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The term "cold chain monitoring" describes the use of internet of things (IoT) technology to continuously track temperature-sensitive goods being transported in a "cold chain"—that is, a supply chain of perishable and/or temperature-sensitive goods like pharmaceuticals, biologics, food, and beverages. Without proper monitoring, these products' quality may be harmed by unfavourable conditions during storage and transportation. This can put people’s health and safety at risk and potentially damage product. In the healthcare industry, cold chain logistics helps in monitoring and protecting against damage to packages from changes in temperature. In order to keep medicines and other drugs stored at the ideal temperature until they reach their final destinations, cold chain monitoring is essential to the healthcare industry. To maintain molecular stability, preserve, and extend the useful life of many life sciences products, including medications, some medical equipment, organs, and specimens, temperature-controlled storage and distribution are necessary.
The primary factor driving the growth of the healthcare cold chain monitoring market is the rise in demand for products that depend on specific temperature ranges for chemical stability, such as vaccines and drugs that are temperature-sensitive. The market for cold chain tracking and monitoring is anticipated to grow as a result of increased attention being paid to quality and product sensitivity, an increase in refrigerated warehouses, and expansion in the pharmaceutical industries. Additionally, the healthcare cold chain monitoring market is anticipated to grow as a result of changes in governmental policies and regulations as well as expansion in the organised retail sector. The market for cold chain monitoring is also being driven by rising demand for cold storage warehousing and an increase in the consumption of packaged foods. Additionally, the market is growing faster as a result of rising urbanisation and the development of solutions for monitoring the temperature of the cold chain.
The major opportunity for healthcare cold chain monitoring market is as advances in connected devices technologies, such as Radio Frequency Identification (RFID) and the Internet of Things (IoT), is also expected to open opportunities for the development of innovative cold chain monitoring solutions. These factors are expected to create new growth opportunities for the market. RFID-enabled supply chain can be considered as an efficient supply chain in terms of product visibility. Hence, incumbents of industry verticals, such as processed food, livestock, chemicals, and pharmaceuticals, are aggressively the RFID technology for tracking and tracing products throughout the supply chain.
The growth in the healthcare cold chain monitoring market has been restricted due to the installation cost of cold chain monitoring systems is significantly high. It is expensive to set up the connectivity network and deploy the sensors. Cost is the main barrier to the use of real-time cold chain monitoring systems, especially for small- and medium-sized businesses (SMEs). Since SMEs frequently operate on lean margins, this is expected to hamper the growth of the healthcare cold chain monitoring market during the forecast period.
Installing various sensors across all the locations can be a difficult task, which is the market's primary barrier. To manage the data produced by these sensors effectively, the distributed network must be mapped. To maximize profit, this data must also be analysed and actionable data must be produced. In general, mapping such a huge network and extracting useful data from it is challenging. Hence, issues such as scale visualization, error type pinpointing, and the formulation of responses could prove to be challenging.
The global healthcare cold chain monitoring market comprises of different market segment like component, temperature, product, end user and geography.
The hardware segment accounted for the larger market share during the forecast period. Software and hardware components play a major role in the effective management of cold chain monitoring. RFID devices, sensors, data loggers, networking devices, and telematics and telemetry devices are some of the hardware elements that are frequently used for tracking and tracing activities. On-premise and cloud-based software have been separated out into separate segments. Over the forecast period, the cloud-based segment is anticipated to grow at the fastest rate. Real-time monitoring of temperature and status reporting are made possible by cloud-based software. This is the major driving factor which increased the growth of healthcare cold chain monitoring market.
The chilled segment anticipated to hold the majority of market share during forecast period. In order to maintain their effectiveness. Some medications need to be maintained at specified temperature ranges; typically, -25° to -10°C (-13° to 14°F). Among others, this primarily refers to injections, antibiotics, and eye and ear drops. Providers of the cold chain make sure that shipments arrive at the proper temperature.
The Vaccines segment is expected to gain major market share during the forecast period because vaccines are biological products, they run the risk of losing their effectiveness if exposed to extreme heat or cold. The healthcare cold chain monitoring market's second-most dominant segment is biopharmaceutical and it’s also expected to increase during the forecast period.
The Europe is likely to gain major market share and maintain its dominance over the forecast period due to the region's increasing adoption of technologies like controlled environment agriculture, this region has significantly increased its market share (CEA). On the other hand, the United Kingdom held a sizable share of the European market due to the rising trend of adopting greenhouse cultivation in the US style. Additionally, in order to address issues like population growth, food production, and climate change, some governments and agencies in various countries have taken steps to develop indoor farms, which was anticipated to propel the market growth. While Asia Pacific is anticipated to experience the fastest growth during the forecast period.
The report provides in-depth analysis of global healthcare cold chain monitoring market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. Cold chain logistics in the healthcare sector helps monitor and protect packages from damage due to temperature changes. Cold chain monitoring is essential for healthcare as it ensures that the storage of medicines and other drugs is maintained at an optimal temperature which anticipated to increase the market growth and expected to witness growth at a specific CAGR from 2019-2029.
The key players studied in market are
January 2023: Constellation Cold Logistics announces to acquire ACS&T- Constellation Cold Logistics (“Constellation”), through its wholly-owned subsidiary HSH Cold Stores Ltd (“HSH”), announced agreement for the acquisition of Associated Cold Stores & Transport Limited (ACS&T Logistics), a subsidiary of Camellia Plc. The transaction is expected to close on January 2023 and will expand and strengthen HSH’s footprint and service offering for existing and new customers.
August 2022: UPS Healthcare launches active cold chain transport in Benelux- UPS Healthcare is continuing its investments in the Benelux in 2022, launching a new cold chain ground transportation service operating across the market with a sorting hub in both the Netherlands and Belgium.
November 2022: UPS’s acquired Bomi Group is a done deal- This acquisition adds significant scale to the company’s UPS Healthcare unit, with temperature-controlled facilities in 14 countries, as well as 3,000 new employees throughout Europe and Latin America.
September 2022: DHL Supply Chain acquired healthcare logistics specialist in Mexico- DHL Supply Chain has acquired Mexico-based pharmaceutical and healthcare logistics specialist New Transport Applications (NTA).
Healthcare cold chain monitoring are used to keep the humidity, temperature, and carbon dioxide levels in the indoor environment at a minimum. They also promote the growth of fruits and vegetables while preventing the development of fungus and mould on plant surfaces. In addition, by generating a wind and pumping cool air through the structure, the device lowers heat and humidity throughout the summer. Cold chain monitoring is the use of IoT technology to continuously track temperature-sensitive products being transported in a supply chain of perishable and/or temperature-sensitive goods like pharmaceuticals, biologics, and food and beverages. Healthcare, hospitals, labs, clinics, pharmacies, food & beverage, server rooms, and other industries all depend on the cold chain monitoring system. Such companies gained total command over temperature control and monitoring procedures to guarantee ideal temperatures throughout the logistics cycle, extending their useful lives. This factor is expected to increase the market growth during the forecast period. The healthcare cold chain monitoring market by application includes various segment like live/ stock, equine, greenhouse, others. Greenhouse followed powder are the major dominating segment in the healthcare cold chain monitoring market during the estimated time period. The global healthcare cold chain monitoring market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world. Europe is likely to gain major market share and maintain its dominance over the estimated time period.
| Market
Sizing for Year: | 2023-2029 |
| Base
year: | 2022 |
| Forecast
Period: | 2023-2029 |
| Value: | USD
Million |
| Market
Segment studied: | Component Temperature Product End User |
| Market
Players and its Competitors: | Carrier
(United States) Testo SE & Co. KGaA (Germany) Monnit
Corporation Berlinger & Co. AG (United States) Testo SE
& Co. KGaA (Germany) Emerson
(United States) Testo SE
& Co. KGaA (Germany) Signatrol
(United Kingdom) Haier
Biomedical (United Kingdom) Temptime
Corporation (United States) Testo SE
& Co. KGaA (Germany) Cold
Chain Technologies (United States) Testo SE
& Co. KGaA (Germany) Dickson
Spotsee (Netherlands) Rotronic
(Switzerland) Elpro
(India) |
FREQUENTLY ASKED QUESTIONS
What are the drivers for healthcare cold chain monitoring market?
The key driving factors of the market are increased use of IoT in the healthcare sector.
Which component is expected to dominate in the market?
Software is expected to witness increasing demand for increased use of IOT in the healthcare sector.
Which region is gaining majority of market share during the forecast period?
Europe is expected to gain major market share during the forecast period
