PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498766
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498766
Vaccine Storage Equipment Market size was valued at USD 12,908.32 million in 2023, expanding at a CAGR of 10.10% from 2024 to 2032.
The equipment used for storing vaccines includes equipment and supplies intended to maintain vaccines properly from the time of manufacture to the time of administration, guaranteeing their efficacy and potency. Stricter regulations and a growing understanding of the significance of handling and storing vaccines properly are pushing healthcare facilities to make investments in top-notch vaccine storage equipment.
Vaccine Storage Equipment Market - Market Dynamics
Advancements in Vaccine Technology
The requirement for appropriate storage and handling of highly sophisticated vaccines, coupled with the development of new, more potent vaccinations, is driving the demand for vaccine storage equipment. The general expansion and uptake of vaccine storage equipment are being facilitated by these developments. Additionally, The demand for vaccinations has skyrocketed due to several circumstances, including the COVID-19 pandemic, which has forced the pharmaceutical industry to increase manufacturing. The National Institute of Health (NIH), a medical research institute located in the United States, invested 1.5 billion dollars in vaccine development in 2015 and is projected to invest an additional 1.6 billion by 2017.
Vaccine Storage Equipment Market - Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.10% over the forecast period (2024-2032)
Based on Product segmentation, Refrigerator was predicted to show maximum market share in the year 2023
Based on End-use Industry segmentation, The Retailers segment was the leading type in 2023
based on region, North America was the leading revenue generator in 2023
The Global Vaccine Storage Equipment Market is segmented based on Product, Type, End-use Industry, and Region.
The market is divided into four categories based on Product: Refrigerator, Freezer, and Other Equipment. The Refrigerator product segment dominates the market. Refrigerators are multipurpose tools that may hold a variety of medications and vaccines. Because they are available in a range of sizes and configurations, healthcare facilities can select a solution that better meets their unique requirements. Energy-efficient refrigerators have been developed by producers of vaccine storage equipment in response to the growing concerns about sustainability and energy saving.
The market is divided into four categories based on the End-use Industry: Retailers Distributors, Clearing and Forwarding Agents, and Others. Retailer segment is dominated by the vaccine storage equipment industry. Through their vast networks, retailers and distributors can offer vaccine storage equipment at a lower cost to a wider range of healthcare facilities, including those that are more rural or smaller. They hold a leading position in the market thanks to their extensive distribution networks and well-established ties with manufacturers and end customers.
Vaccine Storage Equipment Market - Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America region dominates the market. government emphasis on vaccination campaigns is growing, as is the frequency of infectious diseases, the number of pharmacies is rising, and R&D spending on vaccine research in the biotechnological sectors is rising. One of the main factors predicted to propel an increase in vaccine storage equipment sales throughout the projection period is an increase in vaccine research. For example, However, elements like strict laws and the availability of reconditioned goods may prevent the market from expanding in the upcoming years.
Companies such as Thermo Fisher Scientific, Inc., Medical Systetic, Eppendorf AG, Cole-Parmer, Instrumentation Company, LLC*etc. collectively hold the largest market share and dictate industry trends. To maintain their position as market leaders, industry companies are also devoting a great deal of time and resources to the R&D of clever and original methods. Refrigerators have long been associated with food preservation, but in recent years, they have become an indispensable part of the healthcare landscape. Refrigerators offer precise temperature control, crucial for maintaining the required cold chain conditions for vaccines. Modern vaccine refrigerators are equipped with advanced temperature monitoring and alarm systems to ensure vaccines remain within the specified temperature range.
In January 2022, Gelesheimer expanded the capacity of its Wertheim facility as well as two additional plants in China and the United States to produce vials. The company intends to add 70 new positions while investing in Wertheim's production to boost bottling capacity to 150 million bottles annually.
In October 2021, the U.S. manufacture of injectables by Becton Dickinson increased. He replenished syringes at his Nebraska plant and added production lines to safely operate injected equipment as the flu vaccination season gets underway and patients receive their COVID-19 shots.
GLOBAL VACCINE STORAGE EQUIPMENT MARKET, KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Thermo Fisher Scientific, Inc.
Medical Systetic?
Eppendorf AG
Cole-Parmer Instrumentation Company, LLC
Haler Group Corporation
Philipp krach GmbH
PHC Corporation
Helmer Scientific, Inc.
EVERmed SRL
Vestfrost Solutions
Glen Dimplex Group
Follett Corporation
VWR International, LLC
Stirling Ultracold
Others