Jersey City, New Jersey, US: The global vaccine cold chain logistics market, valued at $2.84bn, is expected to grow 5.2% and reach $4.9bn by 2030, according to a new report.
InsightAce Analytic’s report on the Global Vaccine Cold Chain Logistics Market cites rising demand for mRNA-based vaccines, the growing demand for effective cold chain logistics services to maintain the quality of products, the high demand for infectious diseases vaccines, expanding public awareness of health and wellness, innovations in packaging and shipping technologies, rising healthcare costs, and rising R&D investments to discover new vaccines, for the expansion of the vaccine cold chain logistics market.
Due to the enormous rise in demand for vaccine storage services brought on by the Covid-19 epidemic, pharmaceutical companies focused their efforts on creating cold chain logistics., it says.
“The vaccine cold chain logistics market will probably see new growth prospects in the coming years due to the increasing R&D initiatives. Consumer demand for perishable goods, including dairy, fruits, vegetables, and non-vegetables, will cause the market to grow, ” it says.
“However, it is projected that more adequate resources or technological advancements for high-quality cold chain facilities will be needed to ensure the market’s growth.
“The market will expand more quickly if this software is used more frequently in all cold chain logistics sectors. The rapid development of distribution channels, such as supermarkets, hypermarkets, and convenience stores, is expected to boost the market growth.
The demand for vaccine cold chain logistics is the booming pharmaceutical industry, which is expanding to meet the healthcare needs of the expanding worldwide population. It is anticipated that the expansion of the drug industry will accelerate the growth of the healthcare cold chain logistics market throughout the projection period since various types of healthcare products demand a significant degree of preservation and safety.
Along with the development of the Covid-19 vaccine, the expanding pharmaceutical industry, advancements in disease research, capital spending in R&D for vaccine development, and an expansion in the number of refrigerated factories are anticipated to drive the vaccine cold chain logistics market during the forecast period.
“In most countries, the delay in reimbursement is a significant barrier to market expansion. The reimbursement process for healthcare cold chain logistics is challenging. The market is challenged by the reimbursement procedure’ complexity alone. Since different countries’ reimbursement processes differ, the market cannot grow. As a result, corporate expansion in developing countries is constrained by the lack of reimbursement. The market expansion is anticipated to be hampered during the forecast years by the high operational costs and the absence of established standards for managing cold chain transportation.”
“The North American vaccine cold chain logistics market is expected to register a significant market share. The market expansion in developing countries is also anticipated to be fueled by surge in the development of vaccines including mRNA and Covid-19. COVID-19 vaccines necessitate particular cold chain requirements from manufacturing to transit to warehouses and healthcare institutions.
“Besides, the Asia Pacific area is predicted to grow quickly during the projected period due to increased government spending on infrastructure for cold chain logistics The increased emphasis on healthcare cold chain logistics to store vaccines at controlled temperatures for vaccination efforts is driving regional market expansion.The countries of Japan, South Korea, China, and India have had the most growth. Governments in several countries are implementing stringent regulations to ensure the safe handling of temperature-sensitive pharmaceutical products.”
