Vaccines Storage Equipment Market Outlook
The global Vaccines Storage Equipment market was valued at USD 932.1 Million in 2019 and is projected to reach USD 2,802.1 Million by 2027, expanding at a CAGR of 15.4% during the forecast period. Myopia is a medical condition, associated with the blurring of vision. Vaccines Storage Equipment is designed for the storage of vaccine. The Vaccines Storage Equipment are refrigerators designed to store vaccines and other medical products at a controlled and stable temperatures to prevent degradation.
Vaccines Storage Equipment and handling practices are essential for protecting individuals and communities from vaccine-preventable diseases. The market is driven by factors such as growing focus on immunization programs, increasing awareness among consumers for vaccines, and rising investment in research & development.
Vaccines exposed to temperatures outside the ranges may not be effective. Doses are repeated to increase the potency of the vaccines. Errors in the handling of the vaccines result in the loss of potency. Vaccine management, which consist of storage and handling procedures, follows guidelines. Vaccines need to be stored in a cool place from the time they are manufactured until they are administered. A proper cold chain is a temperature-controlled supply chain that includes all equipment and procedures used in the transport, storage, and handling of vaccines from the time they’re manufactured to time they are administered.
Vaccines are sensitive to temperature. They need to be maintained at temperature recommended by vaccine manufacturers and protected from light. Several live virus vaccines are stored at freezing temperatures, as vaccines deteriorate at a rapid rate after they are removed from the storage. Inactivated vaccines can be damaged by the exposure to temperature fluctuations (extreme heat or freezing temperatures).
Potency can be adversely affected if vaccines are left out too long or exposed to multiple temperature excursions (out-of-range temperatures) that can have a cumulative negative effect. Rise in the prevalence of infectious and chronic diseases has led to the rise in the demand for new vaccines, which in turn, boosts the demand for Vaccines Storage Equipment.
History of Vaccines Storage Equipment
In 1974, the World Health Organization (WHO) established the Expanded Program on Immunization (EPI). Dr. Rafae Henderson was the director designed the methods for the storage of the vaccines. The vaccines are sensitive to temperatures; therefore, WHO built capacity storages for vaccines by developing technologies, systems, and established guidelines for the vaccine cold chains.
Challenges in the transportation of vaccine:
- An absence of systems to monitor the temperature of the sensitive vaccines
- An absence of appropriate equipment to store and transport vaccines
- An insufficient number of trained staff to handle vaccines
Rise in the prevalence of infectious and chronic diseases has led to the rise in the demand for the introduction of new vaccines, which in turn, boosts the global viral clearance market. Increase in investments in R&D fuels the demand for vaccines. Several companies have introduced several vaccines to treat infectious disease, which increases the requirement for research and development (R&D).
Rise in urbanization has led to the adoption of sedentary lifestyle. This has increased the prevalence of infectious diseases worldwide. According to the Center for Disease Control (CDC), 45% of people in the US have infectious diseases. The growth in infectious diseases has led to the rise in the demand for vaccines, thereby propelling the demand for Vaccines Storage Equipment.
Vaccines Storage Equipment Market Dynamics
The market is driven by factors such as increasing investment in research & development, growing awareness among consumers for vaccines, and rising focus on immunization programs. Conversely, lack of information and unavailability of vaccines in rural areas and high cost of vaccine development are key restraints of this market. Growing opportunities for vaccine manufacturers and technological development in preservation of vaccines by government are boosting the market.
Vaccines Storage Equipment Market Segmental Outlook
On the basis of types, the market is bifurcated into portable and non-portable equipment. The portable segment accounted for 43.3% share of the market in 2019. Several consumers are adopting portable equipment for the transportation of vaccines, as they are more convenient in storing the vaccines, thus boosting segment growth.
In terms of products, the Vaccines Storage Equipment market is segregated into refrigerators, freezers, and other equipment. The refrigerator segment is anticipated to expand at a significant CAGR of 15.8% during the forecast period. The ease of purchasing refrigerators and their convenience by end-users for the storage of vaccines are boosting the growth of the segment.
In terms of end-users, the Vaccines Storage Equipment market is classified as biopharmaceutical companies, hospitals, medical laboratories, and others. The medical laboratories segment is anticipated to expand at a significant CAGR of 14.8% during the forecast period, as institutes are extensively focusing on developing new therapies and treatments for diseases by carrying clinical trials on numerous drugs and molecules.
Vaccines Storage Equipment Market Regional Outlook
In terms of regions, the global Vaccines Storage Equipment market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific constituted market share of 23.2% in 2020. The market in the regions is projected to expand at a CAGR of 16.0% during the forecast period. Increasing prevalence of infectious diseases has led to the rise in the demand for Vaccines Storage Equipment, thereby boosting the growth of the Vaccines Storage Equipment in Asia Pacific.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Vaccines Storage Equipment Market
- Historical, Current and Projected Market Size in terms of Value
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Vaccines Storage Equipment Market Performance
Segments
By Type
- Portable Equipment
- Non-portable Equipment
By Product
- Refrigerators
- Freezers
- Other Equipment
By End-user
- Biopharmaceutical Companies
- Hospitals
- Medical Laboratories
- Others
By Region
- North America
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- U.K.
- France
- Germany
- Italy
- Spain
- Russia
- Rest of the Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
Key Market Players Profiled in the Report
- Across International LLC
- AegisFridge
- STANDEX
- Arctiko
- B Medical Systems
- Eppendorf AG
- EVERMED s.r.l.
- Godrej
- Haier Biomedical
- Helmer Scientific Inc.
- LABCOLD
- PHC Corporation
- Philipp Kirsch GmbH
- Thermo Fisher Scientific, Inc.
- Vestfrost Solutions
Competitive Landscape
- Key players in the market include Thermo Fisher Scientific, Inc., PHC Corporation, Godrej, Haier Biomedical, Eppendorf AG, and Helmer Scientific Inc. These companies are considered manufacturers of Vaccines Storage Equipment based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.
- The players are adopting key strategies such as acquisition, and geographical expansion where potential opportunity for the Vaccines Storage Equipment extraction is added in the company’s capacity.
- For instance, On June 9, 2020, Haier Biomedical installed a number of fridges and low temperature freezers to provide additional cold storage space for Cryoniss in Runcorn. Cryoniss offers a comprehensive storage service for ambient, +4°C, -20°C, -80°C biological samples, and liquid nitrogen phase vapour.
- In October 2019, Helmer Scientific Inc. introduced the first medical-grade refrigerators GX Refrigerator. The GX Refrigerator provides advanced temperature control, noise reduction, and energy management. GX Refrigerator Solutions, operated by OptiCool cooling technology, incorporates a variable capacity compressor (VCC) and natural hydrocarbon refrigerants to achieve superior storage environment while promoting sustainability initiatives.