Cold Chain Monitoring Market worth $6.46 billion by 2023 | MarketsandMarkets According to the new market research report "Cold Chain Monitoring Market by Component (Hardware (Sensors and Data Loggers) and Software), Application (Pharmaceuticals & Healthcare, Food & Beverages, and Chemicals), Logistics (Storage and Transportation), and Region - Global Forecast to 2023", The cold chain monitoring market is expected to grow from USD 3.80 billion in 2018 to USD 6.46 billion by 2023, at a CAGR of 11.17% between 2018 and 2023. The growth of the cold chain monitoring market can be attributed to the increasing demand for temperature-sensitive drugs, rising demand for better food quality and need to reduce food wastage , growing demand for generic drugs owing to higher accessibility and growing governmental focus on issuing policies impacting the supply chain efficiency of fast-growing pharmaceuticals sector in Europe and North America. Cold chain monitoring market for software to grow at a higher CAGR between 2018 and 2023 The cold chain monitoring market is segmented based on components into hardware and software. Software solutions utilized in cold chain monitoring applications add huge value to the overall monitoring system. These solutions provide data management and analytical support for monitoring the cold chain. This helps in real-time actionable data being available to relevant parties involved in the cold chain, thereby increasing efficiency and reducing wastage. Cold chain monitoring market for pharmaceutical & healthcare application to hold the largest share in 2019 Monitoring the temperature is a critical factor in the pharmaceuticals and healthcare cold chain. The specific temperature requirement varies according to the specific pharmaceutical product. The potency of drugs or vaccines tends to degrade in the case of temperature variations encountered in the supply chain. Moreover, the value chain of the pharmaceuticals and healthcare industry has a significant impact of government regulations, which facilitates the adoption of cold chain monitoring solutions across the value chain. Cold chain monitoring market for transportation to grow at higher CAGR between 2018 and 2023 The high growth of the transportation segment is driven by the growing distribution network of the cold chain. Nowadays, cold chains have become vital for modern supply chain solutions, transporting larger volumes of more sensitive or vital cargo over greater distances through diverse climatic conditions. Being prone to environmental variations, cargo needs to be maintained at a specific temperature or within an acceptable temperature range, which is also driving the growth of the market for the transportation segment. https://www.marketsandmarkets.com/Market-Reports/cold-chain-monitoring-market-161738480.html Americas to hold largest share of cold chain monitoring market in 2018 The Americas is the largest market for cold chain monitoring. The Americas to hold the largest share of the global cold chain monitoring market in 2018. Pharmaceuticals and healthcare is expected to continue to account for the largest size of the cold chain monitoring market in the Americas in the next few years. Various pharmaceutical companies supplying numerous drugs that require cold chain monitoring solutions are based in the country. Increasing demand for chilled and frozen foods in North American countries triggered the cold chain market growth in North America, thereby driving the growth of the cold chain infrastructure market, which includes refrigerated storage and refrigerated transport. The main factors for supporting the growth of cold chain monitoring market in the Americas are the regulatory environment for the pharmaceuticals industry and the rise in the demand for generic drugs.
Sensitech (US), ORBCOMM (US), Berlinger & Co. (Switzerland), Monnit Corporation (US), Elpro – Buchs (Switzerland), Controlant (Iceland), SecureRF Corporation (US), Savi Technology (US), Zest Labs (US), and Infratab (US) are a few major player in the cold chain monitoring market. The cold chain monitoring market consists of startups, such as Nimble Wireless (India), Tagbox Solutions (India), Verigo (US), FreshSurety (US), AstRoNA Biotechnologies (US), and SafeTraces (US). About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441 newsletter@marketsandmarkets.com