Pharmaceutical & Biotechnology Environment Monitoring Market Trends
Growth Drivers
- Increasing Demand for Artificial Intelligence and Information Technology- The usage of cloud technology including private and public cloud, increased emphasis on the value of research and development, precision medicine, and other digital processes are about to undergo some dramatic developments in the pharmaceutical and biotechnology environment monitoring industry. The pharmaceutical and biotechnology industries may now work together with several different stakeholders for the same market thanks to cloud technology. According to a survey, 98% of all respondent businesses have a multi-cloud strategy in place or in development. Additionally, the cloud will host 82% of the workload.
- Rising Need for Cold Storage Solutions- The pharmaceutical and biotechnology industries have benefited from R&D for the treatment of COVID-19 since the primary vaccine developed required a safe cold storage solution service. The necessity for cold chain services to assist in the monitoring and transportation of the vaccinations and other pertinent goods to their destination was great.
- Increasing Requirement for Storage and Delivery Services- The delivery of goods by sea and air is another factor boosting the development of this industry. Such a need can be seen as a result of lower long-term average ocean and air freight costs, which may be coupled with an increase in demand from biologics, temperature-sensitive pharmaceuticals, and other protein segments.
Challenges-
- Concerns About Health and Safety Might Change Market Dynamics- In the pharmaceutical and biotechnology industries, health and safety are crucial for long-term viability and increased output. Biological and chemical risks, which have been shown to represent a major threat to those working in these settings, are mostly exposed in this business. Along with this, a lack of safety regulations and non-compliance may affect employee productivity and, in the long run, have an adverse effect on the expansion of the organization.
- Researchers are Few in Undeveloped Countries
- Rising Costs Across the Business
Pharmaceutical & Biotechnology Environment Monitoring Market: Key Insights
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.6% |
|
Base Year Market Size (2024) |
USD 1.11 billion |
|
Forecast Year Market Size (2037) |
USD 2.55 billion |
|
Regional Scope |
|
