Healthcare Cold Chain Monitoring Market Size, Share And Forecast To 2031

(MENAFN- Straits Research) A "cold chain" is a supply chain of perishable and temperature-sensitive products such as pharmaceuticals, biologics, food, and beverages. Cold chain monitoring uses Internet of Things (IoT) technology to monitor temperature-sensitive commodities being transported continuously. Unfavorable conditions during shipping and storage could reduce the quality of these products if they are not adequately monitored. People's health and safety, as well as a business's reputation, clientele, and financial stability, may be at risk.
Demand for vaccines, other temperature-sensitive medications, and products that require narrow temperature windows for their chemical stability is a driving force in the expansion of the healthcare cold chain monitoring market. The growth of the cold chain tracking and monitoring market is predicted to be driven by factors such as the increasing importance of quality and product sensitivity, the proliferation of refrigerated warehouses, and the expansion of the pharmaceutical industry.
Market Dynamics
Growing Use of IoT Technology in the Healthcare Sector Drives the Global Market
The Internet of Things (IoT) is a system of physically present items connected to the internet (IoT). These material things are technologically capable of interacting with internal and exterior factors. Retail, transportation, agriculture, smart homes, smart cities, lifestyle, supply chains, emergency services, healthcare, the environment, and energy are just a few businesses that use IoT. The use of IoT in healthcare has grown dramatically over the last few years, and this trend is expected to continue. IoT offers numerous benefits to the healthcare sector, including tracking goods, people, and patients, identifying and authenticating users, performing sensing, and collecting data independently.
IoT in healthcare is a critical option for managing the costs connected with various healthcare systems because it provides these benefits. IoT in healthcare gives all parties involved-especially patients and healthcare providers-the ability to manage diseases better, cut expenses, lessen mistakes, and enhance patient care and outcomes. IoT products and services are replacing conventional diagnostic and therapeutic approaches. IoT users in the healthcare sector include patients, hospitals, healthcare professionals, clinics, and others. Governmental entities, academic institutions, and diagnostic centers integrate IoT with healthcare technology to offer cost-effective and innovative products and solutions.
Rise in Warehouse Automation Requirements for Cold Chain Storage Creates Tremendous Opportunities
The global market for products requiring a cold chain is growing significantly. As the demand for perishable goods rises globally, effective cold chain management demands strong partnerships and quick action. Some of this expansion is influenced by developing countries. Despite the global economic crisis, people's quality of life is rising. Consumers with more excellent money tend to favor fruits, vegetables, and foods high in protein, which increases demand for these products globally. The cold chain, where manual and mechanical processes must be built and maintained side by side, is one of the most challenging parts of the business.
In addition to food and drink, biopharmaceuticals are now a part of the cold supply chain. Automated storage and retrieval systems and movable racking are two categories of automation solutions. These solutions benefit organizations by reducing energy use and thus increasing productivity. Businesses benefit from warehouse automation by gaining control over several variables, such as energy costs, downtime, safety, inventory levels, order accuracy, etc. As electricity, land, and labor expenses rise, owners of cold storage warehouses are increasingly searching for automation to cut costs.
Regional Analysis
North America is the most significant revenue contributor and is anticipated to grow at a CAGR of 13.20% over the projection period. North America is the region that generates the most revenue for the healthcare cold chain monitoring market. This can be attributed to the region's businesses placing a more significant premium on business agility and the expanding need for specialized storage and transportation to ensure the efficacy of healthcare products. The technology has a very high level of adoption in North America since it has evolved into a global technological standard. The US is leading the healthcare cold chain monitoring market in this sector because of its position as an economically developed country and the high demand from a wide range of end users, including biopharmaceutical companies, hospitals and clinics, and research institutes.
Europe is anticipated to grow at a CAGR of 11.40% during the forecast period. The European economy grew each year in 2020 significantly. The European market sub-segments comprise the U.K., Germany, France, Italy, Spain, Russia, the Netherlands, Finland, Belgium, Poland, and the Rest of Europe. The need for cold chain monitoring in the healthcare industry in Europe is predicted to increase due to the midsize healthcare industry's use of cold chain monitoring systems. Businesses are increasingly focusing on strategies to reduce the cost of pharmaceutical logistics using global resources to meet the developing industry demands.
Key Highlights

The global healthcare cold chain monitoring market was valued at USD 2,880.20 million in 2022. It is projected to reach USD 8,280.52 million by 2031, growing at a CAGR of 12.45% during the forecast period (2023-2031).
Based on components, the global healthcare cold chain monitoring market is bifurcated into hardware and software. The hardware segment is the major contributor to the market and is estimated to boost at a CAGR of 12.20% during the forecast period.
Based on product, the global healthcare cold chain monitoring market is bifurcated into vaccines, biopharmaceuticals, clinical trial materials, and others. The vaccines segment is the major contributor to the market and is estimated to boost at a CAGR of 12.20% during the forecast period.
The global healthcare cold chain monitoring industry is bifurcated based on temperature into chilled and frozen. The chilled segment is the major contributor to the market and is estimated to boost at a CAGR of 12.60% during the forecast period.
North America is one of the major revenue contributors and is expected to boost at a CAGR of 13.20% during the forecast period.

Competitive Players
The global healthcare cold chain monitoring market's major key players are Carrier, Monnit Corporation, Berlingerand Co. AG., and Testo Se and co. KGAA, Emerson Electric Co., Signatrol, Haier Biomedical, Temptime Corporation, Cold Chain Technologies, and Dickson.
Market News

In March 2023,
Advantus Health Partners, a healthcare solutions company delivering more effective, efficient supply chain models to healthcare organizations, and GE HealthCare, one of the largest providers of medical equipment maintenance services in the world, announced an agreement of up to USD 760 million over 10-years to provide GE HealthCare's Healthcare Technology Management (HTM) services to Advantus Health Partners' clients.

Global Healthcare Cold Chain Monitoring Market: Segmentation
By Component

Hardware
Software

By Product

Vaccines
Biopharmaceuticals
Clinical Trial Materials
Others

By Temperature Type

Chilled
Frozen

By End-User

Biopharmaceutical Companies
Hospitals and Clinics
Research Institutes
Others

By Regions

North America
Europe
Asia-Pacific
LAMEA

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