Cold chain stands for the combination of temperature-controlled surface transport as well as an efficient supply chain. These are used as freezing solutions prepared for maintaining the shelf life of products without losing the quality. Fresh agricultural produce, frozen foods, seafood, and pharmaceutical drugs require proper cold chain logistics to maintain their integrity. Cold chains are extremely crucial for avoiding overcapacity, extending the marketing period, and avoiding transport bottlenecks, and ensure the quality of a product. Under this process, temperature-controlled warehouses are used for cold insulated vehicles while commuting. These logistics finds a wide range of applications worldwide to store and transport vegetables, fruits, and medicines in a different part of the world.
Market Dynamics for Biopharma Cold Chain Logistics Market
The growth of the global biopharma cold chain logistics market is driven by increasing requirements for Over The Counter (OTC) medicines such as supplements, minerals, vitamins, cold drugs, dermatology drugs, and gastrointestinal drugs. In addition to this, the growing necessity for fast-track assistance in the biopharma industry is fueling the growth of the market. The biopharma cold chain logistics market is expected to gain a higher advantage with ample availability of personalized medicine, thanks to the key role of cold chain logistics for the efficacy of personalized drugs. Furthermore, decreasing distribution cost due to the utilization of single-source distribution is further boosting the market growth. The major impact of the COVID-19 pandemic on the market has resulted in fast-paced growth worldwide. Governments around the globe are focusing on proper management of healthcare facilities and sufficient medical supplies to ensure patient safety.
- The monitoring components segment is projected to grow with a higher CAGR in the near future, owing to rising demand to maintain the integrity, safety, and efficiency of the cold chain products.
- The storage segment is expected to witness substantial growth on account of the growing focus on reliable storage of temperature-sensitive supplements in order to ensure the safety of pharmaceutical products during transportation.
- Increasing preference for sea freight logistics is driving major revenue for the biopharma cold chain logistics market. These types of logistics are capable of efficiently managing sensitive molecule biologics and personalized medicines.
- The biopharma logistics companies started giving more emphasis to creating robust supply chain models to prepare for all sorts of emergency conditions such as the COVID-19 pandemic.
Asia Pacific is set to Emerge as Major Revenue Contributing Region
North America dominated the biopharma cold chain logistics market and is anticipated to keep the same progress in the coming years. The growth is attributable to increasing investments by leading industry participants in the region. In addition to this, favorable government regulations and increasing strategic collaborations among pharma companies are augmenting the regional market growth. The Asia Pacific is expected to emerge as the fastest-growing region on account of growing industrialization and rapid economic growth. Players present in the major economies such as India and China are finding lucrative opportunities to expand their business operations.
To strengthen their position in the market, companies are undertaking key strategies such as major collaborations, mergers, acquisitions, partnerships, product launches, and regional expansions. The market has become highly competitive with the presence of established players and promising new entrants. Leading companies working in the global biopharma cold chain logistics market include Agility, CEVA Logistics, Air Canada, Deutsche Post DHL, FedEx, Deutsche Post AG, Panalpina World Transport, DB Schenker, LifeConEx, Marken, and VersaCold Logistics Services.
Deep-dive Insights on Biopharma Cold Chain Logistics Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/biopharma-cold-chain-logistics-market