A new study from Future Market Insights on global temperature controlled packaging solutions market has projected the market valuation to surpass $9 billion by the end of forecast period, 2020 - 2030. However, the market is most likely to witness a decline in the first two quarters of 2020 due to the high impact of COVID-19.
Restrictions of trading and continuous lockdown in major emerging countries such as China and India is further hindering the growth of pharmaceutical packaging industries. However, with the better precautions and planning by the government of developed and developing countries, it is expected that the demand and supply of temperature controlled pharma packaging solutions will be in balanced by the end of 2020.
The temperature controlled pharma packaging solutions are recyclable and cost-effective. These systems are designed and validated as per the standards for ensuring product safety. The temperature controlled pharma packaging solutions are primarily used for packaging of biological products and samples, vaccines, pharmaceutical ingredients and many others.
Complications across supply chains, caused by the worldwide coronavirus outbreak further accelerate the need for enhanced shelf-life of pharma products during shipment and cold storage. Growing preference for active packaging solutions among end users will also be important trend over the next decade.
Key Takeaways of Temperature Controlled Pharma Packaging Solutions Market Study
- Insulated shippers will hold a maximum market share during 2020-2030, attributable to extreme temperature control.
- EPS foam containers type of insulated shipper is expected to remain lucrative in terms of market share and incremental revenue opportunity, during 2020-2030
- As per report analysis, the temperature controlled pharma packaging solutions are mostly used for chilled applications. This application segment is expected to expand by 150 bps of current market share, by 2030.
- North America is expected to hold the leading position in the global temperature controlled pharma packaging solutions market in the next decade.
Temperature Controlled Pharma Packaging Solutions Market Landscape
The global temperature controlled pharma packaging solutions market is highly competitive and local and unorganized players are participating to leverage the significant growth opportunities. Key players focus on product innovation and acquisitions with an aim to increase their global presence and customer base in the global temperature controlled pharma packaging solutions market.
- In January 2020, Sonoco Products Company acquired Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD, a leading manufacturer of thermoformed packaging serving healthcare, medical device and consumer markets, from ESCO Technologies, Inc. by investing US$187 million. Through this acquisition the company is planning to enhance its product portfolio and increase customer reach.
- In February 2020, Pelican Biothermal announced the opening of a network station in Toronto to service its Crēdo™ on Demand rental program.