Rockville , Jan. 17, 2024 (GLOBE NEWSWIRE) -- The global GMP storage market is estimated to be US$ 6,568.3 million in 2024 and is projected to grow steadily with a 5.30% CAGR through 2034. The market is projected to surpass a valuation of US$ 11,019.9 million by 2034.
The medicare sector, especially the biopharmaceuticals and biotechnology industries, has gained tremendous traction in countries like the United States, Japan, Germany, and India. Good Manufacturing Practice (GMP) storage plays a crucial role in various industries by ensuring the safe and compliant storage of raw materials, intermediate products, and finished goods. GMP storage solutions find their applications in various industries such as pharmaceuticals, food and beverage, biotechnology, life sciences, etc.
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With strict regulations in the pharma industry for the storage of pharmaceutical products, GMP-compliant facilities are essential to maintain product quality, integrity, and safety. The demand for GMP storage in the pharmaceutical industry is driven by the need to adhere to regulatory requirements, prevent contamination, and ensure that drugs and medical devices meet the highest standards throughout the supply chain.
GMP storage has gained significant prominence in the food and beverage industry. Food safety regulations and consumers’ concerns about hygiene necessitate the use of GMP-compliant storage facilities to preserve the quality and safety of food products. The biotechnology and life sciences industry also relies on GMP storage to preserve biological materials, research reagents, and laboratory supplies. All these factors have collectively amplified the demand for GMP storage solutions in the international marketplace.
| Report Attribute | Details |
| Value Projection (2034) | US$ 11,019.9 million |
| Growth Rate (2024-2034) | 5.30% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 32 Tables |
| No. of Figures | 160 Figures |
Key Takeaways from the Market Study
- The global GMP storage market is projected to expand at a CAGR of 5.30% from 2024 to 2034.
- The North American GMP storage market is expected to grow at a remarkable CAGR of 5.40% from 2024 to 2034.
- The United States holds a dominant share of 87.70% of the GMP storage market in the North American region.
- The United States dominates the global GMP storage market, valued at US$ 2,844 million in 2024.
- The GMP storage industry in China is expected to rise at a CAGR of 6.8% from 2024 to 2034.
- Based on the end-use, the biopharmaceutical companies segment held a 41.6% market share in 2024.
- Based on the application, the biologic segment dominates the GMP storage market with a 37.3% share in 2024.
“To gain a considerable consumer base, companies in the market must offer flexible and customized GMP storage solutions to meet the diverse needs of different industries. They must also conduct educational programs and training sessions for potential clients to create awareness about the importance of GMP storage and its impact on product quality and safety." opines a Fact.MR analyst.
Key Companies Profiled in This Report
- ThermoGenesis Holdings, Inc.
- ThermoFisher Scientific Inc.
- BioLife Solutions, Inc.
- Danaher(Cytiva)
- MEDIPOST
- REMI GROUP
- Eurofins Scientific
- Eppendorf
- Intertek Group Plc
- Arctiko
- Bioline Technologies
- Hindustan Apparatus Mfg. Co.
- P L Tandon & Co.
- Stericox India Private Limited
- SY-LAB Geräte GmbH
- BioConvergence LLC d/b/a Singota Solutions
- PHC Holdings Corporation
- Pace Life Sciences
- Haier Biomedical
- Helmer Scientific Inc.
Competitive Landscape
- Established companies such as ThermoGenesis Holdings, Inc., ThermoFisher Scientific Inc., and Danaher (Cytiva) wield significant influence in the GMP storage market globally.
- Their prolonged presence and extensive resources contribute to a strong foothold in the international marketplace.
- Smaller companies in the GMP storage market encounter substantial challenges as they compete against industry giants.
- Smaller firms in the GMP storage market have introduced considerable innovations to address specific market needs.
- Forming partnerships and collaborations with larger entities or engaging in strategic alliances within the industry can provide smaller players with access to resources, expertise, and market reach.
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Country-wise Insights
The East Asia GMP storage market is poised for exceptional growth, projecting a modest CAGR of 6.5% through 2034. The surge is primarily attributed to increasing demand for GMP storage in key countries, notably China and Japan. In 2024, China will dominate the industry with an estimated 50.0% market share. Meanwhile, the North American is anticipated to exhibit substantial progress, aiming for a 5.4% CAGR in 2024. In this region, the United States emerges as the key player in the industry, commanding a significant share of 87.7% in 2024.
Why is the United States Commanding the Global GMP Storage Market?
“Stringent Regulations and Continuous Innovative Spirit to Help Market Expansion”
The United States’ GMP storage industry is estimated to be worth US$ 2,844 million in 2024, garnering a share of 87.7% in the North American region. The sales of GMP storage are likely to record a CAGR of 5.3% through 2034.
The United States holds a prominent position in the global GMP storage market due to the strict regulatory framework in its pharmaceutical sector. These regulations have made it mandatory to comply with GMP standards, creating a culture of quality assurance in storing and distributing pharmaceutical products.
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