Chicago, April 13, 2023 (GLOBE NEWSWIRE) -- The Cold Chain Monitoring Market by Offering (Hardware and Software), Logistics (Storage and Transportation), Application (Pharmaceuticals & Healthcare, Chemicals), Temperature, and Region - 2026, Software segment is expected to witness higher CAGR of 17.8%.The primary reasons for this rise in demand for cold chain monitoring products in pharmaceuticals & healthcare application.
Increasing global demand for temperature sensitive-drugs
There is an increase in demand for temperature-sensitive drugs such as vaccines and products that are dependent on particular temperature ranges for chemical stability.
According to the International Institute of Refrigeration (IIR), the demand for heat-sensitive health products such as drugs, vaccines, insulin, derived blood products, and oncology products is rising globally every year. Hence, the transportation of these drugs is the most critical phase in the cold chain due to the possibility of unforeseen environmental variations. Any change in temperature during transportation can affect the medicines, losing their potency to cure the ailments they are meant for, thereby leading to ineffective treatment in many cases. To avoid the degradation of any pharmaceutical product, it is crucial to maintain parameters with respect to the product-specific environment, including air quality levels and temperature ranges.
Better control of assets in warehouses using automation and cold storage technologies
A large warehouse witnesses different temperature zones. Hence, continuous temperature monitoring is essential to check the temperature at which goods are stored and the actual condition of these goods.
For the best utilization of warehouses, complete control over valuable equipment can be achieved by the adoption of automation, including the use of robotic equipment to carry out inter-warehouse stock movements and loading and unloading activities. Warehouse automation aids efficient storage space utilization, reduces wear and tear, increases reliability, and reduces operating costs.
Complexities involved in the installation and monitoring of cold chain monitoring solutions
Cold chain monitoring has become even more complex in recent years because of the rapid increase in customer expectations. Globalization has increased customer choices and the complexity of multi-sourcing supply chains.
Cold chain networks can be spread out in terms of area as they can extend from manufacturing plants, laboratories, and storage warehouses to various transportation modes and end users such as retail chains and restaurants. Installing various sensors across all these locations can be a daunting task. Additionally, the distributed network needs to be mapped to efficiently manage the data generated from these sensors.
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Cold Chain Monitoring Market Report Scope
| Report Metric | Details |
| Market Size Value in 2021 | USD 4.7 billion |
| Market Size Value in 2026 | USD 10.2 billion |
| Growth Rate | CAGR of 16.6 % |
| Market Size Available for Years | 2017–2026 |
| Base Year Considered | 2020 |
| Forecast Period | 2021–2026 |
| Forecast Units | USD 10,174 Million |
| Segments Covered |
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| Geographies Covered |
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| Companies Covered |
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| Key Market Driver | Increasing global demand for temperature sensitive-drugs |
| Key Market Opportunity | Better control of assets in warehouses using automation and cold storage technologies |
| Largest Growing Region | North America |
| Highest CAGR Segment | Cooled Cold Chain Monitoring |
This research report categorizes the Cold chain monitoring market based on temperature type, offering, logistics, and region.
Cold Chain Monitoring Market, By Temperature Type
- Frozen
- Chilled
Market, By Offering
- Hardware
- Software
Market, By Logistics
- Storage
- Transportation
“Browse in-depth TOC on "Cold Chain Monitoring Market Trends, Growth Drivers"
229 – Tables
51 – Figures
231 – Pages
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ORBCOMM (US) and Sensitech (US) are Leading Players in the Cold Chain Monitoring Market
ORBCOMM offers industrial Internet of things (IoT) and Machine to Machine communication solutions, hardware devices as web applications, and modems and data services over multiple satellite and cellular networks that are useful in tracking, monitoring, and connecting businesses to their assets to deliver operational productivity and increased visibility. ORBCOMM has a diverse customer base including premier OEMs, solutions customers, and channel partners spanning supply chain, transportation, warehousing and inventory, maritime, heavy equipment, natural resources, and government.
Sensitech Inc. has been assisting leading companies in food, life science, and consumer goods industries to maintain the quality, integrity, and security of their products globally. The company is specialized in innovative IoT monitoring products and services providing cold chain, cargo security, and logistics solutions that help organizations attain increased supply chain efficiency and business growth. Its wide-ranging location, time, temperature, and environmental monitors can perform well in the harshest conditions, and provide industry-specified proficiency to its customers. Since 1990, Sensitech Inc. has been monitoring approximately 16 million shipments annually over 130 countries with 11 production facilities over 3 continents.
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