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The reefer container for pharmaceutical market is expected to reach US$ 6,391.8 million by 2028 from US$ 2,846.7 million in 2021; It is estimated to grow at a CAGR of 12.5% during 2022–2028.
A reefer container is a refrigerated container used in intermodal freight transport in the pharmaceutical industry. It is most widely used for transporting medicines and biological samples (for analysis), vaccines, and blood and its derivatives. A rise in international trade and ease of navigation, and less terminal turnaround time are a few of the prominent factors contributing to the demand for reefer containers in the pharmaceutical industry. Developments in technologies for reefer containers are further bolstering the demand for cold chain facilities. Pharmaceutical reefer units can control the temperature of products and allow shippers to monitor their shipments throughout the journey. These containers are also equipped with sensors to detect small temperature variations and determine if the products are exposed to light, which could trigger alterations in the compositions of certain pharmaceuticals.
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Reefer Container for Pharmaceutical Market: Strategic Insights
Market Size Value in US$ 2,846.7 Million in 2021 Market Size Value by US$ 6,391.8 Million by 2028 Growth rate CAGR of 12.5% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Reefer Container for Pharmaceutical Market: Strategic Insights
| Market Size Value in | US$ 2,846.7 Million in 2021 |
| Market Size Value by | US$ 6,391.8 Million by 2028 |
| Growth rate | CAGR of 12.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Reefer Container for Pharmaceutical Market Growth
Pharmaceutical cold chains are complex logistics networks with a large ecosystem of suppliers and transportation partners. Reefer containers have played a crucial role in the development and global distribution of COVID-19 vaccines and drugs. Moreover, per the data published by the IBEF, the Indian pharmaceutical industry is expected to grow to US$ 100 billion by 2025 from the current value of US$ 37 billion in 2019. Such uninterrupted developments in this industry and rising demand for therapeutic products are anticipated to boost the demand for reefer containers in the coming years.
Lucrative Regions in Reefer Container for Pharmaceutical Market
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Market Insight – Reefer Container for Pharmaceutical Market
Increasing Demand for Pharmaceutical Products
The increasing number of geriatric populations; growing spending on pharmaceutical products; changing lifestyle habits leading to obesity, diabetes, and other costly health conditions; and rising investments in R&D capabilities are among the major factors contributing to the huge demand for pharmaceutical products across the world. Also, the emergence of the COVID-19 pandemic has fueled the demand for these products, which underlines the need for transportation activities that play an essential role in ensuring the reach of products to consumers. The increased R&D in the pharmaceutical companies has consequently increased the number of vaccines and other drugs synthesized which needs to be stored at appropriate temperatures to maintain viability. Most pharmaceutical products are temperature-sensitive, and therefore, they must be stored and transported in a controlled environment, to maintain their efficacy and safety, which triggers the need for reefer containers.
According to the IQVIA Institute for Human Data Science data published in July 2019, the biopharma industry loses ~US$ 35 billion per year owing to failures in temperature-controlled logistics. Such incidents have created a need for proper temperature-controlled transportation methods, such as reefer containers, to prevent shipment losses. Moreover, with improvements in reefer container technologies and a decrease in the cost of shipping, several pharmaceutical players have started trading overseas to enhance their revenue performances. As per the recent UN study, the population of the 65+ age group is set to rise from 9% to 16% globally, and the population of individuals aged 80 and above is projected to triple by 2050. The incidence of diabetes and many other chronic diseases is expected to surge in several developing markets. As per the International Diabetes Federation, ~537 million adults (20–79 years of age) were living with diabetes in 2021. Also, the total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Moreover, this number is rising more rapidly in low- and middle-income countries. Thus, the burgeoning need for pharmaceutical products, with the increasing prevalence of chronic diseases, is further strengthening the reefer containers for pharmaceutical market.
Container Size-based Insights
Based on container size, the reefer container for pharmaceutical market is segmented into small containers, medium containers, and large containers. The large containers segment held the largest market share in 2021. Increasing demand for pharmaceutical products and rising scope of large-scale transportation in one go are among the major factors fueling the need for large containers, which is driving the market growth for this segment.
Players operating in the reefer container for pharmaceutical market are mainly focused on the development of advanced and efficient products.
- In February 2022, CMA CGM launched SMART reefer container. The smart container has tracking capacities and are suitable for monitoring the position and status of the refrigerated goods.
- In December 2019, Titan and KIRK Kapital entered into agreement for the acquisition of % of stake in Titan's rental fleet business.
The reefer container for pharmaceutical market is bifurcated on the basis of container size and application. Based on container size, the market is segmented into small containers, medium containers, and large containers. Based on application, the market is segmented into pharmaceutical preparations, injectables, blood derivatives, Vaccine and Serum, and others.
The reefer container for pharmaceutical market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Further, Europe is expected to register the highest CAGR in the market during 2022–2028. The reefer container for pharmaceutical market analysis helps understand the upcoming trends, new technologies, and macro and micro factors that influence the market growth.
BSL REFRIGERATED CONTAINERS; CMA CGM GROUP; KLINGE CORPORATION; DAIKIN INDUSTRIES, LTD.; MAERSK CONTAINER INDUSTRY AS; EVERGREEN MARINE CORP. (TAIWAN) LTD.; SEACO; TITAN CONTAINERS A/S; COSCO SHIPPING; and W&K CONTAINERS, INC. are among the key players profiled in the reefer container for pharmaceutical market study. The market report provides detailed market insights, which would help the key players strategize the growth in the coming years.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application Type, and Container Size
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The incremental growth of the reefer container for pharmaceutical market is 12.5% during 2022 to 2028.
The Large container segment is holding larger market share during the forecast period.
The global market size for reefer container for pharmaceutical market will be US$ 6,391.8 million in 2028.
Asia Pacific region is the fastest growing regional reefer container for pharmaceutical market.
Germany, China and US are the prominent countries registered the highest growth rate of 15%, 19%, and 12% respectively, during the forecast period.
The key companies operating in the reefer container for pharmaceutical market that are profiled in the report include BSL Refrigerated Containers; CMA CGM Group; Klinge Corporation; DAIKIN INDUSTRIES, Ltd.; MAERSK CONTAINER INDUSTRY AS; Evergreen Marine Corp. (Taiwan) Ltd.; Seaco; TITAN Containers North America LLC; COSCO SHIPPING; W&K Containers, Inc.
Smart reefer containers gain demand are the key trending factors driving the market growth.
Rising preference for maritime trade over airborne trade and increasing demand for pharmaceutical products are the key factors driving the reefer container for pharmaceutical market over the forecast period.
The estimated market size for the reefer container for pharmaceutical market was US$ 2,846.7 million in 2021.
The List of Companies - Reefer Container for Pharmaceutical Market
- BSL Refrigerated Containers
- CMA CGM Group
- Klinge Corporation
- DAIKIN INDUSTRIES, Ltd.
- MAERSK CONTAINER INDUSTRY AS
- Evergreen Marine Corp. (Taiwan) Ltd.
- Seaco
- TITAN Containers North America LLC
- COSCO SHIPPING
- W&K Containers, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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