Increasing Concerns Regarding Safe Transportation of Pharmaceutical Products
Temperature controlled packaging solutions are perfect for the transport of temperature sensitive products in extreme conditions, such as through prolonged periods and extreme heat condition. This is the major factor that drives the growth of temperature controlled packaging market. This packaging technique provides the consumers with higher performance, more efficiency than any other insulating materials, better temperature maintenance, and a reduced thickness on the sides.
World Health Organization estimated global liquid vaccine wastage at a staggering 25%, primarily attributed to improper handling and transportation process. 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 Number of Diseases
The number of disease outbreaks globally has impelled pharmaceutical industry to focus on advanced drug solutions for different types of diseases. Several diseases that have witnessed growth in the incidences in the past years include diabetes, cancer, obesity and Alzheimer's. Around 194 million people around the world have diabetes, and the World Health Organization estimates the number of incidences will reach 366 million by the year 2030. Thus, developing technology and reusable packaging are expected to drive the market growth in the coming years. Temperature controlled packaging solutions are used to transport clinical trial distribution products, drugs, vaccines, donor organs, and blood transfers. All these factors are anticipated to drive the global market growth during the forecast period.
High Cost of Advanced Temperature Controlled Packaging
High cost of advanced temperature controlled packaging is anticipated to be a major restraint for the market. Several players in the market choose to go for substituted packaging products, which are of low cost but are not equally efficient. This affects the lifetime of the medicine and possess a serious constraint for the pharmaceutical packaging market.
The global temperature controlled packaging for pharmaceuticals market is estimated to grow at a CAGR of around 9% over the forecast period i.e. 2019-2027. Temperature controlled packaging techniques provide protection, identification, information and containment to product during storage, carriage and until the product is consumed. The need for efficient temperature control of sensitive pharmaceutical products has resulted in increased demand for more advanced temperature controlled packaging techniques. Delivering drugs such as insulin or the cancer treatment drugs require constant temperature control to maintain their stability. Through temperature controlled packaging, these drugs can easily transported to particular locations, preventing any harmful external effects.
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Our-in depth analysis of the global temperature controlled packaging market includes the following segments:
By Temperature Range
By Payload Capacity
By Type of Use
On the basis of regional analysis, the temperature controlled packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America temperature controlled packaging market is anticipated to witness fast growth on account of large number of pharmaceutical manufacturers and high utilization of temperature controlled pharmaceutical products in the US and Canada. Temperature controlled packaging for pharmaceuticals market in Asia Pacific is also expected to witness faster growth rate during the forecast period on account of rapid rise in the prevalence of chronic diseases, increasing number of clinical trials in the countries such as China and India.. Asia Pacific has witnessed advancements in terms of technology on the back of its growing population coupled with growing number of disease outbreaks.
Global temperature controlled packaging for pharmaceuticals market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.