NEW YORK, Dec. 16, 2016 /PRNewswire/ -- "The enactment of strict regulatory framework for pharmaceutical practices in North America and Europe is expected to drive the cold chain monitoring market."
The cold chain monitoring market size is expected to grow from USD 3.11 billion in 2015 to USD 6.23 billion by 2022, at a CAGR of 9.84% between 2016 and 2022.
Monitoring solutions improve the performance of the cold chain operations by providing real-time actionable data about the storage and distribution network in various applications. Effective monitoring of cold chain activities in the pharmaceutical and healthcare sectors reduces wastage by prolonging shelf live and effectiveness of the drugs. The regulatory bodies have thereby enacted rules pertaining to the effective management of the pharmaceutical products; this is a major driver for the cold chain monitoring market. The growing demand for quality food products is also boosting the growth of the cold chain monitoring market for food and beverages applications. However, the cost of the installation of equipment in an expansive cold chain has proved to be a major restraining factor for the market growth. However, the growing trend of warehouse automation is creating huge major opportunities for the cold chain monitoring market.
"The cold chain monitoring market for transportation logistics is expected to grow at a high rate during the forecast period due to the expansions and evolution of the present cold chain activities."
The market for transportation logistics is expected to grow at the highest rate during the forecast period. The transportation sector is exposed to external influences, which are detrimental to the cold chain. This necessitates the use of enhanced monitoring solutions to effectively control the losses due to enviromental changes and mismanagement. The growing cold chain also results in the rising transportational support required in the distribution activities of the cold chain.
"The cold chain monitoring market in APAC is likely to grow at the highest rate during the forecast period, whereas the Americas is expected to hold the largest market share between 2016 and 2022."
The cold chain monitoring market in APAC is expected to grow at the highest rate during the forecast period. The growing demand for food, rapid urbanization, and initaitives by governments to bring more people under the healthcare umbrella are some of the factors driving the growth of the cold chain monitoring market in this region. The Americas is expected to hold the largest share of the cold chain monitroing market between 2016 and 2022. The pharmaceutical regulatory environment in North America, growing food-based cold chains in South America, and considerable number of cold chain monitoring solution providers in the U.S. are some of the factors driving the market growth in the Americas.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people. The break-up of profile of primary participants has been given below:
- By Company Type: Tier 1 – 25 %, Tier 2 – 45%, and Tier 3 – 30%
- By Designation: C-Level Executives – 45% , Directors – 35%, and Others – 20%
- By Region: Americas – 35%, Europe – 30%, APAC – 25%, and RoW – 10%
Several companies have adopted the strategy of marketing of the new products to increase their market share. R&D is increasinglycarried out to provide comprehensive monitoring solutions, ranging from sensors to software support, to customers. A number of companies have attempted to further their market position by collaborating with various other participants in the value chain. Apart from these dominant strategies, some players have adopted the approach of mergers and acquisitions to expand their business in the cold chain monitoring market.
The key players in the cold chain monitoring market profiled in this report are:
1. Sensitech, Inc. (U.S.)
2. ORBCOMM (U.S.)
3. Berlinger & Co AG (Switzerland)
4. Monnit Corp. (U.S.)
5. ELPRO-BUCHS AG (Switzerland)
6. Controlant Ehf (Iceland)
7. SecureRF Corp. (U.S.)
8. Savi Technology (U.S.)
9. Intelleflex Corp. (U.S.)
10. Infratab, Inc. (U.S.)
The market, on the basis of geography, has been segmented into the Americas, Europe, APAC, and RoW. Based on component, the cold chain monitoring market has been classified into hardware and software components. The market, on the basis of end-use application, covers pharmaceutical and healthcare, food and beverages, and chemical. The cold chain monitroing market has been segmented on the basis of logistics into storage and transportation.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the cold chain monitoring market comprehensively and provides the closest approximations of the overall market size and that of the subsegments across different applications and regions.
2. The report would help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders to better understand their competitors and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers and acquisitions carried out in the cold chain monitoring market.
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