Global Vaccine Storage Equipment Market Report Trends and Future Forecast Until 2024-2032

Vaccine Storage Equipment Market Size And Forecast

Vaccine Storage Equipment Market size was valued at USD 15.11 Billion in 2022 and is projected to reach USD 33.11 Billion by 2030, growing at a CAGR of 10.3% from 2023 to 2030.

The market is anticipated to be driven during the forecast period by rising healthcare institutions and biopharmaceutical company spending on vaccine research and development and rising government funding for immunization programs. The market is also greatly aided by the widespread vaccination campaigns carried out by international health organizations, the prevalence of infectious diseases, the introduction of new vaccines, and other factors. The Global Vaccine Storage Equipment Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Vaccine Storage Equipment Market Definition

With proper vaccine handling and storage, many common diseases that can be prevented by vaccination can be cured. Despite this, storage and handling issues lead to significant financial loss due to vaccine waste and the need to vaccinate many patients yearly. Insufficient immune responses in patients and inadequate disease protection can result from improper vaccine storage and management, which can reduce the effectiveness of vaccination. Patients may lose trust in doctors and vaccinations if they need to be revaccinated because the vaccines they initially received may have been contaminated.

It is challenging to deliver immunizations to every region of the world. They require some curated procedures in temperature-controlled environments for storage, management, and transportation. An example of a cold chain is this. Vaccines must be kept in a specific temperature range from when they are manufactured until they are given out. Extremes may harm the effectiveness of the vaccination in temperature. Health professionals transport vaccinations in cold boxes and vaccine carriers from storage facilities to the village level to immunize every child, even in the remotest villages. They travel by car, motorcycle, bicycle, donkey, camel, or foot. Equipment for cold storage and transportation, including cold rooms, refrigerators, freezers, cold boxes, and vaccine carriers, must adhere to World Health Organization performance standards (WHO).

Additionally, stock management practices must follow WHO guidelines specific to each type of vaccine. Vaccine potency may be recovered if the cold chain is adequately maintained, rendering the helpful supply. Vaccines must be carefully preserved from manufacturing until they are distributed. The following requirements must be met for various types of storage units: freezers and refrigerators that stand alone. refrigerators with a distinct freezer compartment and exterior door. Vaccines should never be kept in single-door refrigerator/freezer units or refrigerator/freezers made for dorm rooms.

Global Vaccine Storage Equipment Market Overview

The market is likely to be stimulated by technological developments in the sector, such as RFID and SDD refrigerators. Most large corporations have invested heavily in R&D to address unmet medical needs in vaccine packaging and storage in healthcare facilities. Further driving the Vaccine Storage Equipment Market is the growing awareness of early disease detection and prevention and the rise in the prevalence of infectious diseases. Innovative developments in coolers, including coolers used for vaccine delivery and storage, are anticipated to drive the Global Vaccine Storage Equipment Market.

Driving organizations have shown a strong interest in cutting-edge work to address unmet clinical needs for vaccination storage and transportation in medical offices. Additionally, there has been a significant rise in the prevalence of irresistible infections worldwide and an increase in the frequency of irresistible diseases, particularly in developing countries. Advancements in storage technology, increased government focus on immunization programs, an increase in the prevalence of infectious diseases, a rise in the number of pharma retailers, and rising R&D spending in biotechnological industry sectors for vaccine research are all contributing factors.

One of the key factors anticipated to propel sales of vaccine storage equipment over the course of the forecast period is an increase in vaccine research. Additionally, the market is anticipated to advance due to the need for internal storage and packaging expertise, knowledge, and financial constraints faced by biopharmaceutical companies, governmental organizations, and academic institutions. The steadily rising global immunization coverage is also propelling the market for vaccine storage equipment.

Global Vaccine Storage Equipment Market Segmentation Analysis

The Global Vaccine Storage Equipment Market is segmented on the basis of Type, Application, and Geography.

Vaccine Storage Equipment Market, By Type

• Bags, Vials, Amploules
• Freezers
• Refrigerators

Based on Type, The market is segmented into Bags, Vials, Amploules, Freezers, and Refrigerators. Depending on the level of packaging, the vaccine packaging industry is divided into primary, secondary, and tertiary sectors. The primary sector is anticipated to gain market share and expand more quickly throughout the forecast period because primary packaging requires more design and development and is, therefore, more expensive.

Vaccine Storage Equipment Market, By Application

• Distributors
• Hospitals
• Retailers
• Others

Based on Application, The market is segmented into Distributors, Hospitals, Retailers, and Others. The Distributors segment is anticipated to dominate the Vaccine Storage Equipment Market primarily due to the urgent need for COVID-19 vaccines and the scale at which they must be delivered globally.

Vaccine Storage Equipment Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, The Global Vaccine Storage Equipment Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Europe will hold the largest market share for Vaccine Storage Equipment. The main factors influencing the market in the region are the growing number of logistic providers with years of experience in the area, as well as rising public awareness about vaccination programs, increased vaccine research, rising prevalence of infectious diseases, and also the extensive network of logistic providers with years of experience in the area.

Key Players

The “Global Vaccine Storage Equipment Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Philipp Kirsch GmbH, Thermo Fischer Scientific, Panasonic Healthcare, Helmer Scientific, Arctiko A/S, American Biotech Supply, Eppendorf AG, EVERmed Srl, and Haier AE. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• In March 2021, Helmer Scientific introduced the GX Solutions Laboratory and Plasma Freezers to store vaccines, medications, blood therapies, and sample material. They are the first professional, medical-grade freezers that use low Global Warming Potential (GWP) technology to support environmental sustainability. They are optimized for temperature performance, noise reduction, and decreased energy use for critical healthcare applications.
• In February 2021, Commercial refrigeration solutions and products for storing vaccines were introduced by Blue Star. According to Blue Star Limited, the products are excellent for preserving vaccines.
• In February 2021, Godrej unveiled equipment for storing vaccines that operate at extremely low temperatures. The first two Covid-19 vaccines introduced in India, Serum Institute-Covishield AstraZeneca’s and Bharat Biotech’s Covaxin, must be refrigerated at 2°C to 8°C to maintain potency and efficacy.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Vaccine Storage Equipment Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Vaccine Storage Equipment Market, gauge the attractiveness of a certain sector, and assess investment possibilities.