The Infinium Global Research analyzes the “Vaccine Storage Equipment Market (Product – Refrigerators, Freezers, and Other Products; Type – Refrigerated Storage, and Refrigerated Transport; End User – Retailers, Distributors, Clearing and Forwarding Agents, and Other End Users): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025.” The global vaccine storage equipment market is projected to grow at a CAGR of 4.9% over the forecast period of 2019-2025.
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The vaccine storage equipment market is significantly driven by rising government funding for research and development to promote vaccine development. The vaccine is biological material that needs to store appropriately from the time they are manufactured until they are administered as the vaccines exposed to temperatures outside the recommended ranges can have reduced potency and protection. Thus, proper maintenance of vaccines storage conditions during transport is required that is known as the cold chain. Storage and handling errors can cost thousands of dollars in wasted vaccine and revaccination.
Government Initiatives for the Vaccination Program are Driving the Growth of the Market
Increasing government initiatives for the vaccination program is one of the significant driver for the vaccine storage market. Growing vaccination programs have initiated utilization of government authorized clinics, hospitals, and vaccination centers that has increased the demand for vaccine storage units. Moreover, the rising prevalence of viral disease globally has increased the demand for vaccine storage equipment.
According to WHO prevalence of viral disease such as influenza, childhood viral pneumonia, and hepatitis has increased significantly to counter that vaccine production rate has also increased by a significant rate. That, in turn, has pulled the demand for vaccine storage equipment. On the other hand, high costs associated with equipment such as refrigerator, deep freezer, and cryo freezer and their maintenance can hamper the growth of the vaccine storage equipment market. However, innovations with technology to produce efficient and cost-effective refrigerator equipment can create better opportunities for the market.
Refrigerators Dominate the Segment Owing to Growing Use by Research and Educational Institutes
Global vaccine storage market segmented based on the product, type, and end-user. Product segment further sub-segmented into refrigerators, freezers, and other equipment. Refrigerators dominate the segment owing to growing use by research and educational institutes. By type, segment further classified into refrigerated storage and refrigerated transport. The end-user segment also bifurcated into retailers, distributors, clearing and forwarding agents, and others.
North America Dominates the Vaccine Storage Equipment Market and Expected Keep to Its Dominance Over the Forecast Period
Geographically, Vaccine Storage Equipment market is segmented by North America, Europe, Asia Pacific, and RoW. North America dominates the vaccine storage equipment market and expected keep to its dominance over the forecast period. The presence of major biotech companies, increasing research and development activities for effective vaccine production, and growing awareness about immunization programs among people are some of the factors contributing to the growth of this region.
Europe is anticipated to register healthy growth in the forecast period. Whereas Asia-Pacific is expected to grow with a lucrative rate in the forecast period. Increasing prevalence of the viral disease, initiatives by major pharma players in this region for vaccine production, and rising government initiatives for immunization programs has expected to boost the vaccine storage equipment market in this region.
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Vaccine Storage Equipment Market: Competitive Analysis
Some of the key players in the vaccine storage equipment market are American Biotech Supply, Arctiko A/S, Eppendorf AG, Evermed S.R.L., Haier Biomedical, Helmer Scientific, Labcold, Panasonic Healthcare Co., Ltd, Philipp Kirsch Gmbh, Thermo Fisher Scientific, Inc. and others.
Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the vaccine storage equipment.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.