A recent report published by Infinium Global Research on medical cold storage market provides in-depth analysis of segments and sub-segments in the global as well as regional medical cold storage market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional medical cold storage market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global medical cold storage market.
Medical cold storage plays an important role in preserving the quality and effectiveness of certain pharmaceutical products such as blood plasma, insulin, vaccines, etc. There is a need to maintain the required temperature of cold storage to store certain pharmaceutical products in cold storage throughout their shelf life. According to the FDA’s comprehensive guidelines on best practices for drug storage, pharmaceutical products must be stored under appropriate conditions of humidity, temperature, and light to maintain the strength, identity, and quality of the drug products. These cold storage facilities can vary in size, from small walk-in coolers or freezers with an area of 1,000 Square Feet or less to expansive warehouses spanning over 200,000 Square Feet, all operating at freezing or cooler temperatures to safeguard the pharmaceuticals.
The medical cold storage market is primarily driven by the rising expansion of the pharmaceutical industry. For instance, the pharmaceutical industry in India is currently valued at USD 50 billion and is expected to reach USD 130 billion by 2030. In the pharmaceutical sector, cold storage has a mandatory requirement. It is used to store all manner of medicines, vaccines, devices, laboratory samples, etc. In addition, cold storage has made it possible for organ transplantation. Moreover, the rising adoption of medical cold storage facilities by pharmaceutical manufacturers, or medical establishments propels the market growth. In medical establishments cold storage is required to store the medication effectively. However, high installation costs and high-energy consumption by cold storage facilities may hamper the growth of the medical cold storage market. Although, the numerous benefits provided by the cold storage facility may provide significant opportunities for the growth of the medical cold storage market. Inventive developments in medical cold storage for improved preservation, extended shelf life, and optimal product safety can also provide new growth opportunities to the market.
The medical cold storage market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is expected to grow at a substantial rate due to the high production and consumption of pharmaceutical products. For instance, in 2021, China has over 5,000 pharmaceutical manufacturers, and the government is strongly promoting the consolidation of the pharmaceutical industry, mainly for the smaller companies that do not have the financial capacity to meet regulatory standards. The Chinese pharmaceutical industry not only manufactures generic therapeutic medicines but also has the capacity to produce significant quantities of Active Pharmaceutical Ingredients (APIs). Consequently, these companies necessitate cold storage facilities to efficiently distribute and store their medications. As a result, the escalating requirement for medical cold storage in the region drives the growth of the market significantly. Moreover, the North America region offers a substantial potential for market growth owing to the high adoption of new technology and high spending on R&D activities for the development of new drugs. Thus, the demand for medical cold storage is expected to remain high in the North America region.
|Market Size in 2022||USD 135.1 Billion|
|Market Size by 2030||USD 385.4 Billion|
|Growth Rate from 2023 to 2030||CAGR of 12.2%|
|Largest Market||Asia Pacific|
|No. of Pages||180|
|Market Segmentation||By Temperature Type, and By Storage Technique|
|Regional Scope||North America, Europe, Asia Pacific, and RoW|
The report on global medical cold storage market covers segments such as temperature type, and storage technique. On the basis of temperature type, the sub-markets include frozen, and chilled. On the basis of storage technique, the sub-markets include dry ice, electrical refrigeration, gel packs, liquid nitrogen, and others.
The report provides profiles of the companies in the market such as Coldman Logistics Pvt.Ltd., Antech Scientific Co., Ltd., Darwin Chambers, Rinac, A.P. Moller - Maersk, KPS Global, Kendall Cold Chain System Co., Ltd., Cardinal Health, MD Logistics, and UL LLC.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the medical cold storage market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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