Refrigerated Container for Global Pharmaceutical Market Expected to Grow 12.5% Per Year to 2028 – ResearchAndMarkets.com | Company
DUBLIN–(BUSINESS WIRE)–Oct 14, 2022–
The “Refrigerated Container for Pharmaceutical Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Application Type and Container Size” report has been added to ResearchAndMarkets.comoffer.
Refrigerated Container for Pharmaceutical Market is expected to reach US$6,391.8 million by 2028 from US$2,846.7 million in 2021. It is expected to grow at a CAGR of 12.5% during the period 2022 -2028.
The growth of refrigerated container for the pharmaceutical market in North America is mainly attributed to the growing demand for refrigerated drugs, vaccines and blood plasma as well as government policies encouraging international trade. According to the Bureau of Economic Analysis, exports of goods and services to the United States increased by $394.1 billion or 18.5% and imports jumped by $576.5 billion or 20.5% in 2021, compared to 2020.
The United States pursues trade liberalization through negotiations and policies that stimulate economic growth by stimulating the transportation of pharmaceuticals and other important commodities. High-tech refrigerated containers, usually equipped with state-of-the-art devices to monitor temperature variations, are ideal for maintaining optimal conditions for shipping temperature-sensitive products, keeping them intact despite external threats until they reach their final destination. These containers are also equipped with sensors to detect small variations in temperature and determine if the products are exposed to light, which could trigger alterations in the compositions of certain pharmaceutical products.
The cold chain industry has grown rapidly in 2020 due to the COVID-19 pandemic. Rental reefer containers are preferred over purchased containers for transporting pharmaceuticals in most cases. In April 2022, Cardinal Health was awarded a contract worth US$57.8 million for the storage and distribution of 80,000 pallets of personal protective equipment (PPE) to support the Strategic National Stockpile (SNS) , which is part of the Office of the Assistant Secretary for Preparation. and Response within the US Department of Health and Human Services (HHS). According to recent studies, based on examining 15 refrigerated trade routes, there was a 50% increase in the third quarter of 2021, while dry container freight rates more than doubled in 2021. Additionally, in July 2022, FESCO Transportation Group planned to expand its reefer container fleet to 4,000 units by the end of summer 2022, as part of the company’s strategy for the development of its subsidiary Dalreftrans. Thus, a surge in demand for transportation and logistics of pharmaceutical products is fueling the adoption of reefer containers.
In Asia-Pacific, the COVID-19 pandemic has had a significant impact on healthcare supply chains and the cold chain industry due to trade restrictions. China, India, Singapore and South Korea are emerging as major destinations for outsourcing drug manufacturing, clinical trials and pathology testing, which in turn is propelling the need refrigerated containers. The growth of refrigerated container for pharmaceutical market in Asia-Pacific is mainly attributed to the growing demand for biopharmaceuticals and vaccines owing to the huge populations of several countries in the region; most of them are temperature sensitive products and cold storage facilities are required for their efficient handling. Manufacturers of refrigerated containers for the pharmaceutical industry in China include Hapag-Lloyd AG, Tianjin LongTeng International Trade Co., Ltd. and Shanghai Metal Corporation.
Growing initiatives by the European Commission for the design of regulations and policies are driving the growth of reefer container for pharmaceutical market in Europe. The European Union manages its trade and investment relations through a specific policy that aims to provide better business opportunities for European companies, which further contributes to the high demand for refrigerated containers for the transport of pharmaceutical products. In November 2021, the MECOTEC Group, Germany, delivered 8 containers for the deep-freeze storage of COVID-19 vaccines.
Main topics covered:
2. Main Takeaways
3. Research methodology
4. Refrigerated container for pharmaceutical market landscape
5. Refrigerated Container for Pharmaceutical Market – Key Market Dynamics
6. Refrigerated Container for Pharmaceutical Market – Global Market Analysis
7. Refrigerated Container for Pharmaceutical Market Revenue and Forecast to 2028 – Application Type
8. Global Refrigerated Container for Pharmaceutical Market Analysis – By Container Size
9. Refrigerated Container For Pharmaceutical Market- Geographical Analysis
10. Impact of COVID-19 Pandemic on Refrigerated Containers for Pharmaceutical Market
11. Industry Landscape
12. Company Profiles
- BSL Refrigerated Containers
- CMA-CGM Group
- Klinge Corporation
- DAIKIN INDUSTRIES, Ltd.
- MAERSK CONTAINER INDUSTRY AS
- Evergreen Marine Corp – (Taiwan) Ltd
- TITAN Containers North America LLC
- COSCO SHIPPING
- W&K Containers, Inc.
For more information on this report, visit https://www.researchandmarkets.com/r/dwe7wc
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INDUSTRY KEYWORD: HVAC PHARMACEUTICAL HEALTH MANUFACTURING
SOURCE: Research and Markets
Copyright BusinessWire 2022.
PUBLISHED: 10/14/2022 04:58 / DISK: 10/14/2022 04:58