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.
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.
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.
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.
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 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.
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
Some frequently asked quetions about this report!
Additional company profiles can be provided on request.
Yes, the report gives the flow chart and brief about the cold chain for vaccine storage.
Yes, the report covers product specific information such as refrigerator, freezer, etc.
According to this Growth Market Reports report, the market from Vaccines Storage Equipment is likely to register a CAGR of 15.4% during forecast period 2020-2027, with an anticipated valuation of US$ 2,802.1 million by the end of the 2027.
In addition to market size (in US$ Million) and Company Market Share (in % for base year 2019), other data such Check List for Vaccine Storage Units, Cold Chain Flow Chart for Vaccine Storage Units, and Handling a Temperature Excursion in Vaccine Storage Unit is available in final report.
The rising prevalence of infectious diseases, increasing demand for preservation of vaccines, rising government initiatives for introducing vaccines for prevention of infectious diseases are expected to drive the market growth during forecast period.
Hospitals, Biopharmaceutical companies, Medical laboratories are the key end-user that are driving the Vaccines Storage Equipment market.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The market is expected to witness increment of over 2.8% between 2019 and 2020 owing to the positive impact of COVID-19 pandemic on the Vaccines Storage Equipment market. The ongoing research of vaccine for COVID-19 string is expected to grow the production Vaccines Storage Equipment.
The base year considered for the global Vaccines Storage Equipment market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.
Major Manufactures include, Thermo Fisher Scientific, Inc., PHC Corporation, Godrej, Haier Biomedical, Eppendorf AG, and Helmer Scientific Inc.
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