Healthcare Cold Chain Logistics Market will reach to USD 1,489 million by 2030 : GreyViews
Pune India, Jan. 14, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the
healthcare cold chain logistics market
is operating and is predicted to expand soon. The manufacturers and suppliers involved in the
healthcare cold chain logistics market
are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, services, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating 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 others. To achieve a substantial market share in the worldwide healthcare cold chain logistics market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A number of healthcare products require a large amount of preservation and safety, so the development of pharmaceuticals will contribute to the growth of the healthcare cold chain logistics market. In some rapidly developing countries, governments are improving cold-chain logistics services. The healthcare cold chain logistics market is highly competitive with mostly global and regional players operating in the market to survive and succeed in a fiercely competitive market. As the healthcare industry advances and healthcare systems gain popularity, they will be increasingly dependent on cold chain logistics for healthcare. In order to ensure that the needed drugs are delivered to the affected end users on time, this aspect will maintain the temperature of the drugs with accuracy. There are some factors which are hampering the growth of the market such as a lack of appropriate resources, a rising environmental burden and a difficult recruitment process. The process of reimbursement in healthcare cold chain logistics is a difficult process. In addition to the complexity of the reimbursement process, the market can’t expand since different nations don’t have the same reimbursement system. Rising demand for pharmaceuticals that need optimum temperature for storage is boosting the market growth. Furthermore, continuous research and development will create new opportunities for the market in terns of storage, shelf-life and transportation.
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Scope of Healthcare Cold Chain Logistics Market Report:
Market Share Unit
|Type, Services and Regions.|
|North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|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 others|
Vaccines are expected to be the fastest-growing segment in 2022.
The type segment is vaccines, biopharmaceuticals, clinical trial materials, and others. The vaccines segment is expected to witness the highest growth rate during the forecast period. Vaccines are an important class of pharmaceuticals that have a large demand across the globe. Vaccines usually require temperature control that is acquired by cold chains, whereas the biopharmaceuticals segment is projected to grow at the fastest rate during this period.
Transportation is expected to be the fastest-growing segment in 2022.
The services segment is transportation, storage, and others. The transportation segment is expected to witness the highest growth rate during the forecast period. A major component of cold chain logistics is transportation services. Because ships, trucks, and aircraft need to maintain the temperature at all times, there is a strong demand for cold chain transportation services.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the healthcare cold chain logistics market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. Several factors are attributed to North America’s lead in the healthcare cold chain logistics market, including well-developed infrastructure in the healthcare industry and an increase in diseases that require storage and transportation of healthcare products. Moreover, the rising construction of new healthcare units in the region will propel the market growth during the forecast period.
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.
Since technical advancements in the healthcare industry have increased, the region has seen an increase in the use of biopharmaceuticals, vaccines, and clinical trial goods with cold chain logistics.
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.
In the region, cold-chain pharmaceuticals and vaccines are in high demand. Stricter regulations are also responsible for the efficient handling of temperature-sensitive pharmaceuticals.
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.
Demand for healthcare cold chain logistics is increasing as the pharmaceutical industry booms in response to the growing population’s healthcare needs.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand for vaccines, propelling the growth of the market across the countries.
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