NEWARK, Del, April 17, 2024 (GLOBE NEWSWIRE) -- In 2019, the worldwide temperature controlled pharmaceutical container market was assessed to be around US$ 3.5 billion. From 2019 to 2023, the global demand for temperature controlled containers in the pharmaceutical sector increased at a rate of 5.5% per year. In 2023, the entire market generated around US$ 4.6 billion and is flexing to make it US$ 4.8 billion in 2024.
In the upcoming years, the market could develop moderately, exhibiting an annual growth rate of 4.8%. By following this promising CAGR, the global temperature controlled pharmaceutical container industry has the potential to reach a valuation of over US$ 7.7 billion in revenue by 2034.
Increasing focus on the healthcare industry to ensure the safe and timely delivery of vaccines, medicines, and other critical products is skyrocketing the demand for temperature controller pharmaceutical containers. Government efforts in several countries, in the aftermath of the COVID-19 pandemic, to become self-sufficient in drugs and medications to create more opportunities for the market players in the coming days.
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Key Takeaways from the Temperature Controlled Pharmaceutical Container Market Study Report:
- As per FMI, the overall market is projected to offer an incremental growth opportunity of around US$ 3 billion during the forecast period.
- The United States temperature-controlled pharmaceutical container market to retain its global dominance by following a CAGR of 2.9% through 2034.
- With a CAGR of 2.7% till 2034 United Kingdom may take over the market in Germany, which is figured to witness 2.5% CAGR during this period.
- The temperature-controlled pharmaceutical container industry of China is progressing fast, with an estimated CAGR of 5.7% from 2024 to 2034.
- India to present very lucrative opportunities for its regional players by advancing at a CAGR of 6% over the next ten years.
- Chest-style containers constitute the most lucrative segment in the product type category across the market, with a 75.5% revenue share in 2024.
- The use of such containers for chilling accounts for nearly 42.9% revenue share of the market in 2024.
Competitive Landscape for the Temperature Controlled Pharmaceutical Container Market Players
The overall market competition is highly concentrated as industries in the top 3 countries still capture 30 to 40% of the total global demand. Leading market players are investigating the use of aerogels, ultra-lightweight materials with excellent insulating qualities, to cater to the growing demand for next-generation containers.
“Using phase change materials that absorb and release heat to keep temperatures stable throughout transportation and vacuum insulated panels to maintain thermal performance over longer periods of time are some of the key technologies adopted by leading manufacturers,” – says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
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Recent Developments by the Temperature Controlled Pharmaceutical Container Industry Participants
- In April 2022, Pelican BioThermal LLC, based in the United States, launched a new cold chain shipper with a reduced carbon footprint and increased sustainable impact. Further, owing to the growing focus on sustainability, the firm is likely to pursue its sustainability goals aggressively in the future.
- To boost its perception as a company engaged in sustainable manufacturing, Sonoco, based in the United States, presented its products at NatExpo 2022, held on September 18 to 20, 2022. The company presented how its sustainable and cutting-edge packaging solutions are helping it to serve the natural and organic sectors. At the event, the recycled EnviroCanTM paper-bottom packaging solution from Sonoco was displayed.
Key Companies Profiled:
- Pelican Biothermal
- Sonoco Product Company
- Cryopak
- Cold Chain Technologies
- Envirotainer Ltd
- Sofigram SA Ltd
- Va Q Tec AG
- Inmark Packaging
- Softbox Systems
- Sealed Air Corporation
- Tempack
- Intelsius
- Saeplast Americas Inc.
- Euroengel Srl
- Klinge Corporation
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Key Segments Covered by Temperature Controlled Pharmaceutical Container Industry Survey Report
By Product Type:
- Chest Style
- Upright Style
By Application:
- Frozen
- Chilled
- Ambient
By Control Type:
- Active
- Passive
By Content Type:
- Vaccines or Drugs (IV)
- Samples (Blood, Biopsy, Etc.)
- Reagents
- Genetic Materials
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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