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Vaccine Storage Equipment Market (Product - Refrigerators, Freezers, and Other Products; Portability - Portable Equipment, and Non-portable Equipment; End-user - Biopharmaceutical Companies, Hospitals, Medical Laboratories, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : August, 2020

  • Rep Id : HC0570

  • Category : Healthcare & Medical Devices

  • Status : Published

A recent report published by Infinium Global Research on vaccine storage equipment market provides in-depth analysis of segments and sub-segments in the global as well as regional vaccine storage equipment market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional vaccine storage equipment market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global vaccine storage equipment market. According to the report, the global vaccine storage equipment market is projected to grow at a CAGR of 5.68% over the forecast period of 2020-2026.

 

Market Insight

Immunization has helped protect millions of lives from deadly diseases since its invention. Vaccine improves the immune system, which is the natural defense system of the body. By vaccination, the body can protect itself from various diseases with the help of a strong immune system. Vaccines lose their effectiveness if exposed to room temperature for a long period, which makes the storage of vaccines one of the major challenges for the manufacturers and health workers. The demand for safe and suitable storage solutions for vaccines gave birth to an entirely new industry. The players in the vaccine storage market are offering different vaccine storage equipment. The equipment used for vaccine storage is specifically designed to retain and preserve the effectiveness of vaccines for a longer period of time. As opposed to other lab equipment, vaccine storage equipment have specific storage capacity and temperature range. Moreover, the vaccine storage equipment is used for various applications including hospitals & medical laboratories, pharmacy stores, and related health care institutes.

 

Furthermore, the COVID-19 outbreak has resulted in an increasing amount of studies for the development of a vaccine to cure and prevent the spread of the disease. Many vaccine manufacturers across the world have increased their research activities to find an effective vaccine against the coronavirus. Moreover, the demand for vaccines is enormous and is expected to exert tremendous pressure on the manufacturers as well as healthcare professionals to supply the vaccine. Along with higher manufacturing capacities the manufacturers and healthcare organizations need greater storage capacities to satisfy the demand. Thus, the demand for storage equipment is expected to rise as the vaccine is been developed. However, the flow of goods during the pandemic has disrupted, which is expected to be the major challenge during the short term. 

 

The rise in the initiatives by government and private organizations to promote immunization is majorly driving the growth of the vaccine storage equipment market. Governments across various developing countries have implemented a number of programs to eradicate certain communicable diseases. Under such immunization programs, the healthcare organizations procure vaccines in a large amount. This, in turn, increases the demand to store a large number of vaccines, boosting the sale of vaccine storage equipment. Moreover, the growing awareness among the people about endemic diseases is expected to augment the market growth. The population is being made aware of the benefits of immunization through its promotion and education. Apart from this, the entry of emerging vaccine manufacturers, particularly in the underutilized vaccines market, has resulted in lower vaccine prices due to increased competition and higher production capacities for individual vaccines. A few emerging market manufacturers are also trying to expand their production to newer vaccines, which, in turn, is also expected to boost the demand for storage equipments vital for vaccine storage.  However, lack of infrastructure in some of the developing economies is majorly hampering market growth. Nevertheless, technological advancements in refrigeration and freezer solutions are expected to offer business opportunities during the forecast period.

 

In terms of geography, North America generated the highest revenue for the vaccine storage equipment market in 2019. The countries including the US and Canada are the key revenue contributors in the vaccine storage equipment market in North America. The growing amount of R&D activities for developing novel vaccines is mainly supporting the domination of North America in the global market. Several government and private organizations in North America are rigorously working to find new vaccines for various infections. Moreover, the presence of several leading market players in the region is expected to escalate the demand for the vaccine storage equipment over the forecast period.

 

Segment Covered

The report on global vaccine storage equipment market covers segments such as product, portability, and end-user. On the basis of product, the sub-markets include refrigerators, freezers, and other products. On the basis of portability, the sub-markets include portable equipment, and non-portable equipment. On the basis of end-user, the sub-markets include biopharmaceutical companies, hospitals, medical laboratories, and others .

 

Companies Profiled:

The report provides profiles of the companies in the market such as Thermo Fisher Scientific Inc., Eppendorf AG, Labnet International, Inc.,  Cole-Parmer Instrument Company, LLC, American Biotech Supply, Inc, Arctiko A/S, Evermed S.R.L., Helmer, Inc., Panasonic Healthcare Co., Ltd, and Philipp Kirsch Gmbh.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of vaccine storage equipment market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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