Temperature Controlled Pharmaceutical Packaging Solutions (TCPPS) Market to expand at a CAGR of 9.3%, by 2026
Temperature Controlled Pharmaceutical Packaging Solutions (TCPPS) Market: Global Industry Analysis and Opportunity Assessment, 2016-2026”, FMI’s latest report estimates the global temperature controlled pharmaceutical packaging solutions market to increase at 9.3% CAGR through 2026. The report estimates the market to rake in US$ 2.77 Bn in revenues by the end of 2016.
What’s Driving Global Demand for Temperature-controlled Packaging Solutions?
Focus on preventing temperature excursion and delivering drugs in a timely manner without any degradation in quality are the biggest challenges for pharmaceutical industry currently. Temperature- controlled packaging’s effectiveness in addressing these challenges is driving adoption across end-use industries. Reusable packaging and technology advancements that enable access to real-time temperature data are the key trends expected to shape the market in the future.
FMI’s report offers 10-year market forecast and analysis on the basis of product type, application and region.
On the basis of product type, FMI’s report has segmented the market into insulated shippers, insulated protective shippers, insulated containers, and others (refrigerants, gel, icepacks, phase change materials etc.).
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Insulated containers are expected to witness high demand in Asia Pacific excluding Japan (APEJ), whereas insulated shippers are anticipated to gain traction in North America during the forecast period. FMI estimates demand for insulated protective shippers to be the lowest among all the product-types.
On the basis of application, the TCPPS market has been segmented into,
Among these, the chilled application segment is expected to increase at the highest CAGR during the forecast period.
Region-wise, North America, Western Europe, and Asia Pacific excluding Japan (APEJ) are the three largest markets for TCPPS globally. The APEJ TCPPS market is expected to expand at a higher than average CAGR owing to increased use of temperature-controlled packaging solutions for pharmaceuticals in biologics and in treatment of rare diseases in the region.
The Latin America TCPPS market is anticipated to account for 4.7% revenue share of the overall global market by 2026. The market in the region is expected to be driven by rapid investment in the pharmaceuticals sector in the region.
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The TCPPS market in Eastern Europe is estimated to witness an average increase in revenue due to lower GDP growth in the region.
Key companies profiled in the report include Sonoco Products Company, Pelican Biothermal, Cryopak, Sofrigam SA Ltd., Envirotainer Ltd., and American Aerogel Corporation.