The temperature controlled packaging material for healthcare market is anticipated to grow at a CAGR of 15.8 % to reach US$ 40,144.7 million by 2027 from US$ 13,075.2 million in 2020. Temperature controlled packaging material is a solution to pack healthcare products that must be kept at a specific temperature range to maintain the integrity and quality of the products. The rise in COVID-19 cases and increasing distribution of vaccines among the people globally has resulted in increased requirement of temperature controlled packaging material.
The companies in the temperature controlled packaging material market have increased their production capacities to meet the rising demand of packaging solutions for shipment of test kits, vaccines and other medicines. Moreover, significant improvement in the healthcare infrastructure and rise in the investments across pharmaceutical industry with rise in the accessibility of medical facilities, primarily driven from the emerging economies is supporting the growth of temperature controlled packaging materials.
The research report analyses the ecosystem and value chain of Temperature Controlled Packaging Material for Healthcare market. The report categorizes the Temperature Controlled Packaging Material for Healthcare Market to forecast the revenues and analyse the trends in each of the following below mentioned market segments.
The research report categorizes the temperature controlled packaging material for healthcare market to forecasts the revenues and analyses the trends in each of the following below mentioned market segments.
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Segmentation
• Market Size by Product Type
• Insulated Containers
• Chest Style
• Upright Style
• Insulated Shippers
• Expanded Polystyrene Shippers
• Insulated Polyurethane Shippers
• Vacuum Insulated Panel Shippers
• Others (Panels, Envelopes)
• Other Coolants (refrigerant, coolants, gels)
• Market Size by Type
• Active
• Passive
• Market Size by Cooling Technologies
• Electrical Refrigeration
• Dry Ice or Solid Carbon Dioxide
• Gel Packs
• Liquid Nitrogen
• Market Size by Application
• Ambient Temperature
• Refrigerated
• Frozen
• Cryogenics
• Geography
• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Mexico
• Brazil
• Argentina
• Rest of LATAM
• Middle East & Africa
• GCC
• Rest of MEA
The report also provides in-depth value chain analysis, opportunity mapping, technology landscape, regulatory scenario, patent trends, market trends, Covid-19 impact analysis, and raw material supply analysis, pricing trends, sustainability trends and competitive landscape.
Market Dynamics
Drivers: Increasing use of higher R-value cold chain packaging materials
Many companies that require cold chain packaging are turning to PUR (polyurethane) insulated shipping coolers as an alternative to EPS (Expanded Polystyrene). Passive PUR ISCs (polyurethane insulated shipping coolers) overcomes the common issues that EPS has. PUR shippers have the tendency to protect temperature sensitive products for longer time duration under more extreme weather conditions, thereby reducing total cost of ownership.
R-value is the capacity to resist heat flow by an insulating material. The insulating power is higher is the R-value of a material is higher. The R-Value of EPS is low and can only maintain temperatures in the 2-8°C range for 24-36 hours. This results in rising transportation costs as the product has to be shipped overnight and can be possible using airways that are highly expensive.
Though the PUR coolers are expensive as it requires a higher upfront investment per container. But, the while calculating the total cost of ownership, it reveals that up to 40% costs are saved by switching to PUR from EPS shipping coolers across the entire supply chain.
The companies that requires products to be shipped t longer distances choose PUR over EPS and with the rising development of temperature sensitive products the demand for packaging material with high R-value is increasing
Restraints: Change in healthcare industry standards and regulations
The margin of error is different for different products, but the industry has seen a greater regulatory emphasis on drugs that can maintain integrity between 2°C and 8°C. Companies operating within the pharmaceutical manufacturing should be aware of the changing laws and regulation in the market. The complexity of transporting drugs to international markets and staying up to date with the changing rules is highly difficult. Some countries have the rules to inspect the cargo by physically opening them that results in deviation of the temperature
Moreover, the pharmaceutical industry is highly regulated and with the continuous advancement and innovation of products and technology the rules keep on changing. The constantly changing laws is hampering the growth of temperature controlled packaging material for healthcare.
In terms of market by product type, the insulated shippers segment accounted for the largest share in the temperature controlled packaging material for healthcare market in the year 2020
On the basis of product type, the temperature controlled packaging material for healthcare market is segmented as insulated containers, insulated shippers, and others. The insulated shipper segment is anticipated to dominate the temperature controlled packaging material market owing to constant innovation and advancement in improving the technology of insulated shippers. Additionally, the ability of insulated shippers to maintain the efficacy and freshness of the product is also contributing to market growth.
Moreover, the Expanded Polystyrene (EPS) and Polyurethane (PUR) are the most widely used temperature controlled packaging material. Expanded polystyrene is a low-cost alternative and weighs very little compared to other materials. However, EPS has a lower R-value, which makes it less effective in preventing the outside temperature from affecting the temperature-sensitive product. In addition to this, EPS containers are more likely to crack and separate during transportation sue to overload. But, this problem is rarely encountered in vacuum insulated or PUR containers, and hence EPS containers are not often chosen for larger and longer-range shipments.
On the basis of region Asia Pacific is the fastest growing region in temperature controlled packaging material for healthcare market, growing at a CAGR of 17.9% during the forecast period
Asia Pacific region held the second largest market share in the temperature controlled packaging material market with a growth rate of 17.9% during the forecast period. Asia Pacific is the second largest pharmaceutical market after North America and the market share is supported by the developed countries such as Taiwan, Singapore, Japan, as well as emerging economies such as India, China, Malaysia, and Indonesia among others.
The region has the presence of the world’s largest contributor to the pharmaceutical industry. For instance, India has excellent strength and infrastructure for manufacturing of generic drugs. The growth in India’s pharmaceutical sector is supported by excellent medical tourism (owing to quality services at marginal costs), innovation and R&D with the support of the Government of India, excellent infrastructure with the highest number of US-FDA compliant plants outside the U.S., expertise in low cost drug manufacturing, and strong domestic demand.
Moreover, Asia Pacific is an ideal destination for clinical trials due to its large patient population, government support for clinical trials, lower trial costs, the scale of medical facilities, and high-quality standards. With an excellent opportunity for clinical trials in the region, the demand for temperature controlled packaging material is extremely high.
Company Profiles and Competitive Intelligence
The key players operating in the market are Pelican Biothermal LLC, Sonoco Products Company, Cold Chain Technologies, Softbox Systems Limited, APEX Packaging Corporation, DS Smith, Sofrigam, va-Q-tec AG, Biotempak, Cryopak Industries Inc, Amcor, and Inmark Temperature Controlled Packaging, among Other Notable Players
Recent Developments:
• In March 2021, Softbox developed an ultra-low temperature (ULT) applications reusable parcel shipper to support Pfizer in the distribution of COVID-19 vaccines. ULT shipper maintain temperature range between -90°C to -60°C for at least 10 days unopened, which helps to maintain quality and efficacy of the COVID-19 vaccines.
• In March 2021, Cold Chain Technologies expanded its presence in Europe, Middle East & Africa by opening and regional headquarter in Netherlands. The expansion was aimed at enhancing the service for their customers across Life Sciences industry by bringing the customer service and facilities closer to them
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