Reefer Container for Pharmaceutical Market Size, Share 2028

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.

Strategic Insights

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.