According to the new market research report ‘Cold Chain Monitoring Market’, the cold chain monitoring market is expected to grow from USD 3.80 billion in 2018 to USD 6.46 billion by 2023 at a CAGR of 11.17 per cent between 2018 and 2023. The growth of the cold chain monitoring market can be attributed to the increasing demand for temperature-sensitive drugs, rising demand for better food quality and need to reduce food wastage, growing demand for generic drugs owing to higher accessibility and growing governmental focus on issuing policies impacting the supply chain efficiency of fast-growing pharmaceuticals sector in Europe and North America.
Cold chain monitoring market for software to grow at a higher CAGR between 2018 and 2023
The cold chain monitoring market is segmented based on components into hardware and software. Software solutions utilised in cold chain monitoring applications add huge value to the overall monitoring system. These solutions provide data management and analytical support for monitoring the cold chain. This helps in real-time actionable data being available to relevant parties involved in the cold chain, thereby increasing efficiency and reducing wastage.
Cold chain monitoring market for pharmaceutical & healthcare application to hold the largest share in 2019
Monitoring the temperature is a critical factor in the pharmaceuticals and healthcare cold chain. The specific temperature requirement varies according to the specific pharmaceutical product. The potency of drugs or vaccines tends to degrade in the case of temperature variations encountered in the supply chain. Moreover, the value chain of the pharmaceuticals and healthcare industry has a significant impact of government regulations, which facilitates the adoption of cold chain monitoring solutions across the value chain.
Cold chain monitoring market for transportation to grow at higher CAGR between 2018 and 2023
The high growth of the transportation segment is driven by the growing distribution network of the cold chain. Now a days, cold chains have become vital for modern supply chain solutions, transporting larger volumes of more sensitive or vital cargo over greater distances through diverse climatic conditions. Being prone to environmental variations, cargo needs to be maintained at a specific temperature or within an acceptable temperature range, which is also driving the growth of the market for the transportation segment.
Americas to hold largest share of cold chain monitoring market in 2018
The Americas is the largest market for cold chain monitoring. The Americas to hold the largest share of the global cold chain monitoring market. Pharmaceuticals and healthcare are expected to continue to account for the largest size of the cold chain monitoring market in the Americas in the next few years. Various pharmaceutical companies supplying numerous drugs that require cold chain monitoring solutions are based in the country. Increasing demand for chilled and frozen foods in North American countries triggered the cold chain market growth in North America, thereby, driving the growth of the cold chain infrastructure market, which includes refrigerated storage and refrigerated transport. The main factors for supporting the growth of cold chain monitoring market in the Americas are the regulatory environment for the pharmaceuticals industry and the rise in the demand for generic drugs.