USD 8.39 billion
Report ID: SQMIG15G2056 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 118 | Figures: 77
Vaccine Storage & Packaging Market size was valued at USD 8.39 billion in 2021 and is poised to grow from USD 9.24 billion in 2022 to USD 17 billion by 2030, growing at a CAGR of 10.2% in the forecast period (2023-2030).
Rising investment in research & development of various types of vaccines by many large biopharmaceutical companies and healthcare institutions coupled with the growing government efforts on improvement of immunization are the major factors expected to drive the growth of the global vaccine storage & packaging market over the forecast period. According to our findings, the United States government spends hundreds of millions in dollars on research and development of purchase and distribution to the states.
Furthermore, high technological advancements like SDD refrigerators and RFIDs in the global industry especially in highly developed countries including United States and France is likely to propel the demand for vaccine storage & packaging market in the coming years. Moreover, an extensively growing awareness regarding early diagnosis of diseases and continuously rising incidence of various types of infectious disease across the globe has resulted in a significant growth in the demand for vaccines and in turn, the global vaccine storage & packaging market is likely to have a boom in the near future.
In addition, lack of packaging expertise, capabilities, budget constraints, and shortage of in-house storage face by various healthcare institutions and biopharmaceutical companies around the globe are also likely to fuel the demand and growth for global vaccine storage & packaging market at a high growth rate over the forecast period.
US Vaccine Storage & Packaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 8.39 billion
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Global vaccine storage & packaging market is segmented on the basis of storage type, packaging type, end use industry, function, and region. By storage type, the market is sub-segmented into refrigerator, storage equipment, freezer, and others. By packaging type, the market is categorized into vaccine bags, ampoules, corrugated boxes, and others. By end use industry, the market is segmented into diagnostic centres, clinical research organization, and other healthcare units. By function, the market is segmented into storage, packaging. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Vaccine Storage & Packaging Market Analysis by Storage Type
By storage type, the refrigerator segment held the largest market share in 2021. Continuously rising demand for immunization refrigerators and increased government organizations focus on the storage of vaccine are the major factors driving the segment growth. In addition, rising importance of advanced and innovated refrigerators for storing several types of vaccines around the globe is also expected to drive the growth of the segment throughout the forecast period. For instance, the US Food and Drug Administration has been authorizing the storage for vaccines in the refrigerator with a maintained temperature of 2 to 8 Celsius.
Vaccine Storage & Packaging Market Analysis by Packaging Type
By packaging type, the corrugated boxes segment dominated the market and accounted for a significant market share in 2021 and is projected to maintain its dominance throughout the forecast period owing to increasing adoption of eco-friendly and light-weight corrugated boxes around the globe. Moreover, an extensive rise in the investment in packaging industry by several key market players especially in emerging economies such as India and China along with the increasing prevalence of high compatibility packaging materials are also anticipated to boost the segment market growth at a significant rate in the coming years.
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Globally, Europe dominated the vaccine storage & packaging market and accounted for a strong market share in 2021 owing to rising number of government initiatives regarding vaccination programs, high prevalence of various infectious diseases, and focus on research & development of new vaccines in the region. In addition, the presence of many large market players including Gerresheimer AG and DB Schenker with many years of expertise in the region is also expected to boost the growth of the vaccine storage & packaging market during the forecast period.
Furthermore, MEA region is anticipated to witness fastest CAGR during the forecast period. Increasing healthcare infrastructure and continuously rising investments by several government and private institutions are projected to be the major driving factor for the market in the coming years. In addition, rising number of immunization programs in South Africa and creating generating opportunities for the international players to enter in their countries are further expected to boost the demand and growth in the region.
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Vaccine Storage & Packaging Market Drivers
Vaccine Storage & Packaging Market Restraint
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The global vaccine storage & packaging market is fairly competitive with the presence of several international and regional players around the globe. Key players of the market are implementing on many business strategies such as product launches, acquisitions, mergers, and collaborations for the expansion of their geographical presence and product portfolio. For instance, in March 2021, Helmer Scientific announced the launch of its new and advanced GX Solutions freezers for vaccines, sample storage, and blood therapy for various healthcare applications along with features like noise reduction, deduction in energy consumption, and maintained temperature performance.
Vaccine Storage & Packaging Market Top Player’s Company Profiles
Vaccine Storage & Packaging Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global vaccine storage & packaging market is witnessing a strong growth over the forecast period owing to increased consumer per capita income, tremendous growth in population around the globe, and presence of numerous types of diseases. In addition, promoting vaccination programs from various government bodies and availability of advanced technology all over the world is likely to be a major factor driving the growth of the market in the coming years. However, poor handline and storage of vaccines and cold chain deficiencies like power shortage and poor maintenance are the key factors projected to hamper the global demand for vaccine storage & packaging market throughout the forecast period.
|Market size value in 2021||USD 8.39 billion|
|Market size value in 2030||USD 17 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
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For the Global Vaccine Storage & Packaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Vaccine Storage & Packaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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