Healthcare Cold Storage Market Size, Share & Industry | 2030

Report Description

Healthcare Cold Storage Market Outlook

The Healthcare cold storage market was valued at USD 4,420.4 million in 2020 and is projected to reach USD 11,670.4 million by 2028, expanding at a CAGR of 13.1% during the forecast period. Increased automation in refrigerated warehouses is expected to drive up demand even more.

The global cold storage market is expected to increase due to favorable socioeconomic and demographic variables such as urbanization, population expansion, disposable incomes, and a rise in the standard of life. Pharmaceutical acceptability is increasing, which is fueling the development of the global cold storage industry.

Environmental worries about greenhouse gas emissions, a scarcity of qualified workers in developed markets, and a lack of rules and codes are all potential roadblocks to the global cold storage market's overall expansion. Also the market's expansion is being hampered by a lack of adequate facilities and dependable sources of power in cold storage facilities.

Get Free Sample Report

In healthcare cold storage market, increased automation in refrigerated warehouses is expected to drive up demand. The global cold storage market is expected to increase due to favorable socioeconomic and demographic variables such as urbanization, population expansion, disposable incomes, and a rise in the standard of life.

Pharmaceutical acceptability is increasing, which is fueling the development of the global cold storage industry. Environmental worries about greenhouse gas emissions, a scarcity of qualified workers in developed markets, and a lack of rules and codes are all potential roadblocks to the global cold storage market's overall expansion.

IoT and real-time visibility is making a big impact on the growth of healthcare cold storage market. Real-time visibility into temperature changes is possible because to technology-enabled tracking, block-chain, monitoring devices, and cloud storage, as well as the ability to intervene before damage is done. Sensors in the Internet of Things keep supply chains on the lookout.

Sensors installed on every container, package, or unit on the production floor may be followed during their route to the healthcare institution, allowing digital technology to aid manage distribution once the products leave the plant.

Medical cold storage facilities are outfitted with the most up-to-date EDI order fulfilment, temperature monitoring systems, radio frequency identification abilities, and a sophisticated Inventory Control System that ensures that every product is tracked at all times.

Macro-Economic Factor

Cold Chain Management is under pressure to meet cost efficiencies

Despite technological advancements in cold chain systems, most of them are expensive to be widely available. Some transportation providers use low-quality cold storage systems. There is a high chance that a piece of equipment or device in the cold chain breaks, due to the low quality of the cold storage system.

Lack of Uniform Infrastructure

Scientific advancements resulted in reliable cold chain devices; however, cutting-edge technology is expected to fail, owing to lack of details. Modern active cooling technology is useless without a power source and require the correct adaptor and power.

Healthcare Cold Storage Market Dynamics

Driver- Increased automation in refrigerated warehouses

In the next several years, the expanding sector of vaccine is expected to help drive the demand for cold storage solutions. The impact of cold chain shipping is reduced by providers and users of thermal packaging devices.

Increased automation in refrigerated warehouses is expected to drive up demand even more. The global cold storage market is expected to increase due to favorable socioeconomic and demographic variables such as urbanization, population expansion, disposable incomes, and a rise in the standard of life.

Driver- The worldwide healthcare cold chain logistic industry is expected to grow, due to increased usage by pharmaceutical businesses.

Pharmaceutical acceptability of cold storage is increasing, which is fueling the development of the global cold storage industry. Pharmaceutical companies are creating new cures, methods, and medications to tackle the rising frequency of chronic and lifestyle-related disorders. Genetic therapies, diagnostic imaging, and regenerative medications are demanded in recent decades, with effective temperature and temporal controls.

Restraint- A lack of adequate infrastructure

The market's expansion is being hampered by problems such as a lack of adequate infrastructure and stable power supplies at cold storage facilities. In addition, the lack of proper power hook-ups at transportation hubs is likely to stifle expansion over the forecast period.

Environmental worries about greenhouse gas emissions, a scarcity of qualified workers in developed markets, and a lack of standards and norms are all potential roadblocks to the global cold storage market's overall expansion.

Opportunity- Increasing government support for infrastructure development

Increasing government support for infrastructure development to reduce processed surgical equipment wastage, increasing foreign direct investments in developing economies, and advancement of technical and exceptional approaches to solve the issue of unreliable power supply are anticipated to build potential revenue opportunities during the forecast period.

Healthcare Cold Storage Market Segmental Outlook

Based on temperature type, the cold storage market is segmented into chilled and frozen. In 2020, the frozen category dominated the market, accounting for more than 78 percent of global revenue. It is used to guarantee that specific medicines are stored securely inside a narrow temperature range, as specified by the manufacturer; this is usually within +2 and +8 degrees Celsius, with +5 degrees Celsius being optimum.

Get Free Sample Report

Based on end-user, the cold storage market is segmented into academic & research institutes and pharmaceuticals & biotechnology companies. After acquiring temperature-controlled products from suppliers, end-users such as hotels may have cold storage facilities.

Furthermore, cold storage is assigned to a third-party logistics provider (3PL), where products are kept until ready to be sent to end-users.

Get Free Sample Report

Get Free Sample Report

Cold storage product manufacturers and packagers frequently have their own cold storage facility. This safeguards the products until they are delivered to distributors and final customers. Many end users have their own cold storage facilities at the other end of the supply chain. This keeps the items safe until they're needed.

Recent developments & impact analysis for healthcare cold storage market

• With temperature control measures, cold storage and refrigerated warehouses are an essential part of supply chains, and they're just growing wider – literally – with cold storage area growing at a rate of around 4% per year since 2013.
• Chilled Warehouse Automation/Robotics: In cold storage facilities, especially those that handle online purchases, turnover speed is critical.
• Automated/robotic technologies, Automated guided vehicles (AGVs), and automated storage/retrieval systems (AS/RS) are rapidly becoming commonplace in them in order to optimize it.
• Temperature Control in Bigger Storehouses: Many industrial cold storage facilities are being developed in expensive, metropolitan regions to offset high operating costs and the requirement for speedy delivery, leading enterprises to “go vertical” with their workplace. As a result of this tendency, fall prevention equipment has become a primary safety issue.
• Efficiencies in Energy Efficiency across the Cold Supply Chain: In today's cold storage business, energy efficiency and cold chain integrity are also important issues. The drive-through dock design is the gold standard for achieving both at the loading dock.
• Keeping up with the Demands of the Market: Managers of cold storage facilities who grasp the fundamental developments in cold storage warehouse operations – and the new equipment solutions to the difficulties they present – can ensure that their facilities stay up with the market's ever-increasing needs.

Future Opportunities for Healthcare Cold Storage Market

• In current scenario, transport the vaccines of Covid-19 is big task for many countries around the world. That creates huge amount of opportunities for cold storage vendors. Vaccines are frequently transported by truck and airline, with stops and storage at distributors along the way until arriving at the terminal, when they are placed back into cold storage.
• The slowdown in the cold storage industry initially hit the sector, producing congestion in several warehouses. However, during the early months of the pandemic, a strong increase in retail demand aided their success, and the effect is expected to persist longer.
• In the United States, cold storage warehouses are now holding a bigger volume of merchandise than usual. Volumes in US freezers and coolers in April 2020 are 2.5 percent and 10.3 percent, respectively, apart from seasonal products such as pharmaceutical products and vaccines.
• Many elements in the pharmaceutical supply chain are expected to alter as a result of the pandemic. Here, we identify possible investment opportunities for cold storage operators in the United States.
• Inventory levels could be increasing: Prior to 2008, according to the US Census, overall inventory levels were rationalizing as businesses sought to save expenses and optimize inventory levels. As a result of the financial crisis in 2008/09, there was a temporarily steep increase in the inventory-to-sales ratio. Similarly, because we expect to enter a depression in the second half of 2020, we anticipate a brief increase in this ratio due to reduced consumption and inventory accumulation. It is crucial to emphasize, however, that the decline in vaccine consumption will not be considerable until the later stages of the recession. This pandemic may force businesses to shift their inventory strategies from "just in time" to "just in case," resulting in higher inventory levels and, as a result, greater demand for cold storage market.

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Healthcare Cold Storage Market
• Historical, Current and Projected Market Size in terms of Value
• Potential & Niche Segments Exhibiting Promising Growth Covered
• Industry Drivers, Restraints and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Healthcare Cold Storage Market Performance