Sales of Time Temperature Indicator Labels Accelerate in Line with Regulatory Framework for Pharma Cold Chain Logistics
Valley Cottage, United States - November 25, 2019 /MarketersMedia/ —
distribution of temperature sensitive products. Smart labels such as RFID tags, RFID data loggers, NFC tags majorly used in cold chain monitoring are relatively more expensive compared to time temperature indicator labels. Brand owners thus prefer time temperature indicator labels as a cost-effective means for temperature monitoring. The global time temperature indicator labels market is projected to clock an impressive CAGR of over 9% through 2029.
Moreover, the use of time temperature indicator labels for vaccine and biological drugs is anticipated to be a key driver for the global time temperature indicator labels market. Many countries have very hostile climatic conditions and the temperature changes drastically across different regions.
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Key Takeaways - Time Temperature Indicator Labels Market Study
Regulations by governing bodies (e.g. WHO, FDA etc.) across the world to employ temperature monitoring solutions to the supply & distribution of pharmaceuticals and food & beverages are positively influencing the demand for time temperature indicator labels.
Rising exports of fresh cut flowers, wine and clinical trial supplies are anticipated to be other drivers for the time temperature indicator labels market.
The critical time temperature indicator labels segment to dominates the global time temperature indicator labels market by label information and is estimated to account for ~ 84% in 2019. The mandatory regulations on pharmaceutical cold chain logistics by international and national associations such as WHO, are influencing the demand for time temperature indicator labels.
The pharmaceuticals segment of time temperature indicator labels market is projected to expand at a CAGR of ~ 9% and generating an incremental opportunity of ~ US$ 73.1 Mn during the forecast period. This can be attributed to extensive adoption of new technologies such as time temperature indicator labels to make healthcare services more efficient.
The time temperature indicator labels market is projected for steadfast growth during forecast period. Companies are focusing on business expansion through acquisitions and consolidation strategy.
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Key Players Focusing on Market Consolidation
Time temperature indicator labels are increasingly being used by major pharmaceutical manufacturers due to the increase in the demand for low-cost temperature monitoring solutions. Manufacturers are innovating in terms of product offering to provide additional features to their end users. In 2018, DeltaTrak launched new FlashTrak PreCool Prime at PMA Foodservice Conference & Expo. It is an automated wireless solution that monitors and records temperature during pre-cooling.
More About the Report
Future Market Insights, in its new offering, offers an unbiased analysis of the global time temperature indicator labels market, analysing historical demand from 2014-2018 and forecast statistics for 2019-2029. The study unravels growth projections of the time temperature indicator labels market on the basis of label information (CTI, CTTI, and TTI), product (Color based and barcode based) by end-use (food & beverage, pharmaceuticals, chemicals and others) and technology (photochemical, enzymatic, microbiological, diffusion, polymer-based and others) across the seven major regions.
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