Healthcare Cold Chain Logistics Market Overview
Cold chain logistics has emerged as a game changer for the healthcare field post pandemic, ensuring the quality of the lifesaving drugs and medicines and that they quickly reach their destinations. Post the COVID-19 outbreak, the healthcare sector has had to adapt to various challenges, with cold chain quickly gaining importance. Pharmaceutical firms have been busy distributing temperature-sensitive SARS-CoV-2 vaccine.
Healthcare Cold Chain Logistics Market size is projected to reach USD 16,588.3 million by 2023. Also, the market can most likely procure a CAGR of 7.54% between 2018 and 2023 (which is the assessment period). We will provide COVID-19 impact analysis with the report, along with all the latest developments in the global market following the coronavirus disease outbreak.
Healthcare vendors are currently not focused on returning to the pre-COVID-19 operation levels; but are concentrating on ensuring efficient and cost-effective operations or survival. Technology experts are coming forward, such as advanced analytics and cloud-based ERP, bringing along digitized supply chain components, accurate inventory allocation and automation to maintain inventory management, clinical and procurement operations in the healthcare industry. Such advanced technologies are proving to be quite helpful, especially after the lockdown imposed across the world.
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During these uncertain times and the fast spreading pandemic, many of the leading firms are coming forward and are expanding their product portfolio to satisfy the escalating demand for cold chain services in the healthcare industry. For instance, in July 2020, Polar Leasing expanded its cold chain storage in a bid to meet with the escalating demand for refrigeration in industries like medical, pharmaceutical and biotechnology. The vendor generally adds an antimicrobial gel-coat finish to the interior of the refrigerator, which helps prevent growth of viruses, bacteria, mildew and mold, which can be a huge plus amidst the SARS-CoV-2 breakout.
The rising number of clinical trials that use temperature sensitive tools such as tissue sample, drugs and blood sample have induced major market growth in recent years. Not only novel coronavirus, but the demand for various types of vaccines has surged in recent years, in light of the surge in the programs by government as well as non-government agencies worldwide. Also, given the rising outsourcing trends in the biopharmaceutical and pharmaceutical sectors, the demand for cold chain logistics for vaccines, clinical trial materials and drugs has risen considerably.
Healthcare Cold Chain Logistics Market Regional Insight
The healthcare cold chain logistics market has been covered across regions such as Latin America, North America, Asia Pacific (APAC), Europe and the Middles East and Africa (MEA).
North America remains one of the most lucrative healthcare cold chain logistics market, thanks to the massive surge in lifestyle diseases and the consequent rise in the use of diverse cold chain tools. A well-developed healthcare industry and the escalating trend of automation discarding any scope of human errors within the cold chain have been favorable for the regional market. In addition to this, a number of cold chain transportation and logistics vendors such as FedEx and AmerisourceBergen have contributed significantly to the market growth here. Some other essential growth enhancers in the market include the frequent technological advancements and the increasing awareness among consumers with regard to healthcare cold chain products.
APAC, at present, is the fastest advancing healthcare cold chain logistics market, with tremendous contribution from emerging countries like India, South Korea and China. Over the years, these countries have become prominent hubs in terms of outsourcing of clinical trials along with pathology testing and drug manufacturing. Sensing the brimming opportunities in the region, several international players are trying to gain leverage and safely distribute temperature-sensitive products like biopharmaceuticals.
Healthcare Cold Chain Logistics Market Segmentation
The MRFR study has extensively covered the worldwide healthcare cold chain logistics market, on the basis of a few key segments, namely product type, storage techniques, end user and services.
The product types mentioned in the healthcare cold chain logistics market report are biopharmaceuticals, clinical trial materials, vaccines, and more. The vaccines segment has remained on the top since 2017, as it crossed a valuation of USD 3,800 Mn that year. Vaccines make for a substantial percentage of the complete pharmaceutical items produced worldwide, which support segmental growth. MRFR confirms strong growth possibilities for the biopharmaceutical segment as well as high chances of it potentially outperforming the vaccine segment in the years ahead. This is possible owing to the fast growing popularity of targeted therapies.
By Services, healthcare cold chain logistics market is segmented into are packaging, transportation, storage, and more. By the end of the assessment period, the overall services segment can potentially obtain more than USD 7,200 Mn.
Storage techniques listed are dry ice, electrical refrigeration, liquid nitrogen, gel packs, and others. The electric refrigeration segment currently accounts for the highest healthcare cold chain logistics market share and the trend is likely to continue throughout the assessment period. In 2017, the segment crossed a valuation of more than USD 4,700 Mn.
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Healthcare Cold Chain Logistics Market Companies
Significant companies listed in the MRFR healthcare cold chain logistics market study are Cavalier Logistics, Inc., DHL international GmbH, FedEx, Marken, KUEHNE + NAGEL, American Airlines, DB Schenker, AmerisourceBergen Corporation, to mention a few.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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