The global pharma cold chain packaging market is expected to grow rapidly over the forecast period. The growth can be attributed to the growing demand for biologic drugs, which would in turn, trigger the demand for innovative product packaging solutions. Efforts initiated by pharmaceutical companies to comply with the regulations implemented by various governments and government agencies to ensure the quality of the pharmaceutical products are also expected to drive the growth of the market.
Several governments across the world are drafting stringent regulations to ensure the safe storage and distribution of pharmaceutical products, drugs, and vital vaccines as well as proper handling of biological samples, and organs & tissues. The need to comply with these regulations is expected to encourage solutions providers to invest aggressively in research & development and introduce compliant pharmaceutical packaging solutions, thereby contributing toward the growth of the market. Other factors, such as the advent of innovative packaging techniques and technologies and continued new drug launches, are also expected to contribute significantly toward the growth of the pharma cold chain packaging market.
The pharmaceutical industry is continuously witnessing the launch of new biological drug formulations, including interleukins, antibodies, and vaccines, which are different from the conventional small-molecule formulations. While these biological drugs are increasingly getting popular, they are also posing new challenges for pharmaceutical packaging solution providers. In some cases, biological drugs tend to interact with the packaging materials itself. Hence, solution providers are trying to develop new materials to store the latest biological drug formulations. Additionally, At the same time, the RFID technology is increasingly being used in the cold chain applications to streamline the inventory management. Pharmaceutical storage warehouses are particularly adopting the RFID technology to manage and track the products efficiently and ultimately reduce their operating costs per unit significantly. Such factors bode well for the growth of the pharma cold chain packaging market.
The North American regional market accounted for the largest market share in 2018 and holds considerable growth potential for pharmaceutical product packaging companies contemplating long-term investments. The growing demand for innovative pharmaceutical products and continued launch of new pharmaceutical products requiring specialized packaging are expected to fuel the growth of the regional market over the forecast period. However, industry incumbents have also started targeting the Asia Pacific regional market having realized that the growing urbanization and the subsequent rollout of healthcare services in Asia Pacific are expected to open new opportunities.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.