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DUBLIN--(BUSINESS WIRE)--Oct 14, 2022--
The "Reefer Container for Pharmaceutical Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application Type and Container Size" report has been added to ResearchAndMarkets.com's offering.
The reefer container for pharmaceutical market is expected to reach US$ 6,391.8 million by 2028 from US$ 2,846.7 million in 2021. It is estimated to grow at a CAGR of 12.5% during 2022-2028.
The growth of the reefer container for pharmaceutical market in North America is primarily attributed to the increasing demand for refrigerated medicines, vaccines, and blood plasma along with the government policies encouraging international trade. According to the Bureau of Economic Analysis, the goods and service exports in the US increased by US$ 394.1 billion or 18.5% and imports surged by US$ 576.5 billion or 20.5% in 2021, compared to 2020.
The US is pursuing trade liberalization through negotiations and policies that stimulate economic growth by boosting the transportation of pharmaceutical and other important products. The high-tech reefer containers, generally equipped with cutting-edge devices to monitor temperature variations, are ideal for maintaining optimal conditions for shipping temperature-sensitive products, keeping them undamaged despite external threats until they reach their final destination. These containers are also equipped with sensors to detect small temperature variations and determine if the products are exposed to light, which could trigger alterations in the compositions of certain pharmaceuticals.
The cold chain industry experienced rapid growth in 2020 owing to the COVID-19 pandemic. Rental reefer containers are being preferred over purchased ones for the transportation of pharmaceuticals in most cases. In April 2022, Cardinal Health received a contract worth US$ 57.8 million for the storage and distribution of 80,000 pallets of personal protective equipment (PPE) to support the Strategic National Stockpile (SNS), a part of the Office of the Assistant Secretary for Preparedness and Response within US Department of Health and Human Services (HHS). As per recent studies, based on the examination of 15 reefer trade routes, there was a 50% increase in the third quarter of 2021, while dry container freight rates more than doubled in 2021. Also, in July 2022, FESCO Transportation Group planned to expand its fleet of reefer containers to 4,000 units by the end of summer 2022, under the company's strategy for the development of its Dalreftrans subsidiary. Thus, a surge in the demand for transportation and logistics of pharmaceutical products is fueling the adoption of reefer containers.
In Asia Pacific, the COVID-19 pandemic has significantly impacted healthcare supply chains and cold chain industry due to restrictions on trade. China, India, Singapore, and South Korea are emerging as major destinations for outsourcing drug manufacturing, clinical trials, and pathology testing, which, in turn, propels the need for reefer containers. The growth of the reefer container for pharmaceutical market in Asia Pacific is primarily attributed to the growing demand for biopharmaceuticals and vaccines due to the huge populations of several countries in the region; most of these are temperature-sensitive products, and cold storage facilities are required for their efficient handling. Reefer container manufacturers catering to the pharmaceuticals industry in China include Hapag-Lloyd AG, Tianjin LongTeng International Trade Co., Ltd., and Shanghai Metal Corporation.
The growing initiatives from the European Commission for designing regulations and policies drive the growth of the reefer container for the pharmaceutical market in Europe. The European Union manages its trade and investment relations through a specific policy that aims to provide better trading opportunities to European companies, which further contributes to the high demand for reefer containers for the transportation of pharmaceutical products. In November 2021, the MECOTEC Group, Germany, delivered 8 containers for the deep-freeze storage of COVID-19 Vaccines.
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Reefer Container for Pharmaceutical Market Landscape
5. Reefer Container for Pharmaceutical Market - Key Market Dynamics
6. Reefer Container for Pharmaceutical Market - Global Market Analysis
7. Reefer Container for Pharmaceutical Market Revenue and Forecast to 2028 - Application Type
8. Global Reefer Container for Pharmaceutical Market Analysis - By Container Size
9. Reefer Container for Pharmaceutical Market - Geographic Analysis
10. Impact of COVID-19 Pandemic on Reefer Container for Pharmaceutical Market
11. Industry Landscape
12. Company Profiles
13. Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/dwe7wc
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KEYWORD:
INDUSTRY KEYWORD: HVAC PHARMACEUTICAL HEALTH MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/14/2022 04:58 AM/DISC: 10/14/2022 04:58 AM
http://www.businesswire.com/news/home/20221014005142/en