New York, June 08, 2022 (GLOBE NEWSWIRE) -- The global pharmaceutical business has gotten even more competitive as the manufacturing of biologics, vaccines, and cytotoxic medications have increased in emerging countries. Companies in these regions will need to keep improving their specialized manufacturing skills. Biotechnology investments will continue to drive a significant percentage of the industry, with biologics accounting for an increasing proportion of top-selling pharmaceuticals.
The GMP storage market growth was worth around US$ 5.7 Bn in 2021 and it is expected to increase at a CAGR of 5.6% over the forecast period (2022-2032). The requirement for temperature and other condition monitoring is getting even more severe as biologics, personalized medicine, and certain gene therapy formulations are introduced in the current setting. As a result of the need for cold chain infrastructure in the supply chain network for storage of temperature-sensitive vaccines and pharmaceuticals, the worldwide GMP storage market is expected to develop rapidly going forward.
Manufacturing, storage, transportation, and administration of biopharmaceuticals for human use pose distinct obstacles. Due to limited resources and the requirement for new drug candidates to enter phase I clinical studies swiftly, not all areas of drug product process development can and should be investigated in depth before entering first-in human studies (FIH). While the processes for studies on formulation development are definite in literature, regulatory advice for phase-appropriate process development studies for clinical supplies is lacking. Thus, a GMP storage roadmap provides opportunities for key manufacturers to deploy their product offerings and will propel the growth of the GMP storage market over the forecasted years (2022-2032).
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Furthermore, the GMP storage industry has grown due to increased demand for vaccines and the growing requirement for effective cold chain storage to ensure vaccine quality. In the medical world, vaccines are one of the most popular cold chain products. Growing demand for mRNA-based vaccines necessitates the use of efficient cold chain storage facilities to ensure product quality.
High demand for infectious disease vaccines, rising public awareness of health & wellness, and innovations in packaging and shipping technology, all present significant potential for GMP storage service providers. Additionally, rising healthcare costs and increased R&D efforts to develop vaccine storage facilities are fueling market expansion.
Key Takeaways from Market Study
- GMP storage products held more than 83% market share in 2021.
- Biologic applications held around 38% of the global GMP storage market share in 2021.
- By end user, biopharmaceutical companies are widely using GMP storage products and services for the storage of biological products, and the segment held a market share of around 42.5% in 2021.
- Around 48.9% of the global market share, by region, was accounted for by North America in 2021.
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“Rising focus on cost-effective manufacturing and on-time delivery of biologics, and increasing demand for the outsourcing of drug stability and storage management will drive market growth over the coming years,” says an analyst of Persistence Market Research.
Market Competition
Leading players are getting certified by regulatory authorities in order to expand their cold storage capacity during the COVID-19 pandemic. This has had a positive impact on the GMP storage market.
- Thermo Fisher Scientific Inc.'s high-performance refrigerators and freezers received NSF/ANSI 456 vaccine storage certification in January 2022.
- In January 2022, Helmer Scientific announced that its GX Solutions refrigerators and freezers have been approved with the new NSF/ANSI 456 vaccine storage standard.
- The BioArchive System, a fully-automated, closed-system cryopreservation platform that provides complete cryopreservation, storage, retrieval, and tracking throughout the whole cell therapy manufacturing process, was launched by ThermoGenesis Holdings, Inc. in December 2021.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the GMP storage market in its latest study, presenting a historical demand assessment of 2012 – 2021 and projections for 2022 – 2032.
The research study is based on the product & service (products (refrigerators and freezers and cryogenic storage) and services), application (cell & gene therapy, cell banking, biologics, small molecules, and others), and end user (biopharmaceutical companies, contract manufacturing organizations, contract research organizations, and research & academic institutes), across seven key regions of the world.
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