The quality of service in “Cold Chain” is largely dependent on the growing investments in latest technology as well as equipment, particularly the cold chain packaging solution. Over the last decade or two, highly competitive market are facing economic hardships, and hence, pharmaceutical companies were looking for different methods to minimize cost of product packaging. One of the ways thought of to achieve cost cutting was the use of inexpensive packaging solutions such as passive packaging system, but then it involved the risk of exposing the medicinal products to the ambient temperatures.
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Hence, for the logistics of temperature-sensitive drugs, pharmaceutical companies have shifted its focus towards using the cold chain packaging solution that suits a particular situation. Cold chain packaging solutions include different types of refrigerated containers, temperature monitors & integrators for managing product’s life period.
Global Cold Chain Packaging Market: Drivers & Restraints
The demand for cold chain packaging has grown immensely in the healthcare packaging sector. Cold chain packaging finds its applications in supply & logistics of biopharmaceuticals, clinical trials & vaccines, etc. This substantial growth of the cold chain packaging market is due to boost in the sales of medicinal products needing cold chain logistics. Also, governments of various countries coupled with its regulatory agencies have designed several guidelines and have adopted their own “Goods Distribution Practices (GDP)”.
However, one key challenge in the cold chain packaging market is the rising cost of raw material. Polystyrene is the primary raw material used in built-up of cold chain packaging solutions. In the recent times, instability in prices of polystyrene, owing to the increased gap between demands and supply, has surged the price and is likely to continue during the forecast period. Moreover, escalated raw materials cost further leads to raising the overall cost of final product.
Cold chain packaging market is directly influenced by the continuous growth in demand for cold storage medicinal products used in the healthcare industry. Regionally, the cold chain packaging market is dominated by Europe and North America region. This is due to the high number of biopharmaceuticals imports & exports in the countries in Europe and North America, and are also the innovators for the improvement in shipping and warehousing of pharmaceutical products.
In the near future, the developing economies like India, China, ASEAN, etc. are likely to witness a sizable growth in investments for development of cold storage infrastructure which is expected to drive the overall growth in the cold chain packaging market in the Asia-Pacific region. Moreover, in the Latin America and the MEA region, the cold chain packaging market is projected to witness impressive growth owing to rise in demand for temperature-controlled pharmaceutical packaging solutions during the forecast period.
Overall, the global cold chain packaging market is anticipated to grow at a healthy CAGR during the forecast period.
Global Cold Chain Packaging Market: Key Players
Some key players that currently operate in cold chain packaging market across the globe are Cryopak Industries Inc., Cold Chain Technologies, Inc., Dgp Intelsius Llc., CCL Industries., Sealed Air Corporation, Softbox Systems Ltd., Amcor Limited, Clondalkin Group., Gerresheimer etc.