28 September 2020
Visiongain has launched a new report Next-Generation Pharmaceutical Temperature Management Solutions Market Report 2020-2030: Forecasts by Solution Type (Hardware (Fridge Tag Devices, Data Loggers, Temperature Indicators, Others), Software), by Applications (Logistics, Laboratory Storage, Hospitals and Clinics), by Region and Analysis of Leading Next-Generation Pharmaceutical Temperature Management Solutions Companies.
The global next-generation pharmaceutical temperature management solutions market is expected to grow at approximately x% CAGR during the forecast period 2020-2030 to reach a valuation of US$ xx million by 2030. Maintaining the quality and safety of the product in the supply chain has always been a high priority for pharmaceutical companies. New market dynamics including an evolving product line, more stringent regulations, geographically connected supply chains, rising risk, and extreme cost pressure have raised stakes significantly.
The challenge at the core of this modern business model is the fact that drug manufacturers are facing an exponential rise in the need for temperature-assured delivery and material handling from active ingredients to finished products today. This necessity stems from a radical shift in the nature of biotechnology and pharmaceutical products. The conventional temperature management solutions are subject to significant limitations and therefore are unable to meet the constantly evolving nature of vaccines and medicines. This has led to the emergence of the next generation pharmaceutical temperature management solutions that offer wireless and real time temperature monitoring through sensors which are constantly communicating via the internet.
The COVID-19 outbreak and the resulting initiative to prevent its spread affected some supply chains, because China is a major source of many active pharmaceutical ingredients. China was the epicentre of the outbreak, and during the early periods of Covid-19 outbreak, the pharmaceutical output and export decreased as factories were closed to curb the spread of the virus. The global next generation pharmaceutical temperature management solutions market is expected to experience initial fall in growth rate. However, with the beginning of economic activities in the later half of 2020, it is expected to have a positive effect on market growth. Furthermore, the market is expected to experience lucrative growth opportunities during the forecast period with the development of COVID-19 vaccine and its tremendous transportation and storage demand globally.
The next generation pharmaceutical temperature management solutions market has been gaining traction globally primarily due to high spending on cold chain logistics by the pharmaceuticals industry. The rise in spending has been a result of factors such as cost incurred due to wastage of medicines, strict regulations laid out by various countries, and integration of Internet of Things in the supply chain. New product developments by global and regional players is expected to drive the market during the forecast period. For instance, Verigo Bluetooth temperature and humidity monitoring solution offered by JRI Company, is a wireless Bluetooth monitoring solution of thermo-sensitive products. The wireless Bluetooth temperature sensors provides instant insight and visibility of all shipments thereby, saving time and eliminating the need to find data logger, and also avoiding opening and damaging containers to retrieve data.
The global next generation pharmaceuticals temperature management solutions market is fragmented with the presence of numerous global and regional players. Some prominent market players include Sensitech, Onset, Berlinger & Co. AG, Monnit, Controlant, Savi, Lisaline, JRI, SmartSense by Digi, Temptime, and Oceasoft among others.
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