The use of the IoT technology to continuously monitor temperature-sensitive products being transported in a "cold chain"—a supply chain of perishable and/or temperature-sensitive products such as pharmaceuticals, biologics, and food& beverages—is known as cold chain monitoring. Suboptimal circumstances during shipping and storage might degrade the quality of these products if they are not properly monitored.
COVID-19 Impact vs. Opportunities for the Global Healthcare Cold Chain Monitoring Market:
The global healthcare cold chain monitoring market has increased its popularity and market growth due to several major factors such as the increased use of IoT technology in the healthcare sector and the increasing variety of drugs that require monitoring from the entry-level of packaging to delivery in a controlled room temperature.COVID-19 vaccines are transported securely using IoT monitoring. According to the WHO, more than 39% of vaccines produced each year in underdeveloped countries are wasted due to breaches and shortcomings in the cold chain system. During cold chain shipping, 20% of temperature-sensitive biopharmaceutical products, including plasma, are destroyed. Excursions, or vaccines exposed to temperatures outside the acceptable range, are predicted to cost USD 34.1 billion per year, including product costs, replacement costs, and transportation costs.
When it comes to storing or shipping vaccines or other biological items that can become inert outside of a manufacturer's approved temperature or humidity range, hospitals, healthcare service providers, and logistics can't do without refrigerated systems. This emphasizes the significance of cold chain monitoring systems in the healthcare industry. Monitoring these facilities and the ability to take corrective action in the event of a failure is vital to ensuring the safety of the patients.
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 till they reach their destinations. Many life sciences goods, such as medications, some medical equipment, organs, and specimens, require temperature-controlled storage and distribution to maintain molecular stability, preservation, and extension of useful life.
The Internet of Things (IoT) is a network of physical items that are connected to the Internet. These physical things feature technology that allows them to interact with both internal and exterior influences. Retail, transportation, agriculture, smart home, smart city, lifestyle, supply chain, emergency, healthcare, environment, and energy are all areas where IoT is used. The usage of IoT in healthcare has grown dramatically in recent years and is expected to continue to grow in the coming years.
The global market for cold chain products is rapidly growing nowadays. As the global demand for perishable goods rises, effective cold chain management necessitates strong partnerships and swift responses. Some of this expansion is being driven by developing countries. Despite the economic slump, global quality of life is rising. People with more financial resources are more inclined to consume vegetables, fruits, and protein-based products, resulting in increased demand for these products around the world.
The cold supply chain has various components and multiple enterprises with distinct service offers. This variety creates a plethora of investment prospects. Furthermore, companies are entering the pharmaceutical cold chain packaging arena from various industries and start-ups, tackling the market from multiple perspectives. Single-use packaging, returns, refurbishment, and reuse, geographic coverage strategies, and a focus on sustainability or account services are just a few examples.
Value Chain Analysis
The cold chain monitoring market is growing steadily and is expected to upsurge in the near future. This is due to the rising number of players coming forward to provide optimal transportation and monitoring methods. The supply chain analysis for the cold chain monitoring market comprises five major levels: the component manufacturers, followed by software developers, system integrators, solution/service providers, and endusers.
The global healthcare cold chain monitoring market has been segmented on the basis of component, temperature type, product, end-user, and region.
By component, the healthcare cold chain monitoring market has been bifurcated into hardware and software. The hardware segment is further divided into sensors, data loggers, real-time monitoring devices, RFID devices, resistance temperature detectors, and others. The software segment is further bifurcated into cloud based and on-premises. In addition to real-time monitoring, these devices help optimize the inventory levels, leading to maintaining the quality of temperature-sensitive goods, including drugs and vaccines. The hardware segment accounted for the larger market share of 56.4% in 2019, with a CAGR of 12.0% during the forecast period.
By temperature type, the healthcare cold chain monitoring market has been segmented into chilled and frozen. Certain drugs and biologics need to be maintained at specified temperature ranges; usually, -25° to -10°C (-13° to 14°F), or “frozen” to maintain its effectiveness. This mainly includes eye & ear drops, antibiotics, injections, among others. Cold chain providers ensure that they deliver shipments at the right temperature.
Based on product, the healthcare cold chain monitoring market has been divided into vaccines, biopharmaceuticals, clinical trial materials, and others. The vaccines segment accounted for the largest market share. Vaccines are nothing but biological products that possess a risk of losing their potency if they are exposed to excessive heat or freezing conditions.
By end-user, the healthcare cold chain monitoring market has been segmented into biopharmaceutical companies, hospital & clinics, research institutes, and others. Biopharmaceutical companies deal with complex medicinal products manufactured from live cells and/or organisms that pass from advanced biotechnological processes.
The healthcare cold chain monitoring market has been studied across Asia-Pacific, North America, Europe, and the Rest of the World. North America accounted for the largest market share of 34.84% in 2020.This can be attributed to the increasing need for customized storage and transportation to ensure the effectiveness of healthcare products, and the growing focus of organizations on improving business agility is high in the region.
The European healthcare cold chain monitoring market is expected to grow due to the adoption of cold chain monitoring solutions by the midsize healthcare industry. The major global cold chain monitoring innovator present in the country is continuously working on introducing new technologies.
The Chinese healthcare sector has been growing at a rapid rate due to supportive government policies. China plays an important role in the Asia-Pacific market as the population is high with an increasing demand for these cloud solutions by biopharmaceutical companies.
Carrier (US), Monnit Corporation (US), Berlinger & Co. AG (Switzerland), Testo SE & Co. KGaA (Germany), Emerson (US), Signatrol (UK), Haier Biomedical (Shandong), Temptime Corporation (US), Cold Chain Technologies (US), Dickson (US), Spotsee (US), Rotronic (Switzerland), Elpro (Switzerland), Controlant (Iceland), Roambee Corporation (California), OnAsset Intelligence, Inc. (US), and Tive (US) are the major players in the healthcare cold chain monitoring market. They primarily focus on the development of sophisticated healthcare cold chain monitoring. Although the international players are dominating the market, regional and foreign players with small market shares also have a presence. The international players may strengthen their presence worldwide through acquisitions during the forecast period. It has also been forecast that improvement of the global economic scenario combined with efforts to enhance infrastructure in emerging nations is fueling the market growth, thereby making it an ideal time to launch new healthcare cold chain monitoring solutions and increase the global market share
In August 2021, ELPRO partnered with Cloudleaf to develop integrated and qualified real-time environmental monitoring intelligence for clients on a platform that provides continuous global visibility
In June 2021, Roambee announced its acquisition of Modum, a European pharma last mile-focused cold chain monitoring player based in Zurich, Switzerland. This acquisition will enable Roambee to expand its cold chain visibility offering from end to end, covering primary, secondary, and last-mile delivery.
In February 2021, Carrier, the parent organization of Sensitech, a leading supply chain visibility provider, expanded its IoT devices to include air-carrier approved and non-lithium battery models for real-time tracking of shipments when cargo is traveling by plane.
In March 2018, Monnit Corporation launched two wireless devices— ALTA Serial MODBUS Gateway and ALTA Industrial Quad Temperature Sensor. The Modbus serves as a data concentrator for sensor networks, and sensors help in monitoring the shipment.
In January 2017, Controlant launched next-generation cold chain monitoring solutions. The solutions benefit logistics companies by automating cold chain logistics by enhancing security and efficiency
Healthcare cold chain monitoringhas seen tremendous growth in the past couple of years.The market has been classified based oncomponent, temperature type, product,end-user, and region.The key factors contributing to the growth of the healthcare cold chain monitoring market include the growing need for cold chain monitoring in the healthcare sector and the increasing use of IoT in the healthcare sector. Carrier,Monnit Corporation, and Berlinger & Co. AGare expected to be the major players in the healthcare cold chain monitoringmarket during the projected period.
Objective of the Study
Scope of the Report
The scope of the global healthcare cold chain monitoring market study includes the market size analysis and a detailed analysis of the vendor’s products and strategies. The healthcare cold chain monitoring market has been segmented based on component, temperature type, product, end-user, and region.
|Market Size||2027: USD 2,574.5 Million|
|CAGR||12.2% CAGR (2021–2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Temperature Type, Product, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Carrier(US), Monnit Corporation(US), Berlinger & Co. AG(Switzerland), Emerson Electric Co.(US), and Testo SE & Co. KGAA(Germany)|
|Key Market Opportunities||• Rising Demand for Warehouse Automation in Cold Chain Storages • Growing Investments in Pharmaceutical Cold Chain|
|Key Market Drivers||• Growing Need for Cold Chain Monitoring in the Healthcare Sector • Increased Use of IoT in the Healthcare Sector|
The global healthcare cold chain monitoring market has been growing rapidly from the past few decades and is expected to reach USD 2,574.5 million by 2027, at a CAGR of 12.2% during the forecast period
Key players profiled in the healthcare cold chain monitoring market includeCarrier (US), Monnit Corporation (US), Berlinger & Co. AG (Switzerland), Testo SE & Co. KGaA (Germany), Emerson (US), Signatrol (UK), Haier Biomedical (Shandong), Temptime Corporation (US), Cold Chain Technologies (US), Dickson (US), Spotsee (US), Rotronic (Switzerland), Elpro (Switzerland), Controlant (Iceland), Roambee Corporation (California), OnAsset Intelligence, Inc. (US), and Tive (US)
The vendors compete on the basis of cost, product quality, reliability, and aftermarket service. It is crucial for the vendors to provide cost-efficient and high-quality healthcare cold chain monitoring services to survive and succeed in an intensely competitive market environment.
North America accounted for the largest market share of 34.84% in 2020, with a CAGR of 13.0% during the forecast period.
Biopharmaceutical companies, hospitals& clinics, research institutes, and others are the end users of healthcare cold chain monitoring market.