The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global healthcare cold chain monitoring market. In addition, complete analysis of changes on the global healthcare cold chain monitoring market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
MARKET OVERVIEW- GLOBAL HEALTHCARE COLD CHAIN MONITORING MARKET
MARKET DRIVERS
The key factor propelling the growth of healthcare cold chain monitoring market is such as there is an increase in demand for temperature-sensitive drugs such as vaccines and products that are dependent on particular temperature ranges for chemical stability. Moreover, increased focus on quality product sensitivity, surge in refrigerated warehouses, and growth in pharmaceutical sectors are expected to drive the growth of the cold chain tracking and monitoring market. In addition, change in government policies regulations and growth in the organized retail sector are expected to boost the healthcare cold chain monitoring market growth. Addition to this, rising demand for warehousing of cold storage and increased use of packaged foods are propelling the cold chain monitoring market. Also, the growing urbanization and emergence of solutions for monitoring cold chain temperature are improving the market growth.
MARKET OPPORTUNITY
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.
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MARKET RESTRAINTS
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. Deploying sensors and putting the connectivity network in place requires a high cost. Cost is the major hindering factor to introducing real-time cold chain monitoring systems, particularly for small- and medium-sized players, and many participants in the food industry are SMEs, which are often operating on lean margins and which is expected to restraint the healthcare cold chain monitoring market growth during the forecast period.
MARKET GROWTH CHALLENGE
The key challenge faced by the market is installing various sensors across all these locations can be a daunting task. The distributed network needs to be mapped to efficiently manage the data generated from these sensors. Further, this data has to be analyzed, and actionable data has to be generated to maximize the profit. It is generally difficult to map such a vast network and derive useful data from it. Hence, issues such as scale visualization, error type pinpointing, and the formulation of responses could prove to be challenging.
CUMULATIVE GROWTH ANALYSIS
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. With several driving factors and trends, North America is expected to hold the largest share in the market. Also, there are various cold chain monitoring companies that are using various techniques to improve the market situation hampered due to coronavirus. Market in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.
MARKET SEGMENTAL OVERVIEW
The global healthcare cold chain monitoring market comprises of different market segment like component, temperature, product, end user, and geography.
HEALTHCARE COLD CHAIN MONITORING MARKET BY COMPONENT
The different type studied in the global healthcare cold chain monitoring market are hardware and software. Software and hardware components play a major role in the effective management of cold chain monitoring. The generally used hardware components for tracking and tracing activities include RFID devices, sensors data loggers, networking devices, and telematics and telemetry devices. The software segment has been segmented further into on-premise and cloud-based. The cloud-based segment is expected to register the fastest growth over the forecast period. Cloud-based software enables real-time monitoring of temperature and reporting of the status. This is the major driving factor which increased the growth of healthcare cold chain monitoring market.
HEALTHCARE COLD CHAIN MONITORING MARKET BY TEMPERATURE
The healthcare cold chain monitoring market by temperature includes various segment like chilled and frozen. Temperature monitoring technologies can help in preventing product spoilage by maintaining the temperature at desired levels throughout the shipment. Other regional markets, such as the U.S. and Canada, are also expected to drive the growth of the market for cold chain monitoring as these regional markets already boast a well-developed transportation and distribution network. It is expected to increase in high demand during the forecast period.
HEALTHCARE COLD CHAIN MONITORING MARKET BY PRODUCT
The healthcare cold chain monitoring market by product includes various segment like vaccines, biopharmaceuticals, clinical trial materials, and others. Vaccines segment is expected to gain major market share during the forecast period. Vaccines are nothing but biological products that possess a risk of losing their potency if they are exposed to excessive heat or freezing conditions. Biopharmaceutical is the second most dominating segment in the healthcare cold chain monitoring market and it’s also expected to increase during the forecast period.
GLOBAL COLD CHAIN MONITORING MARKET BY END USER
The North America healthcare cold chain monitoring market by end user includes various segment like 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. Healthcare cold chain monitoring is mostly used in the biopharmaceutical companies and research institute to maintain the temperature to improve hygiene in the area. Biopharmaceutical companies are highly expected to increased more demand during the forecast period.
HEALTHCARE COLD CHAIN MONITORING MARKET BY GEOGRAPHY
The global healthcare cold chain monitoring market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). Europe is likely to gain major market share and maintain its dominance over the estimated time period. The key factor propelling the market demand are this region has significantly gained major share due to the region's growing adoption of technologies such as Controlled Environment-Agriculture (CEA). On the other hand, increasing trend of adopting US-style greenhouse cultivation, the United Kingdom held a substantial share of the European market. Besides, Furthermore, some governments and agencies in various nations have taken steps to develop indoor farms in order to address issues such as population growth, food production, and climate change this expected to propelled the market growth. Whereas Asia Pacific is expected to witness the growth at highest pace during the estimated time period.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of healthcare cold chain monitoring market is certainly based range of market players operating in the healthcare market with increasing demand for production of healthcare cold chain monitoring market. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
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