PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1643545
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1643545
The global Vaccine storage equipment market is projected to reach USD 1.21 billion by 2029 from USD 0.86 billion in 2024, at a CAGR of 7.2% during the forecast period.
Scope of the Report | |
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Years Considered for the Study | 2024-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD) |
Segments | By Product, Type, End User, and Region |
Regions covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa and GCC Countries |
This is due to increasing need for temperature control to prevent vaccine loss and potential health hazard. Temperature control is critical in preventing vaccine wastage and ensuring the safety and efficacy of vaccines consequently increasing the demand for the vaccine storage equipment. However, the increased demand for the refurbished vaccine storage equipment in pharmaceutical industry and high energy cost and huge initial capital investment are the major restraint to the market. Additionally, the shortage of trained manpower & limited resourcces to maintain equipment is major challenge for the market growth. But, availability of cold chain logistics in developing countries and the increasing conditions necessitating vaccination is creating a conducive environment for market expansion over the forecast period of 2024-2029.
"The large capacity refrigerator segment of vaccine storage equipment market by type of refrigerator to hold largest position forecast period."
Based on the product, the vaccine storage equipment market is divided into refrigerators, freezers, vaccine carrier/cold box, monitoring devices and others. The market fro refrigerators is again divided into large capacity refrigerator and small capacity refrigerator. Among these, in 2023 large capacity refrigerator segment account for the largest market share in vaccine storage equipment market by refrigerator. These large capacity refrigerators are manufactured to hold large amounts of vaccine at precise temperatures, as these devices offer excellent temperature uniformity and plenty of storage space, large-capacity refrigerators are essential in healthcare facilities. The demand for these large capacity advanced refrigeration equipment is further increased by the rise in multi-dose vaccine production and the development of new vaccine types with particular storage needs. Consequently, the adoption of advanced large-capacity refrigerators to facilitate effective vaccine transportation and distribution is driving the expansion of large capacity refrigerator segment in vaccine storage equipment market.
"The vaccination center segment accounts for the second largest market share in vaccine storage equipment market."
Based on end user, the vaccine storage equipment market is segmented into vaccination centers, pharmaceutical centers, hospitals & clinics, and others including pharmacies, research laboratories, public health organizations. The vaccination centers segment accounts for the second largest market share in vaccine storage equipment market due to its pivotal role in storage of vaccines. In the supply chain for vaccines, vaccination centers are the last end users. Until the vaccines are administered to patients, these vaccination centers need to preserve the effectiveness and integrity of vaccines, thus vaccine storage equipment including refrigerator, freezer, vaccine carrier/cold boxes, monitoring devices are in huge demand in these centers. Additionally, vaccination facilities are the crucial nodes in the distribution network, owing to governments and international organizations making significant investments in immunization programs. This directly affects the need for state-of-the-art vaccine storage equipment.
"Europe accounted for the second largest share of the vaccine storage equipment market by region."
The global vaccine storage equipment market is segmented into six major regions, namely, North America, Europe, Asia Pacific, Latin America, Middle East & Africa and GCC Countries. Europe is the second largest regional market for vaccine storage equipment equipment, whereas the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period.
Europe holds the second-largest position in the vaccine storage equipment market. This is due to the presence of key industry players such as Eppendorf SE (Germany), Dulas Ltd. (UK), Arctiko Ltd (UK), Philipp Kirsch GmbH, A Hettich Group Company (Germany), and Labcold Limited (UK). These major European players are making significant investments in R&D to create cutting-edge, innovative equipment. Furthermore, the European region's strong pharmaceutical manufacturing base, established regulatory framework, and focus on technological advancements all contribute to its strong market position. In Europe, the need for vaccine storage equipment is being driven by innovation and industry leadership.
Note 1: Note: Companies are classified into tiers based on their total revenue. As of 2023, Tier 1 = >USD 10.00 billion, Tier 2 = USD 1.00 billion to USD 10.00 billion, and Tier 3 = <USD 1.00 billion.
Note 2: C-level primaries include CEOs, CFOs, COOs, and VPs.
Note 3: Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
The major players operating in the vaccine storage equipment market market are Cardinal Health Inc. (US), Eppendorf SE (Germany), Thermo Fisher Scientific Inc. (US), PHC Holdings Corporation (Japan), Standex International Corporation (US), Blue Star Limited (India), Azenta Inc. (US), Haier biomedical (China), Dulas Ltd. (UK), MVE Biological Solutions (US), Arctiko Ltd (UK), EVERMED S.r.l., A Everlasting group Company (Italy), Philipp Kirsch GmbH, A Hettich Group Company (Germany), and Labcold Limited (UK)
Research Coverage
This report studies the vaccine storage equipment market based on product, type, end user and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five major regions (and the respective countries in these regions).
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The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies for strengthening their market presence.