The Market

People are living longer around the world. By 2050, there will be 2.1 billion people above the age of 60 years. Meanwhile, the number of seniors (65+ years old) in the United States will double, reaching nearly 100 million by 2060. To cover the health issues of this aging population, larger quantities and more varieties of prescription drugs are needed from pharmaceutical companies—an industry that was valued at approximately $1.74 trillion in 2025 and is projected to skyrocket to $2.8 trillion by 2035, equivalent to a sustained 6% annual increase. This high demand is directly impacting the biologics and cold chain drug segments, with the global biologics market alone reaching $487 billion in 2025 and forecast to exceed $1.2 trillion by 2035. Oncology drugs will be by far the biggest market, valued at $256 billion in 2025 and projected to nearly triple by 2034, followed by anti-diabetics at approximately $101 billion. In addition, immunotherapy drugs within oncology are posting the highest CAGR, ahead of targeted therapies and hormonal treatments. GLP-1 receptor agonists and next-generation incretin-based therapies have emerged as the fastest-growing class in the diabetes space, reshaping treatment paradigms worldwide. Finally, oncology and biologics remain at the forefront of R&D pipelines, with cell and gene therapies, monoclonal antibodies, and CAR-T treatments driving the next wave of temperature-sensitive pharmaceutical innovation.

The global veterinary medicine market was valued at approximately $51.6 billion in 2025, and the expectation is to reach $113.8 billion by 2033. The increase in chronic and zoonotic diseases among animals is the main driver of the market, prompting the growing need for veterinary biologics, vaccines, and temperature-sensitive pharmaceuticals. For example, chronic conditions such as diabetes, obesity, and osteoarthritis in companion animals have risen sharply over the past decade, with diabetes in dogs now affecting an estimated 1 in 300 canines and driving increased demand for insulin and other cold-chain veterinary products. Livestock disease outbreaks and expanding pet ownership across Asia-Pacific and North America are further accelerating the need for reliable temperature-controlled distribution of veterinary medicines.