Los Angeles, November 19, 2019 –QY Research has added a new report to its archive of service and software market research studies. Titled “Global Cold Chain Tracking and Monitoring Devices Market Report, History and Forecast 2014-2025,” the new report offers great insights into the global cold chain tracking and monitoring devices market. As per the report, the global cold chain tracking and monitoring devices market is predicted to grow at a tremendous CAGR of 10.49% between 2019 and 2025. By the end of 2025, the global market is expected to reach a value of more than US$5.0 Bn, improving from that of over US$2.0 Bn reached in 2018.
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Increasing Demand for Temperature-sensitive Drugs Likely to Strengthen Growth
Demand for cold chain tracking and monitoring devices is predicted to increase on the back of the growing requirement for temperature-sensitive pharmaceuticals and rising demand for generic drugs. Increasing need to reduce food waste and high demand for improved food quality could be other factors supporting the growth of the global cold chain tracking and monitoring devices market. Implementation of stringent government regulations and regulatory policies in the fast-growing pharmaceuticals industry is expected to further add to the demand for cold chain tracking and monitoring devices.
Demand Anticipated to Grow Significantly in Pharma and Healthcare Application
Based on application, the global cold chain tracking and monitoring devices market is segmented into pharma and healthcare, food and beverages, and others. The report also covers product type segments of the global cold chain tracking and monitoring devices market such as data loggers and sensors, cellular connected devices, RFID devices, dumb indicator, telemetry and telematics devices, and networking devices. Need to meet specific temperature requirements of certain drugs and vaccines is expected to increase the demand for cold chain tracking and monitoring devices in the pharma and healthcare industry.
North America Predicted to Gain Growth with Rising Demand for Frozen Food
High demand for refrigerated transportation and storage services is expected to positively impact the cold chain tracking and monitoring devices market in North America. Strong consumption of frozen and chilled food products could be an important factor augmenting the demand for cold chain tracking and monitoring devices in the region. Asia Pacific is also anticipated to remarkably contribute to the revenue of the global cold chain tracking and monitoring devices market. This could be due to increasing number of vaccination programs conducted in the region and high investments in cold chain technologies in China and India.
Manufacturers Expected to Develop New Products and Focus More on Innovation
Some of the leading companies operating in the global cold chain tracking and monitoring devices market are Sensitech, Monnit Corporation, ORBCOMM, Jucsan, Testo, Rotronic, Emerson, ELPRO-BUCHS AG, vTrack Cold Chain Monitoring, Infratab, NXP Semiconductors NV, Controlant ehf, Signatrol, Nietzsche Enterprise, SpotSee, Zeda Instruments, Haier Biomedical, Duoxieyun, Temptime, LogTag Recorders Ltd., Berlinger & Co. AG, Cold Chain Technologies, Hanwell Solutions, Dickson, Oceasoft, and Omega.
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