Temperature-sensitive product transportation is expected to grow, boosting the cold chain monitoring market and creating new technologies to facilitate efficient cold-chain transportation.
According to Precision Business Insights (PBI), latest report, the market value of the cold chain monitoring market size was valued at USD 5,067 million in 2022 and is expected to reach USD 13,256 million by 2029, growing at an 11.2% CAGR from 2023 to 2029. The primary factors that drive the market are the growing demand for healthcare and pharmaceutical products such as vaccines, insulin, drugs that require standard temperatures, and rising monitoring system technology across the world.
Based on the system, the market is segmented into the following:
Based on the logistics, the market is segmented into the following:
Based on the application, the market is segmented into the following:
Based on logistics type, cold container is the most prominent method to use for transporting heat-sensitive products and it holds the highest market share. The major factor for the rise of this segment is that the use of cold container prevents drugs, vaccine, and insulin from direct sunlight, helps in maintaining standard temperature eradicate any damage inside the container. Increasing demand for drug transport increases the demand for cold chain monitoring systems which is one of the major factors driving the Cold Chain Monitoring Market.
Based on the region, the market is segmented into the following:
Asia Pacific region grow significantly in the cold chain monitoring system market size over the forecast period. Transporting goods and healthcare systems without damaging any internal factor is the cause for the use of cold chain monitoring systems also a problematic factor for the transporter. Changes in climatic conditions vary from North Asian countries to South Asian countries which drive the market of cold chain monitoring market in the region. China and India with cold, humid, and topical climatic conditions raise the demand for such systems to monitor the overall logistics.
The Cold Chain Monitoring Market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share.
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