According
to the new market research report "Cold Chain Monitoring Market
by Component (Hardware (Sensors and Data Loggers) and Software), Application
(Pharmaceuticals & Healthcare, Food & Beverages, and Chemicals),
Logistics (Storage and Transportation), and Region - Global Forecast to 2023",
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% 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 utilized 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. Nowadays, 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 in 2018.
Pharmaceuticals and healthcare is 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.
Sensitech
(US), ORBCOMM (US), Berlinger & Co. (Switzerland), Monnit Corporation (US),
Elpro – Buchs (Switzerland), Controlant (Iceland), SecureRF Corporation (US),
Savi Technology (US), Zest Labs (US), and Infratab (US) are a few major player
in the cold chain monitoring market. The cold chain monitoring market consists
of startups, such as Nimble Wireless (India), Tagbox Solutions (India), Verigo
(US), FreshSurety (US), AstRoNA Biotechnologies (US), and SafeTraces (US).
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