Vaccine Storage Equipment Market by Type (Electric Refrigerator, Solar Refrigerator, Ultra low temperature (ULT) Freezer, Consumables), End User (Hospitals and Medical Institutes, Distributors and Logistics) and Geography.
Vaccines are substances utilized to improve the production of antibodies and supply enough immunity to various diseases derived from the activating agent of that disease, as well as treating it as an antigen without causing or triggering the disease itself. The vaccine safeguards against real pathogens by imitating the infection. However, preserving the efficiency and integrity of the vaccines, greatly lies with the storage equipment. Vaccines are highly time and temperature sensitive so maintaining its efficiency may be a challenge to most end users without proper knowledge and handling. There are purposely built storage equipment like refrigerators and freezers that provide the best cooling system for vaccines.
The Vaccine Storage Equipment Market is expected to grow at a CAGR of 10.6% from 2022 to reach USD 2 billion by 2031.
The significant growth in this market are prompted by factors such as, promotions by prominent global health agencies of large scale programs for vaccinations, programs for children’s vaccine, prevalence of infectious diseases, and COVID-19 vaccine roll out. Unfortunately, cold storage equipment is expensive and presence of stricter storage requirements for vaccines can prevent the growth of this market. Additionally, there are opportunities available for sellers of vaccine storage equipment; these are, innovative highly stable and efficient super low temperature freezers, and technological advancements in improving devices.
COVID-19 Impact Assessment
COVID-19 is a real challenge that all the industries need to deal with primarily because, during the onset of the outbreak, nations are struggling on how to control the widespread of the infections, so much so, the discovery of an effective vaccine. A vaccine is very significant in times of pandemic because it is the first and only defense against the threat of diseases. Without vaccines, infection will soon spread rapidly affecting every individual or laborers, and will have a relatively negative impact on every industry because every worker is disabled. But vaccines have to be kept and preserve in order to serve its purpose. That is why, the need for vaccine storage equipment is highly in demand.
The growth of this market is mainly attributed to the prevalence of vaccination programs, support and initiatives from the government regarding immunization, advancements in technology relative to the vaccines market, vaccines pipeline dependability, and the impending dangers of COVID-19. It should also be added that there is an increase in epidemic potential, centered attention on therapeutic vaccines as well as rising numbers of emerging markets.
With the unfortunate event of the increasing rate of mortality brought upon by the pandemic, the demand, and surge for the need for vaccines mainly triggered the growth of this market. Additionally, the large-scale volume of vaccine roll out required with such immediacy in a short period of time contributed to the surge in demand for vaccine storage equipment.
Key Findings in the Global Vaccine Storage Equipment Market
In terms of type, the freezers segment is expected to have the fastest CAGR in 2022-2031. The best storage temperatures needed to preserve major vaccine type ranges from -15°C to -86°C. At one hand, there is an expected enormous growth in the next 2 to 3 years with respect to ultra-low temperature freezer market because Pfizer‘s and Moderna’s COVID-19 vaccines requires temperature set-up ranging from -70°C to -86°C and -20°C.
In terms of end user, distributors segment is expected to have the fastest growth during the forecast period of 2022-2031. this is due to the immediate delivery and large-scale distribution of COVID-19 vaccines globally.
Regional Market Analysis
North America is expected to dominate and command to have the largest share in the market in 2022 and will still remain in the lead throughout the forecast period. The growth is due to the enormous volume of orders placed by the regions U.S. and Canada with respect to vaccines and vaccine storage equipment.
Share and Competition
Based on an extensive assessment, these major key players in the Vaccine Storage Equipment Market have a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies are, Thermo Fisher Scientific, Inc. (U.S.), B Medical Systems (Luxembourg), Eppendorf AG (Germany), Cole-Parmer Instrumentation Company, LLC (U.S.), Haier Group Corporation (China), Philipp Kirsch GmbH (Germany), PHC Corporation (Japan), Helmer Scientific, Inc. (U.S.), EVERmed S.R.L. (Italy), and Vestfrost Solutions (Denmark).
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Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2022 - 2031)
• Ultra Low Temperature Freezer
• Upright Ultra Low Temperature Freezer
• Chest Ultra Low Temperature Freezer
• Low Temperature Freezer
• Upright Low Temperature Freezer
• Chest Low Temperature Freezer
• Consumables & Accessories
End User Analysis (Revenue, USD Million, 2022 - 2031)
• Hospitals and Medical Institutes
Region Analysis (Revenue, USD Million, 2022 – 2031)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Vaccine Storage Equipment Industry Research Report
• Europe Vaccine Storage Equipment Industry Research Report
• Asia Pacific Vaccine Storage Equipment Industry Research Report
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