PUBLISHER: Grand View Research | PRODUCT CODE: 1511783
PUBLISHER: Grand View Research | PRODUCT CODE: 1511783
The global cold chain temperature monitoring market size is projected to reach USD 55.75 billion by 2030 and expanding at a CAGR of 19.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The expansion of the pharmaceutical sector is expected to boost the demand for products to monitor various drugs and vaccines. Continuous temperature monitoring of vaccines and medicines in the cold chain is necessary to ensure their integrity and quality. Exposure of medicines to high temperatures, whether in hospitals, healthcare homes, or pharmacies, can change the molecular form of the active chemicals in them and directly affect their effectiveness and lifespan. Moreover, the stringent regulations regarding the storage and shipment of pharmaceutical products, coupled with the continued investments from government agencies towards the healthcare industry, are also expected to drive the market growth.
Changing food preferences in various parts of the world are driving the demand for processed food, frozen food items, and dairy products. The dairy products and perishable frozen food items require continuous temperature monitoring during transportation and storage to annul any possibilities of contamination and compromise with the quality. At this juncture, cold chain temperature monitoring solutions can help cold chain service providers ensure that the products are stored at ideal temperatures.
Modern cold chain temperature monitoring solutions can deliver a myriad of benefits, such as real-time monitoring and wireless interaction with sensors. Advances in connected device technologies, such as the Internet of Things (IoT) and Radio Frequency Identification (RFID), coupled with cloud-based software, result in less human interference with refrigerated goods, thereby retaining product quality for an extended period. As such, the demand for wireless real-time temperature monitors, as well as cloud-based solutions, is anticipated to increase over the forecast period.