Cold Chain Temperature Monitoring Market Growth & Trends
The global cold chain temperature monitoring market size is anticipated to reach USD 25.29 billion by 2027, at a CAGR of 17.9% from 2020 to 2027, according to a new report by Grand View Research, Inc. The expansion of the pharmaceutical sector is expected to boost the demand for the product to monitor various drugs and vaccines. Continuous temperature monitoring of vaccines and medicines in the cold chain is necessary to ensure their integrity and quality. Exposure of medicines to high temperatures, whether in hospitals, care homes, or pharmacies, can change the molecular form of the active chemicals in them and directly affects their effectiveness and lifespan. Moreover, the stringent regulations regarding the storage and shipment of pharmaceutical products coupled with the continued investments from government agencies towards the healthcare industry are also expected to drive the market growth.
The COVID-19 outbreak across the globe has made cold chain temperature monitoring one of the essential aspects of the healthcare industry. Equipment, such as real-time data loggers, are used for tracking the temperature of coronavirus test samples in transit. Monitoring the temperatures of COVID-19 test samples is of utmost importance as the samples go through a long supply chain. The use of temperature monitoring solutions, in this case, ensures that the desired temperature is not breached throughout the transportation process, ensuring that the test samples are not damaged, and the test results are accurate. As such, the demand for reliable and advanced solutions has increased in 2020.
Changing food preferences in various parts of the world is driving the demand for processed food, frozen food items, and dairy products. The dairy products and perishable frozen food items require continuous temperature monitoring during transportation and storage to annul any possibilities of contamination and compromise with the quality. At this juncture, cold chain temperature monitoring solutions can help cold chain service providers in ensuring that the products are stored at ideal temperatures. Modern cold chain temperature monitoring solutions can deliver a myriad of benefits, such as real-time monitoring and wireless interaction with sensors. Advances in connected devices technologies, such as the Internet of Things (IoT) and Radio Frequency Identification (RFID), coupled with the cloud-based software, results in less human interference with the refrigerated goods, thereby retaining the product quality for an extended period. As such, the demand for wireless real-time temperature monitors, as well as cloud-based solutions is anticipated to increase over the forecast period.
North America dominated the market in 2019 and is estimated to continue dominating the global market over the forecast period leveraging its well-developed network of transportation and distribution systems, high technology adoption rate, and growing demand for processed food products. The U.S. is witnessing a changing dietary habit of people as they are emphasizing the intake of fresh and organic food such as fresh leafy vegetables, organic milk, and organic eggs. These food items require critical handling and monitoring at each level of storage and transit to avoid spoilage. As such, the need for temperature monitoring devices is increasing in the region. On the other hand, Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period owing to the rising population, rapid industrialization, rapidly expanding pharmaceutical sector, and the rise in demand for processed and canned food, particularly in emerging economies, such as India and China.
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Cold Chain Temperature Monitoring Market Report
Cold Chain Temperature Monitoring Market Report Highlights
- Amid the coronavirus pandemic, governments across the globe are emphasizing on making available an ample medicinal supply for the patients. As such, with the increased trade of medicines, the need for monitoring them in national and international transit will increase, thereby boosting the pharmaceutical segment
- The companies, including Pfizer Inc.; BioNTech SE; and Heat Biologics Inc. are focusing on the development of COVID-19 vaccine. The pharmaceutical segment is expected to expand at a rapid CAGR when the vaccine is successfully developed and deployed worldwide
- North America dominated the global market in 2019 with a revenue share of more than 35% and is expected to maintain its dominance from 2020 to 2027
- The hardware segment is anticipated to hold the largest market share, and the software segment is projected to register the highest CAGR over the forecast period
- The real-time monitoring devices segment is anticipated to exhibit the highest CAGR from 2020 to 2027 owing to the increasing emphasis towards real-time monitoring of shipments in transportation
- Emerging economies, such as India, Singapore, Thailand, and China, are expected to drive the growth of the Asia Pacific regional market owing to the significant expansion of transportation and warehousing networks followed by an increasing trade of temperature-sensitive pharmaceutical and food products
