USD 15.11 billion
Report ID: SQMIG35A2149 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 62 | Figures: 75
Vaccine Storage Equipment Market size was valued at USD 15.11 billion in 2021 and is poised to grow from USD 16.3 billion in 2022 to USD 33.11 billion by 2030, growing at a CAGR of 10.3% in the forecast period (2023-2030).
Rising government spending on vaccination programmes and rising healthcare institutions’ and biopharmaceutical firms investments in vaccine research and development will propel the market growth during the projected period. This industry is expected to increase as a result of the lack of Internal storage capacity, expertise, and financial restrictions faced by biopharmaceutical businesses, governmental organisations, and academic institutions. The market for vaccine storage equipment is also being driven by the consistently expanding worldwide immunisation coverage.
Technological developments in the market, such SDD refrigerators and RFIDs, are expected to propel the market. In order to satisfy the unmet medical needs in the storage and packaging of vaccines in healthcare institutions, the majority of the top corporations have made considerable investments in R&D. The market for vaccine storage is also being driven by growing knowledge about early illness detection and prevention as well as the rise in the prevalence of infectious diseases.
US Vaccine Storage Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 15.11 billion
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Vaccine Storage Equipment Market is segmented based on the type, product and application and region. Based on the type, the Vaccine Storage Equipment Market is segmented into refrigerated transportation, refrigerated storage. Based on the product, the market has been segmented into refrigerator, freezers and cold boxed. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product
Refrigerator segment dominates the market. This is a dominant market because normal vaccines need 2-8°c temperature to store and must not be exposed to freezing temperature. Refrigerators are the most common type of storage in health facilities as they can hold many vaccines in a single unit. This storage will help temperature-sensitive vaccines to withstand their components. Electric refrigerators (compression units) are widely used.
Freezer market is growing at the fastest segment with higher CAGR during the forecast period. For the majority of vaccine types, freezers offer an ideal storage temperature range of -15°C to -86°C. Additionally, the introduction of COVID-19 vaccines made by Pfizer and Moderna, which need temperatures between -70°C and -86°C and -20°C, is anticipated to significantly boost the market for ultra-low temperature freezers during the winter months.
Analysis by Type
Refrigerated storage dominated the vaccine storage market in 2021. Health facilities use storage called purpose-built units because Temperature too cold can result in an irreversible reaction that reduces vaccines potency and loss in adjuvant effect. These freezers or refrigerators are made especially for the storage of biologics, such as vaccines. These units differ from typical household-grade units in that they have fan-forced air circulation to help maintain a consistent temperature all around the unit and microprocessor-based temperature management with a digital temperature sensor.
Refrigerated transport is the fastest growing segment during the forecast period, because many companies are exporting their products to other countries. Vaccines are regarded as a temperature-sensitive product, necessitating logistical preparation and refrigerated vaccine shipping containers. Temperature monitoring is required at every stage of the cold chain, from vaccine production through administration, to guarantee that the vaccines are maintained within a specific temperature range. Even a small temperature difference can ruin an entire batch of vaccines, costing money and alienating customers.
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North America dominated the vaccine storage market and accounted for a revenue share of 45% in 2021. The main reasons driving the market in the region include rising public awareness of vaccination programmes, expanding vaccine research, an increase in the prevalence of infectious diseases, and the presence of several logistic providers in the area with years of experience.
Asia Pacific region is expected to grow faster during the forecast period and to register a higher CAGR during the forecast period due to rising government investments in the healthcare infrastructure in the region. Growth is also anticipated to be fueled by the increased attention that major players are paying to the Asia Pacific vaccine storage market. Saudi Arabia and China also present a number of prospects for industry participants. Additionally, it is anticipated that India immunisation programmes will significantly contribute to revenue generating over the forecast period. The key factor driving this market in the region is also the rise in communicable diseases.
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Increasing R&D in Vaccines to Bolster Market Growth
High Cost to Hinder Market Growth
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Vaccine Storage Equipment Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
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According to our Vaccine Storage Equipment Market analysis, among region north is expected to capture higher market share, the growth of the region is attributed to growing public awareness of vaccination programmes, expanding vaccine research, an increase in the prevalence of infectious diseases. US has emerged as a significant contributor to market growth in north america. In terms of type, the refrigerator storage type segment dominates the marine hybrid propulsion market. This segment's leading position can be attributed to its use to protect vaccines from the external environment. As per vaccine storage market analysis the market growth in forecast period is due to the manufacturing of vaccine they need to recover diseases in pre stage.
|Market size value in 2021
|USD 15.11 billion
|Market size value in 2030
|USD 16.3 billion
|Forecast Unit (Value)
|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
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Vaccine Storage Equipment 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 Equipment 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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