temperature controlled packaging solutions for pharmaceuticals.
- The region is expected to have a pool of large manufacturers and high utilization of temperature controlled pharmaceutical products in the US and Canada.
- The Asia Pacific excluding Japan (APEJ) region is expected to witness high growth potential for temperature controlled packaging solutions for pharmaceutical products.
- Rapid rise in the prevalence of chronic diseases, increasing number of clinical trials in the countries such as China & India, and growing demand for temperature sensitive products will heavily contribute to the growth of the temperature controlled packaging solutions for pharmaceuticals market within APEJ.
Top 3 Factors Shaping the Temperature Controlled Packaging Solutions for Pharmaceuticals Market
Strong Emphasis on Waste Reduction of Critical Biologics to Boost Demand
The global demand for temperature-sensitive vaccines is anticipated to grow 6-7% annually. International organizations, such as World Health Organization (WHO), are continuously focusing on reducing wastage of vaccines across the globe.
For instance, in 2012, World Health Organization estimated global liquid vaccine wastage at a staggering 25%, primarily attributed to disruptions in cold chain supply.
As a part of this, various programs have been initiated to monitor vaccine wastage. These programs also focus on proper handling and transportation of vaccines and in turn, are driving the demand for temperature controlled packaging.
Growing Adoption of Vacuum Insulated Panels (VIP) and Phase Change Materials (PCMs)
The need for better handling of temperature-sensitive pharmaceutical products has resulted in increased research for more advanced temperature controlled packaging insulation materials such as VIP, PCMs, and sheep wool.
VIP-based insulation and PCM-based refrigerants offer major advantages over conventional expanded polystyrene (EPS) and polyurethane insulated shippers. Shippers implementing VIPs and PCMs are relatively lightweight, provide wide temperature ranges, cut distribution costs, and thus, are gaining market share.
- Sonoco Thermosafe’s product ‘Greenbox’ for healthcare industry uses VIP as an insulation material and a patented renewable plant-based PCM.
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Maintaining a Robust Supply Chain despite Changing Climatic Conditions is a Challenge
Cold chain packaging, particularly for pharmaceuticals is exposed to rigorous climatic conditions, wherein the packaged pharmaceutical products are shipped through different modes of transportation, including ocean transportation. This increases the risk of direct exposure of the packaged product to sunlight, dwell time on the dock, and stress on the package due to other products in the container.
As only a handful of manufacturers test their pharmaceutical packaging products to bear such stress, not all suppliers can meet client requirements. Therefore, a large portion of the industry is facing issues related to temperature controlled pharmaceutical packaging product performance across different climatic conditions and thus, do not meet quality standards.
Furthermore, exhibiting minimal or no external environment impact on the stored product is also important for pharmaceutical companies, as there are reported incidences wherein variation in the pharmaceutical product’s storage temperature resulted into a profound impact on drug’s stability and therapeutic efficacy.
Temperature Controlled Packaging Solutions for Pharmaceuticals Market Structure Analysis
- The global temperature controlled packaging solutions for pharmaceuticals market represents a consolidated competition landscape wherein Tier 1 companies hold more than 10% revenue share.
- Top companies in the temperature controlled packaging solutions for pharmaceuticals market include Sonoco Products Company, Pelican Biothermal, Sofrigam SA Ltd., Cold Chain Technologies, and Snyder Industries, Inc.
- Most of the key players maintain a strategic focus on North American and Western European markets, due to the high penetration of associated products in the region, whereas APEJ is also an attractive market with countries such as India and China with extraordinary medical and healthcare facilities.
- Leading players in the temperature controlled packaging solutions for pharmaceuticals market are also concentrating on the development of new products with enhanced properties, whereas cost competitiveness will remain a strong differentiation strategy.
On the basis of product type
- insulated shippers
- insulated protective shippers
- insulated containers
- others (including refrigerants, gel, icepacks, and phase change materials)
On the basis of application