The rise in need to meet pharmaceutical industry standards to deliver temperature-sensitive products, such as lab samples and vaccines is driving the need for temperature controlled packaging. Market Research Future (MRFR), in its latest report reveals the impact of COVID-19 pandemic on the temperature controlled packaging market 2020.
Drugs such as, insulin and other used for cancer treatment that require constant temperature control in order to maintain stability can cause the market to surge.
MRFR study shows that the world temperature controlled packaging for pharmaceutical market can thrive at 9.48% CAGR across the study period 2018-2023. The temperature controlled packaging for pharmaceutical market value can increase from USD 5,116.0 Mn to USD 8,762.4 Mn from 2018 to 2023.
Temperature range, end-use industry, product, type, payload capacity, and type of use are parameters used for the global temperature-controlled packaging for pharmaceutical market segment study.
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In North America, the temperature-controlled packaging for pharmaceutical product market is observed to hold great potential. Factors that are responsible for the rise of the market in the region are stringent safety policies of pharmaceutical products. The US and Canada can rise at a high pace across the review period.
In Europe, the emerging temperature controlled packaging for pharmaceutical products market. The introduction of effective goods distribution practices can underline the rise of the market across the review period. The development in novel packaging solutions can cause Europe market to thrive at 9.42% CAGR in the forecast period.
In Asia Pacific, the temperature controlled packaging for pharmaceutical products market holds several growth prospects. The high investment in R&D rise in pharmaceutical spending by government of different countries of the region can support the expansion of APAC market.
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