Dublin, March 02, 2023 (GLOBE NEWSWIRE) -- The "Reefer Container for Pharmaceutical Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application Type and Container Size" report has been added to ResearchAndMarkets.com's offering.
The reefer 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 estimated to grow at a CAGR of 12.5% during 2022-2028.
The growth of the reefer container for pharmaceutical market in North America is primarily attributed to the increasing demand for refrigerated medicines, vaccines, and blood plasma along with the government policies encouraging international trade. According to the Bureau of Economic Analysis, the goods and service exports in the US increased by US$ 394.1 billion or 18.5% and imports surged by US$ 576.5 billion or 20.5% in 2021, compared to 2020.
The US is pursuing trade liberalization through negotiations and policies that stimulate economic growth by boosting the transportation of pharmaceutical and other important products. The high-tech reefer containers, generally equipped with cutting-edge devices to monitor temperature variations, are ideal for maintaining optimal conditions for shipping temperature-sensitive products, keeping them undamaged despite external threats until they reach their final destination.
These containers are also equipped with sensors to detect small temperature variations and determine if the products are exposed to light, which could trigger alterations in the compositions of certain pharmaceuticals.
The cold chain industry experienced rapid growth in 2020 owing to the COVID-19 pandemic. Rental reefer containers are being preferred over purchased ones for the transportation of pharmaceuticals in most cases. In April 2022, Cardinal Health received 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), a part of the Office of the Assistant Secretary for Preparedness and Response within US Department of Health and Human Services (HHS).
As per recent studies, based on the examination of 15 reefer trade routes, there was a 50% increase in the third quarter of 2021, while dry container freight rates more than doubled in 2021. Also, in July 2022, FESCO Transportation Group planned to expand its fleet of reefer containers to 4,000 units by the end of summer 2022, under the company's strategy for the development of its Dalreftrans subsidiary. Thus, a surge in the demand for transportation and logistics of pharmaceutical products is fueling the adoption of reefer containers.
In Asia Pacific, the COVID-19 pandemic has significantly impacted healthcare supply chains and cold chain industry due to restrictions on trade. China, India, Singapore, and South Korea are emerging as major destinations for outsourcing drug manufacturing, clinical trials, and pathology testing, which, in turn, propels the need for reefer containers.
The growth of the reefer container for pharmaceutical market in Asia Pacific is primarily attributed to the growing demand for biopharmaceuticals and vaccines due to the huge populations of several countries in the region; most of these are temperature-sensitive products, and cold storage facilities are required for their efficient handling. Reefer container manufacturers catering to the pharmaceuticals industry in China include Hapag-Lloyd AG, Tianjin LongTeng International Trade Co., Ltd., and Shanghai Metal Corporation.
The growing initiatives from the European Commission for designing regulations and policies drive the growth of the reefer container for the pharmaceutical market in Europe. The European Union manages its trade and investment relations through a specific policy that aims to provide better trading opportunities to European companies, which further contributes to the high demand for reefer containers for the transportation of pharmaceutical products. In November 2021, the MECOTEC Group, Germany, delivered 8 containers for the deep-freeze storage of COVID-19 Vaccines.
Technologies used in the supply chains of pharmaceuticals industries are evolving with new ways to ensure the safe delivery of medical products to their intended destinations. Cold chain facilities for the pharmaceuticals industry highly rely on control tower technology, packaging automation, artificial intelligence, and other technologies.
In recent years, ongoing advancements related to the dissemination of temperature-sensitive pharmaceutical products - ranging from biological therapies to treat rare and chronic diseases; vaccines to treat COVID-19 and other infectious diseases; and novel oncology treatments, and cell and gene (CGT) therapies - have presented more complex cold-chain requirements.
Per the latest report by Colliers in August 2022, cold storage capacity in India is likely to reach 40.7 million metric tonnes by 2023, rising by 8.2% from that reported in 2020. Also, as per Jones Lang LaSalle IP, Inc., the cold chain industry globally, is expected to grow at more than 20% CAGR by 2025, which is attributed to the shift from conventional cold storage to modern storage spaces. In August 2022, Maersk Company (MCI) announced a new cold storage facility planned for Ridgeville, South Carolina, to serve temperature-controlled goods, which is expected to begin operations from the first quarter of 2023.
Ongoing developments in reefer containers are contributing to the augmentation of the efficiency and reliability of containers used in the pharmaceuticals industry. The increasing use of Internet of Things (IoT-connected) devices by most of the shipping companies is one of the crucial trends. A huge volume of data is collected and transmitted during the entire transportation process, which can be utilized to derive important insights that may pinpoint issues, mitigate downtime, and streamline procedures, thereby improving operational efficiencies in the maritime industry.
In February 2022, CMA CGM introduced its SMART reefer container, which is a connected container for refrigerated goods. With the SMART reefer containers, the position and status of the refrigerated goods can be tracked. Also, in March 2022, ORBCOMM Inc., a global provider of IoT solutions, announced the launch of its CT 3500 IoT telematics device, which features the next evolution in the smart management of refrigerated containers.
The ORBCOMM's data-driven refrigerated container solution featured enhanced functionality, connectivity options, and analytics capabilities. Notably, it exhibits interoperability with third-party telematics devices to help shippers and carriers drive efficiencies in reefer container logistics. Thus, smart reefer containers are gaining significant acceptance among the reefer container manufacturers, which is likely to fuel the reefer container for pharmaceutical market growth during the projected period.
The reefer container for pharmaceutical market is bifurcated on the basis of container size and application. Based on container size, the market is segmented into small containers, medium containers, and large containers. By application, the market is segmented into pharmaceutical preparations, injectables, blood derivatives, vaccine & serum, and others.
The reefer container for pharmaceutical market is segmented into five major regions - North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, Asia Pacific led the market with the largest share, followed by North America. Further, Europe is expected to register the highest CAGR in the market during 2022-2028.
| Report Attribute | Details |
| No. of Pages | 192 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2846.7 Million |
| Forecasted Market Value (USD) by 2028 | $6391.8 Million |
| Compound Annual Growth Rate | 12.5% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- BSL Refrigerated Containers
- CMA CGM Group
- Klinge Corporation
- Daikin Industries, Ltd
- Maersk AS
- Evergreen Marine Corp- (Taiwan) Ltd
- Seaco
- TITAN Containers North America LLC
- Cosco Shipping
- W&K Containers, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/sdix1g-container?w=12
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