Global cold chain business in good health says new report
THE global healthcare cold chain logistics market is forecast to be worth US$16,588.3 million by 2023, a new report reveals.
Given that the majority of pharmaceutical and healthcare-related products, such as vaccines, biopharmaceuticals and clinical trial materials, need to be stored and shipped in a manner which does not reduce their efficacy, investment is growing exponentially in creating seamless supply chains where the air and sea transportation of these products, including their packaging, handling, storage and delivery are integrated.
Storage techniques, ranging from gel packs, dry ice, electrical refrigeration to liquid nitrogen, may be utilised to guarantee potency until the products reach the end users. These include research institutes, hospitals, clinics and biopharmaceuticals companies, writes Thelma Etim.
The buoyancy of the healthcare cold chain logistics market is being assisted by significant advancements being made in the global pharmaceuticals sector, which is expected to be worth $245.2 billion by 2024.
Cold chain logistics has become an extremely competitive sector
As a result of all this, cold chain logistics has become an extremely competitive sector. American Airlines, Cavalier Logistics, DHL, AmerisourceBergen Corporation, FedEx, DB Schenker, Kuehne + Nagel and Marken are among the major market players named by industry research consultancy MarketResearchFuture.com.
Last December, leading global temperature-controlled logistics company Cryoport secured a $25 million investment from Petrichor Healthcare Capital Management to underwrite its future expansion plans.
Commenting on that deal, Jerrell Shelton, chief executive of Cryoport, explained: “This financing provides capital to further expand the breadth and depth of our solutions offerings in the rapidly developing cell therapy markets and life sciences industry at large, including the pursuit of targeted, strategic acquisitions.
“Cryoport holds a unique position as the logistical backbone to the cell therapy industry, where we intend to play an increasingly significant and important role.”
The dynamic growth trend experienced by such companies means that currently there are an increasingly high number of service suppliers in the market, especially in the USA, Canada and in quite a few European countries, the research reveals. The presence of strong market players has fortified the powerful position of the Americas and the European region in the global healthcare cold chain logistics market, a situation which is adding further momentum particularly in these regions, notes the report.
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