According to a recent market study published by Growth Market Reports (GMR), titled, “Global Vaccines Storage Equipment Market by Product Types, Distribution Channels, and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at US$ 932.1 Million in 2019 and is expected to grow at a healthy growth rate of 15.4 % by the year 2027. The global Vaccines Storage Equipment market is anticipated to grow owing to increasing demand for vaccines worldwide. Further, growing focus on immunization programs, and increasing awareness among consumers for vaccine are the factors which is expected to drive the growth of the global Vaccines Storage Equipment market.
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The global Vaccines Storage Equipment market is fragmented based on types, by products, distribution channels, and region. Based on types, the Vaccines Storage Equipment market is segmented into portable equipment and non-portable equipment. On the basis of products, the Vaccines Storage Equipment market is segregated into refrigerators, freezers, and other equipment. In terms of end-users, the market is classified as biopharmaceutical companies, hospitals, medical laboratories, and others. Based on region, the global Vaccines Storage Equipment market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into, India, China, South Korea, Australia, Japan, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region is further divided into Saudi Arabia, Egypt, Iran, Israel, South Africa, UAE, and Rest of Middle East & Africa (MEA).
In year 2020, the Vaccines Storage Equipment market is expected to witness the rapid growth due to COVID 19 pandemic. However, increased prevalence of the COVID-19 globally has increased the need of the vaccine for the treatment of COVID-19. This, in turn, has increased investment in the research and development the COVID- 19 vaccine. Hence, the demand for Vaccines Storage Equipment is projected to increases during the forecast period. However, the market is anticipated to witness slight fluctuations in demand and supply for Vaccines Storage Equipment due to closing of international trades.
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As per GMR industry analyst Akshata Ahire, “The Global Vaccines Storage Equipment Market is anticipated to witness significant growth during forecast period 2021-2027 driven by growing focus on immunization programs, increasing awareness among consumers for vaccines, rising infectious diseases, and growing investment in R&D. Since, technological advancement in refrigeration of vaccines and increasing opportunities for vaccine manufacturer’s factors possesses as an opportunity for this market.
Key Takeaways from the Study:
- U.S. based Thermo Fisher Scientific Inc. holds approximately one fourth of market share of global Vaccines Storage Equipment market in year 2019.
- Asia pacific accounts for a major share of the market, followed by North America. The market in Asia Pacific is projected to expand at significant CAGR during the forecast period.
- In terms of value, the hospitals segment is projected to increase at a substantial CAGR during the forecast timeline. Numerous consumers avail vaccines from hospitals owing to the convenience thus, contributes to the segmental growth.
- In terms of value, the freezers segment is anticipated to account for a significant share of the market during the forecast period. Several manufacturers are adopting freezers for the storage of vaccines, as the vaccines can be stored for a longer duration, thus boosting segment growth.
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Report Scope:
| Report Metric | Details |
| Market Value in 2019 | US$ 932.1 Million |
| Market Growth Rate (from 2021 to 2027) | 15.4 % |
| Historical Data | 2017 & 2018 |
| Base Year | 2019 |
| Forecast Period | 2020 – 2027 |
| Units Considered | Value (US$ Million) |
| Market Segments | By Types , By Products, By End-user |
| Regional Scope | North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA) |
| Country Scope | U.S., Canada, Brazil, Mexico, Rest of Latin America, India, China, Japan, Indonesia, Australia, Rest of Asia Pacific, U.K., France, Germany, Italy, Spain, Russia, Rest of Europe, Saudi Arabia, South Africa, UAE, and Rest of MEA. |
| Key Companies Profiled | Thermo Fisher Scientific, Inc. , Godrej, Haier Biomedical, Eppendorf AG, and Helmer Scientific Inc. |
| Customization Scope | Report customization available on request |
| Pricing and Purchase Options | Avail tailor-made purchase options to meet your research requirements. |
Target Audience:
- Supply-side: Vaccines Storage Equipment manufacturers, raw material suppliers, primary respondents, and distributors.
- Demand Side: Hospitals, Pharmacies, Pharmaceutical Industries, Medical Industries, Medical payers etc.
- Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
- Associations and Industry Bodies: Centers for Disease Control and Prevention (CDC), Food and Drug Administration (FDA), World Health Organization (WHO), Medicines and Healthcare Products Regulatory Agency (MHRA), Therapeutic Goods Administration (TGA), International Organization for Standardization(ISO), Ministry of Health, Labor and Welfare (MHLW), International Federation of Pharmaceutical Manufacturers & Association (IFPMA), World Trade Organization (WTO), Indian Medical Research Council (ICMR).
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