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The global cold chain monitoring market is expected to witness strong growth during the forecast period between 2021 and 2031.
Cold chain monitoring refers to maintaining a specific temperature range of products in cold storage by deploying different controlling devices and sensors.
The maintenance of optimum temperature for cold chain drugs is crucial to prevent changes in taste and texture or overall quality which could take place when a shipment arrives and varies from the advised temperature.
Continuous cold chain monitoring is key to maintaining the integrity and quality of medicines, vaccines, and other ingredients. Efficient monitoring of pharmaceutical drugs has proven to help increase the shelf-life of these products.
Clinical cold chain monitoring also helps to record data seamlessly. Efficient monitoring and management depend on the software and hardware systems chosen for tracking purposes.
Cold chain monitoring is generally deployed in the agriculture, food, and pharmaceutical industries in a bid to maintain a sustainable temperature-controlled supply chain.
Rising demand for temperature-sensitive drugs such as vaccines is the key growth driver for the global cold chain monitoring market.
Also, increasing focus on product quality and sensitivity is expected to fuel the cold chain monitoring demand in the upcoming years.
Growth in the pharmaceutical and organized retail sector is also anticipated to propel the overall cold chain monitoring market, in future.
Government initiatives and measures, promoting the benefits of cold chain monitoring could help increase demand, in the years ahead.
The hardware cold chain monitoring systems are expected to make the largest contribution to the overall market due to their deployment in an extensive range of applications such as fruits and vegetables, dairy and poultry, seafood, and pharmaceutical industries.
The healthcare end-use segment is expected to contribute the most to the overall cold chain monitoring market due to the growth and development in advanced software to track the cold chain of blood banks and pharmaceutical drugs.
The global cold chain monitoring market is extremely competitive, with the presence of several well-established players. These players are expected to account for a large share in the overall market, in the coming years.
Prominent players in the cold chain monitoring market are expected to focus on research and development undertakings in a bid to produce products of improved quality, which would meet the customer requirements and increase the consumer base.
The lesser-known players will also seek investments from governments and private investors, which would help them in their long-term growth.
Some of the leading players in the cold chain monitoring market include Savi Technology, Monnit Corporation, Berlinger & Co. AG, Klinge Corporation, and Daikin Industries Ltd.
The global cold chain monitoring market is divided into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
North America is expected to be the dominant region in the global cold chain monitoring market in the coming years due to the strict government regulations, concerning the monitoring of cold chain imposed in countries such as the U.S and Canada.
Europe is expected to provide lucrative growth opportunities for the cold chain monitoring market owing to the presence of leading pharmaceutical and healthcare market players in countries such as Germany and UK.
Asia Pacific is anticipated to witness strong growth in the cold chain monitoring market due to the increasing demand for canned and processed food items and rapid industrialization in developing countries such as India.
Other regions of the world such as Latin America and Middle East and Africa are expected to witness moderate growth in the cold chain monitoring market, in the years ahead.
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Cold Chain Monitoring Market
