Rising demand from various industrial applications such as medical devices and pharmaceutical
While shipping temperature sensitive products such as vaccines, capsules and tablets, it’s important to protect them from bumps, jostling, rough handling, bad weather and any other unpredictable factors, all while ensuring a constant temperature range
Hence, pharmaceutical companies, biotech companies and medical device companies need to ensure the stability, proper packaging and proper shipping of their products
Pharma and biotech companies that ship products domestically and internationally require high-quality thermal packaging that will hold up regardless of the shipping scenario or location it’s being shipped to
According to WHO guidelines on the international packaging and shipping of vaccines, temperature monitoring devices should be included in all vaccine shipments to document whether temperature limits have been exceeded. 17% to 37% HCPs expose vaccines to improper storage temperatures. This led to increasing usage of cold chain packaging
In addition, cold chain packaging is widely used in storing bodily tissues and organs in controlled temperatures and is essential to their viability and usability upon receipt. Strict regulatory standards need to be met to ensure nothing is left to chance and that the security and integrity of the products remains intact
Quite often, organ donations and transplants are facilitated by non-profit organizations, so creating affordable solutions is also important. Hence, many different companies in varying industries require cold chain packaging to ensure the safe delivery of their products, which in turn drives the Europe cold chain packaging market
Market opportunities
Rising spending on healthcare
- Rising health spending coupled with growing geriatric population is further anticipated to boost the demand for medicines thus augmenting the market growth opportunities for cold chain packaging for medicine in the coming years
- According to the Organization for Economic Co-operation and Development, per capita, health spending in the United Kingdom has increased from US$ 2,686.8 in 2006 to US$ 4,069.0 in 2018. This is expected to provide opportunity for the cold chain packaging market players in Europe
Innovative packaging techniques and technologies
- The pharmaceutical industry is continuously witnessing the launch of new biological drug formulations, including interleukins, antibodies and vaccines, which are different from the conventional small-molecule formulations. In some cases, biological drugs tend to interact with the packaging materials itself. Hence, solution providers are trying to develop new materials to store the latest biological drug formulations
- Additionally, the RFID technology is increasingly being used in the cold chain applications to streamline the inventory management. Pharmaceutical storage warehouses are particularly adopting the RFID technology to manage and track the products efficiently and ultimately reduce their operating costs per unit significantly. Such factors provide opportunities for the growth of the Europe cold chain packaging market with respect to pharma industry
