Market Research Future Insights
According to market research future insights analysis, the global healthcare cold chain monitoring market is expected to register a CAGR of ~ 12.20% from 2022 to 2030 and hold a value of over ~USD XX billion by 2030.
In the healthcare industry, cold chain logistics aid in monitoring and guarding against harm to goods from temperature variations. To keep medicines and other drugs stored at the ideal temperature until they reach their destinations, cold chain monitoring is crucial to the healthcare industry. To maintain molecular stability, preserve, and extend the usable life of many life sciences products, including pharmaceuticals, some medical equipment, organs, and specimens, temperature-controlled storage and delivery are necessary. Due to several important factors, including the increased use of IoT technology in the healthcare industry and the growing variety of drugs that need monitoring from the initial stages of packaging to delivery at a controlled room temperature, the healthcare cold chain monitoring market has grown in popularity and revenue. COVID- 19 IoT monitoring is used to carry vaccinations safely. The WHO reports that more than 39% of vaccinations produced yearly in developing nations are wasted due to flaws and breaches in the cold chain system. 20% of temperature-sensitive biopharmaceutical items, including plasma, are damaged during cold chain shipping. Excursions, or vaccines exposed to temperatures outside the acceptable range, are estimated to cost USD 34.1 billion annually, including the cost of the affected products, shipping expenses, and replacement.
Key Players
Some of the key market players are Carrier(US), Berlinger Co. AG(Switzerland), Monnit Corporation(US), Testo SE Co. KGAA(Germany), and Emerson Electric Co(US).
Regional Analysis
North America dominated the market for healthcare cold chain monitoring in 2021. The growth of this region is likely linked to the increased demand for specialized storage and transportation to ensure the efficacy of healthcare items and the increasing emphasis on business agility among firms in the area.
Europe is expected to register lucrative growth in the healthcare cold chain monitoring market. Due to the mid-size healthcare industry's adoption of cold chain monitoring solutions, the market for cold chain monitoring in the healthcare sector in Europe is anticipated to expand. The country is home to a significant cold chain monitoring inventor constantly working to introduce innovative technology.
Market Segmentation
The healthcare cold chain monitoring market has been segmented into component, temperature type, product, and end-user.
Based on components, the market is segmented into hardware (sensors, real-time monitoring devices, data loggers, RFID devices, resistance temperature detectors, others) and software (cloud-based, on-premises). The hardware segment had a prominent share in 2021. This segment's revenue growth was driven by a rise in the use of cutting-edge hardware to improve the effectiveness of cold chain monitoring systems. On the other hand, the software segment was the fastest-growing segment during the forecast period. These tools support real-time monitoring and inventory level optimization, preserving the quality of commodities sensitive to temperatures, such as medicines and vaccines.
The market has been segmented based on temperature type into frozen and chilled. Frozen accounted for the largest revenue share in 2021 in the healthcare cold chain monitoring market. To retain their effectiveness, several medications and biologics must be kept within certain temperature ranges, typically -25° to -10°C (-13° to 14°F). This primarily refers to needles, antibiotics, and eye and ear drops. The cold chain providers ensure shipments arrive at the proper temperature. Besides, the chilled category was the fastest-growing segment. Growing demand for cold chain storage facilities with cutting-edge monitoring systems has been caused by the emergence of more delicate items like biologics, which need adequate packaging with monitoring solutions.
Based on product, the market has been segmented into vaccines, biopharmaceuticals, clinical trial materials, and others. The vaccines segment had a prominent share in 2021 in the healthcare cold chain monitoring market. Since, vaccines are biological products, so they risk losing their effectiveness if exposed to extreme heat or cold.
Based on end-user, the market has been segmented into biopharmaceutical companies, hospitals clinics, research institutes, and others. Biopharmaceutical companies had a prominent share in 2021 in the healthcare cold chain monitoring market. Complex pharmaceutical products are created by biopharmaceutical businesses using living creatures and cells that have undergone advanced biotechnological techniques. On the other hand, the hospitals clinics were the fastest-growing segments due to the expansion and development of sophisticated tools to track the cold chain of pharmaceuticals and blood banks.
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