Vaccine Storage & Packaging Market Overview
Vaccine Storage & Packaging Market size is $0.987Bn in 2019, growing at a CAGR of 4.76% during the forecast period 2020-2025. Vaccine Storage & Packaging are laboratory devices that are used to preserve and maintain the life of vaccines in a desired state and to avoid degradation. The vaccines are packed in individual cylindrical vials (each containing one or more doses) and bundled together in rectangular inner containers for transport into even larger groups, such as cold boxes and vaccine carriers. Storage facilities for vaccines provide storage at varying temperatures ranging from 86 degree Celsius to 65 degree Celsius and are available in various capacities depending on end-user requirements. In biotechnology firms, blood banks, hospitals & medical labs, drug stores, and related health care facilities, vaccine storage equipment has wide applications. In addition, the need for vaccine storage and transport is projected to be extremely strong in 2021 with the Covid-19 pandemic.
Growing research on vaccines is one of the key factors anticipated to improve sales of the Vaccine Storage & Packaging products.
Rising infectious diseases and favorable government initiatives to improve healthcare infrastructure is likely to be the major driving factor for the market’s growth.
Europe region is anticipated to record the fastest growth rate during the forecast period 2020-2025.
Vaccine Storage & Packaging Market Segment Analysis – By Type
In 2019, Storage segment dominated the Vaccine Storage & Packaging Market in terms of revenue is estimated to grow at a CAGR of 5.8% during the forecast period 2020-2025. Segmental growth is driven by the demand for safe and effective storage solutions for vaccines. Various vaccine storage systems are sold by players in the vaccine storage industry. Equipment used for the storage of vaccines is specifically designed to protect and maintain the efficacy of vaccines for a longer period of time. Unlike other laboratory equipment, there is a particular storage capacity and temperature range for vaccine storage equipment abetting towards the growth of the market.
Vaccine Storage & Packaging Market Segment Analysis – By Geography
In 2019, the North American region dominated Vaccine Storage & Packaging Market in terms of revenue with a market share of 37.1% owing towards rising public & private funding for R&D in this region. Increasing research on vaccines, increasing people’s awareness of immunization programs, the presence of major players in the region, and increasing the prevalence of infectious diseases aids to the market’s growth. For instance, 1.5 billion was invested in vaccine research in 2015 by the National Institute of Health (NIH)-U.S.-based medical research center and is projected to cross 1.8 billion by 2017. The entry of emerging vaccine manufacturers, particularly in the underutilized vaccine market, has also resulted in lower vaccine prices owing to increased competition and higher production capacity for individual vaccines. Government has taken initiatives to promote technological advancements and initiatives to escalate the vaccine development process are key factors in the growth of the Vaccine Storage & Packaging market. Europe is set to record the fastest growth rate during the forecast period 2020-2025.
Vaccine Storage & Packaging Market Drivers
Rapid Advancement For The Production Of Vaccine with Storage & Packaging
Significant R&D investments have been made by several of the leading organizations to meet unmet patient needs in the storage and packaging of vaccines in health care facilities. For instance, the total global Diphtheria-tetanus-pertussis (DTP3) vaccination coverage was around 86.0%, according to the WHO. In addition, growing understanding of early detection and prevention of diseases and the increasing occurrence of infectious diseases has stimulated the demand for preventive vaccines, further boosting the market for vaccine storage and packaging. Many initiatives made by healthcare organisations such as UNICEF have increased the use of preventive drugs is driving the market. The supply division of UNICEF and the revolving fund of the Pan American Health Organization (PAHO) allow different countries to procure medicinal products at lower prices. UNICEF and PAHO procure vaccines annually for more than 100 countries, which in turn influences the rate of adoption.
Vaccine Storage & Packaging Market Challenges
Major Regulatory Concerns
Regulatory concerns regarding usage of Vaccine Storage & Packaging and growing stringent policy and regulation towards the production is restraining the growth of the market. Lack of sufficient storage facilities, vulnerability to leaching and transportation is hindering the market’s growth. However, the lack of infrastructure and lack of skilled personnel in operating vaccine freezers is extremely hampering business development in some emerging economies.
Vaccine Storage & Packaging Industry Outlook
Product Launches was the key strategy of the players in the Vaccine Storage & Packaging Industry. Vaccine Storage & Packaging top 10 companies include Helmer Scientific, EVERMED s.r.l., American BioTech Supply, BIOBASE, C.F. di Ciro Fiocchetti & C. s.n.c., PHC Corporation, Vestfrost Solutions, Dulas Ltd., Cole-Parmer Instrument Company, LLC and Labnet International Inc.
In January 2019, Helmer Scientific announced the launch of GX Solutions, a specialist medical-grade refrigerator with OptiCool™ cooling systems, as a leading supplier of cold storage and processing equipment. GX Systems are designed for special applications in critical healthcare and provide optimised temperature regulation control.
In June 2019, PHC Corporation acquired Anatomical Pathology business for approximately US$1.14 billion. This acquisition provided opportunity to leverage the industry-leading capabilities and R&D expertise to accelerate innovation and address emerging healthcare needs.