Global Medical Cold Storage Market Trends and Forecasts, 2021-2022 & 2023-2030 - Pharma-Grade Freezers Enhance Pharmaceutical Distribution and Shelf Life

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Oct 24, 2023, 12:30 ET

DUBLIN, Oct. 24, 2023 /PRNewswire/ -- The "Medical Cold Storage Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2030" report has been added to ResearchAndMarkets.com's offering.

The revenue generated by the market was USD 135.1 billion in 2022 and is expected to reach USD 385.4 billion in 2030, with a CAGR of 12.2% in the forecasted period 2023-2030. The study on medical cold storage market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.

The medical cold storage market is on the path to significant growth, primarily driven by the increasing production and consumption of pharmaceutical products. The expanding global population is a key factor fueling the rising consumption of various medications, thereby expanding the medical cold storage market.

Furthermore, the global pharmaceutical industry's active involvement in exports has led to a growing demand for medical storage solutions. Many countries actively participate in pharmaceutical trade, supplying medicines and healthcare products to international markets. This has created a pressing need for efficient and reliable cold storage facilities.

Additionally, logistics companies that are part of the pharmaceutical supply chain require cold storage facilities to maintain the quality of pharmaceutical products during transportation. This diverse set of needs from pharmaceutical manufacturers, exporters, and logistics partners is contributing to the sustained growth of the medical cold storage market.

Pharma-grade freezers are playing a pivotal role in optimizing the pharmaceutical distribution chain. These freezers significantly reduce the cooling time of eutectic and Phase Change Materials (PCMs), leading to improved drug shelf life and increased potential for reusability.

Furthermore, standard freezers are used in laboratories to store biochemical reagents and samples that require stable, colder temperatures. Lab settings commonly feature refrigerator/freezer combinations that facilitate short-term storage of frequently used samples, such as peptides, antibodies, DNA, RNA, and tissues suspended in appropriate stabilizing solutions before freezing. The growing demand for sample collection, driven by an increasing number of patients and the expansion of research and development (R&D) activities, presents growth opportunities for this segment.

In 2021, Asia Pacific generated a significant share of revenue in the medical cold storage market. This region is poised for substantial growth in the medical cold storage market, primarily due to its robust production and consumption of pharmaceutical products.

Moreover, the proactive measures taken by governments in the Asia Pacific region to consolidate the pharmaceutical industry, especially for smaller companies facing regulatory challenges due to financial constraints, further contribute to the growth of the pharmaceutical sector. Notably, pharmaceutical companies in this region excel not only in producing generic therapeutic medicines but also in manufacturing significant quantities of Active Pharmaceutical Ingredients (APIs).

Consequently, there is a heightened demand for efficient cold storage facilities to accommodate the storage and distribution needs of these medications. The increasing requirement for medical cold storage solutions in the Asia Pacific region is a significant driver of the market's expansion during the forecasted period.

Report Findings

Drivers

The medical cold storage market is primarily driven by the rising expansion of the pharmaceutical industry.
The rising adoption of medical cold storage facilities by pharmaceutical manufacturers, or medical establishments propels the market growth.

Restraints

High installation costs and high-energy consumption by cold storage facilities may hamper the growth of the medical cold storage market.

Opportunities

Inventive developments provide new growth opportunities to the medical cold storage market.

Company Profiles

Coldman Logistics Pvt.Ltd.
Antech Scientific Co., Ltd.
Darwin Chambers
Rinac
A.P. Moller - Maersk
KPS Global
Kendall Cold Chain System Co., Ltd.
Cardinal Health
MD Logistics
UL LLC

Segment Covered

The global medical cold storage market is segmented on the basis of temperature type, and storage technique.

The Global Medical Cold Storage Market by Temperature Type

Frozen
Chilled

The Global Medical Cold Storage Market by Storage Technique

Dry Ice
Electrical Refrigeration
Gel Packs
Liquid Nitrogen
Others

For more information about this report visit https://www.researchandmarkets.com/r/nx3yua

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