The temperature controlled pharma packaging market is set to exceed $9 Bn by 2030, with North America leading, despite early COVID-19 setbacks.
A new study of Future Market Insights (FMI) on the global temperature controlled packaging solutions market has projected the market valuation to surpass US$ 9 Bn by the end of forecast period, 2020 – 2030. However, the market is most likely to witness a decline in the first two quarters of 2020 due to the high impact of COVID 2019.
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Restrictions of trading and continuous lockdown in major emerging countries such as China and India is further hindering the growth of pharmaceutical packaging industries. However, with the better precautions and planning by the government of developed and developing countries, it is expected that the demand and supply of temperature controlled pharma packaging solutions will be in balanced by the end of 2020.
The temperature controlled pharma packaging solutions are recyclable and cost-effective. These systems are designed and validated as per the standards for ensuring product safety. The temperature controlled pharma packaging solutions are primarily used for packaging of biological products and samples, vaccines, pharmaceutical ingredients, and many others.
Complications across supply chains, caused by the worldwide coronavirus outbreak further accelerate the need for enhanced shelf-life of pharma products during shipment and cold storage. Growing preference for active packaging solutions among end users will also be important trend over the next decade.
The global temperature controlled pharma packaging solutions market is highly competitive and local and unorganized players are participating to leverage the significant growth opportunities. Key players focus on product innovation and acquisitions with an aim to increase their global presence and customer base in the global temperature controlled pharma packaging solutions market.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the growth of the temperature controlled pharma packaging solutions market, projected to surpass $9 Bn by 2030.
COVID-19 caused a decline in the first two quarters of 2020, but the market is expected to recover by the end of the year.
Key trends include the dominance of insulated shippers and the growing preference for active packaging solutions.
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