CAGR: 6.5%Current Market Size: USD 900 MillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global Healthcare Cold Chain Logistics market is expected to grow from USD 900 million in 2022 to USD 1,489 million by 2030, at a CAGR of 6.5% during the Projection period 2023-2030. The growth of the Healthcare Cold Chain Logistics market is mainly driven by the rise in cardiopulmonary disorders among people.
The cold chain is essential because many contemporary pharmaceutical drugs need a controlled environment to keep their efficacy. Cold chain penetration, however, is only moderate despite being a complex and elaborate operation, particularly in developing areas. The market's potential for expansion is partially hampered by elements like inadequate infrastructure and weak regulatory framework in third-world nations. Governments in several of the nations with rapid economic growth are making improvements to their cold chain logistics systems. The COVID-19 pandemic has had a direct impact on healthcare cold chain logistics companies, which are involved in the storage, transit, and flow of commodities. These logistics companies assist businesses get their products to clients and facilitate trade and commerce, which helps them make a sizable profit. Additionally, the cold chain logistics sector uses a lot of electricity during daily operations. As a result of rising energy costs during the COVID-19 outbreak, cold chain service providers are having a tough time lowering their operational costs. Their reliance on cold chain logistics for healthcare is projected to increase as a result of developments in the healthcare sector and the supporters of healthcare systems. By accurately maintaining the temperature needs of the drugs, this element will assure quick delivery of the necessary medications to the affected end-users. These factors are probably going to encourage significant growth in the market for healthcare cold chain logistics.
Sample Request: - Global Healthcare Cold Chain Logistics Market
Market Dynamics:
Drivers:
The pharmaceutical and healthcare industries are expanding significantly, and they have developed new drugs with improved efficacy. These drugs need to be refrigerated and stored properly. The logistics of the cold chain in healthcare has expanded owing to this demand. Additionally, the export of pharmaceuticals is growing quickly as a result of the focus placed by various governments on providing their populations with modern healthcare facilities. In the near future, new opportunities in the healthcare cold chain logistics market are anticipated to open up due to the demand for a well-equipped healthcare setup.
Restraints:
Despite the promising future, a few things could prevent the growth of healthcare cold chain logistics market. Some of the factors restraining the market growth over the Projection period is the burden it lays on environment such as the emission of harmful gases from the cold chain logistics. This will affect the environment on long term basis and may be acause for global warming. Thus the negative effect of healthcare cold chain logistics on environment will restrain the market’s growth.
Opportunities:
The development of healthcare cold chain logistics is anticipated to provide growth opportunities for the market. Growth is anticipated to continue to provide new opportunity for the healthcare cold chain logistics market in the anticipated time period due to new inventive developments for better preservation, extended shelf life, and optimum safety of the product.
Challenges:
The market's growth is expected to be challenged by a shortage of appropriate resources or technology for high-quality cold chain facilities. As the there is lack of appropriate technology for the development of appropriate of healthcare cold chain logistics, leads to affecting the shelf life of drugs and medicines. This will challenge the market’s growth over the Projection period.
Segmentation Analysis:
The global Healthcare cold chain logistics market has been segmented based on type, services and region.
By Type
The type segment is vaccines, biopharmaceuticals, clinical trial materials, and others. The vaccines segment led the largest share of the Healthcare Cold Chain Logistics market with a market share of around 45% in 2022. Vaccines are a significant class of medications with a high global demand. Vaccines typically require cold chains to maintain the proper temperature.
By Services
The services segment is transportation, storage, and others. The transportation segment led the largest share of the Healthcare Cold Chain Logistics market with a market share of around 40% in 2022. Cold chain logistics heavily relies on transportation services. Due to the need for specialised temperature-controlled systems during transit on ships, trucks, and aircraft, demand for cold chain transportation services is particularly significant.
Global Healthcare Cold Chain Logistics Market - Sales Analysis.
The sale of the Healthcare Cold Chain Logistics market expanded at a CAGR of 4% from 2016 to 2022.
The expansion in the pharmaceutical industries is expected to drive the growth of the healthcare cold chain logistics market over the Projection period because the various types of healthcare items demand a significant degree of preservation and safety. The rise of the healthcare cold chain logistics market is anticipated to further provide new chances for the industry over the Projection period. New inventive developments for better preservation, extended shelf life, and optimal safety of the product will serve as important opportunities.
To maintain their integrity along the transport chain, different medicinal items need to be kept at various temperatures. A set of temperature guidelines that can accept the majority of items have been developed by the cold chain logistics industry. Logistics for cold storage packaging has evolved over time. At the moment, it consists of reefers with a powered refrigeration unit, moving containers, liquid nitrogen, and insulated boxes with dry ice or gel packs. Additionally, the market has grown as a result of player acquisitions and advancements in the cold chain logistics sector, which have increased the transportation of temperature-sensitive goods.
There are projected to be several chances for market expansion as the development of sophisticated technology for cold chain logistics continues to accelerate. For instance, the Radio Frequency Identification (RFID) system is a promising technology with a number of advantages in temperature monitoring of pharmaceuticals and other healthcare products that are temperature-sensitive.
Thus, owing to the aforementioned factors, the global Healthcare Cold Chain Logistics market is expected to grow at a CAGR of 5% during the Projection period from 2023 to 2030.
Global Healthcare Cold Chain Logistics Market - By Regional Analysis:
The regions analyzed for the Healthcare Cold Chain Logistics market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the Healthcare Cold Chain Logistics market and held a 39% share of the market revenue in 2022.
Global Healthcare Cold Chain Logistics Market - Country Analysis:
Germany's Healthcare Cold Chain Logistics market size was valued at USD 0.62 million in 2022 and is expected to reach USD 0.72 million by 2030, at a CAGR of 2% from 2023 to 2030. The utilisation of biopharmaceuticals, vaccines, and clinical trial goods with cold chain logistics has increased in the region as a result of the expanding technical advancements in the healthcare sector.
China’s Healthcare Cold Chain Logistics market size was valued at USD 1.36 million in 2022 and is expected to reach USD 1.86 million by 2030, at a CAGR of 4% from 2023 to 2030. The demand for biopharmaceuticals and vaccines, which require cold chains, is on the rise in the region. Stricter government regulations are also to blame for the efficient handling of pharmaceutical products that are temperature-sensitive.
India's Healthcare Cold Chain Logistics market size was valued at USD 1.02 million in 2022 and is expected to reach USD 1.29 million by 2030, at a CAGR of 3% from 2023 to 2030. The booming pharmaceutical industry, which aims to meet the expanding population's healthcare demands, is boosting demand for healthcare cold chain logistics.
Key Industry Players Analysis:
To increase their market position in the global Healthcare Cold Chain Logistics market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
6.5% |
Market Size |
900 million in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Type, By Services, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Sinopec Corp, China National Petroleum Corporation, HollyFrontier Corporation, BP P.L.C, Nippon Seiro Co., Ltd, Baker Hughes Company, Exxon Mobil Corporation, Sasol Limited, The International Group, Inc., Evonik Industries AG, BASF SE, Dow, Honeywell International Inc., Royal Dutch Shell P.L.C, and Mitsui Chemicals, Inc. |
By Type |
|
By Services |
|
Regional scope |
|
Scope of the Report
Global Healthcare Cold Chain Logistics Market by Type:
Global Healthcare Cold Chain Logistics Market by Services:
Global Healthcare Cold Chain Logistics Market By Region:
Global Healthcare Cold Chain Logistics market size was USD 900 million in 2022
The pharmaceutical and healthcare industries are expanding significantly, and they have developed new drugs with improved efficacy. These drugs need to be refrigerated and stored properly. The logistics of the cold chain in healthcare has expanded owing to this demand. Additionally, the export of pharmaceuticals is growing quickly as a result of the focus placed by various governments on providing their populations with modern healthcare facilities.
The Healthcare Cold Chain Logistics market is projected to have a CAGR of 6.5%.
Leading market players active in the global Healthcare Cold Chain Logistics market are Sinopec Corp, China National Petroleum Corporation, HollyFrontier Corporation, BP P.L.C, Nippon Seiro Co., Ltd, Baker Hughes Company, Exxon Mobil Corporation, Sasol Limited, The International Group, Inc., Evonik Industries AG, BASF SE, Dow, Honeywell International Inc., Royal Dutch Shell P.L.C, Mitsui Chemicals, Inc. among other.
Based on the services, the global Healthcare Cold Chain Logistics market has been segmented into transportation, storage, and others.
Political Factors- High political stability creates a friendly and stable business environment with predictable market growth trends. Political turmoil, however, deters investment, undermines stakeholders' confidence in the economy, and as a result, negatively impacts organizational performance. There are currently several countries with active healthcare cold chain logistics market, each of which has its own political instability. The escalating political tensions and instability throughout the world could hinder the growth of the gold sector and limit the market's potential for expansion for healthcare cold chain logistics market. Frequent changes in government policy exacerbate uncertainty and are detrimental to business growth.
Economic Factors- Organizational performance is directly impacted by a country's economic development. Growing economies provide the healthcare cold chain logistics market many opportunities for growth. In a similar vein, understanding the stage of the industrial lifecycle is crucial. Entry into mature industries may be more challenging than entry into enterprises in the growth stage due to market saturation. The amount of money spent on essential infrastructure development by the government of the host country also has an effect on the financial performance of the healthcare cold chain logistics market. A developed infrastructure makes it easier to conduct business, which also increases the possibility for the gold sector in that country to thrive.
Social factors- Changes in demographic trends, such as population ageing, migration patterns, and socioeconomic considerations, are of the utmost importance for markets like the healthcare cold chain logistics market. The healthcare cold chain logistics market can choose the appropriate market segment or sectors with considerable growth potential by carefully studying the demographic data. Additionally, migration affects company and marketing strategy. Knowing how people feel about migration as a whole is important for the healthcare cold chain logistics market since it may effect companies' capacity to hire foreign management in the host country.
Technological Factors- The healthcare cold chain logistics market should carefully examine recent technological advancements to stay ahead of the competition. It's important to keep an eye on the 5G's potential to boost productivity by enhancing user experience, speed, and access. These technical developments have the potential to radically change an industry and rewrite the rules for market actors' success. The technology's level of development and maturity in the pertinent industry must also be taken into account. The healthcare cold chain logistics market can increase its market share by entering markets where technology development has not yet reached maturity by focusing on recently developed technological improvements.
Environmental Factors- Utilizing green or eco-friendly products is growing in popularity. The market for healthcare cold chain logistics market can embrace the opportunity and use green business practises to win over stakeholders. Due to regulatory organisations' emphasis on assuring compatibility with environmental requirements, priorities for product innovation are changing. Environmental friendliness must be prioritised over traditional value propositions in the healthcare cold chain logistics market marketing plan. If the healthcare cold chain logistics market regularly depletes its resources, it may come under fire from the media, environmental organisations, consumers, and the general public. The healthcare cold chain logistics market must examine the nation's unique environmental regulations in order to ascertain which resources (such as water, power, etc.) are scarce or which species are in danger of going extinct due to misuse.
Legal Factors- The market for healthcare cold chain logistics market is required to adhere to employee/labor health and safety standards since some countries have strict regulations protecting worker safety. The healthcare cold chain logistics market has an ethical and moral obligation to give its employees a safe place to work. In a similar vein, anti-discrimination laws (such as equal employment opportunity laws) also need to be carefully taken into account when creating human resource practises, as discriminatory lawsuits against employers harm the organization's reputation and affect its ability to attract and retain talent. Data protection has become a critical problem due to consumer worries about their privacy and security. The healthcare cold chain logistics market must investigate data protection rules in order to safeguard consumer data.
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