A recent report published by Infinium Global Research on vaccine storage equipment market provides an 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 4.9% over the forecast period of 2019-2025.
Vaccine storage equipment market is significantly driven by rising government funding for research and development to promote vaccine production. A vaccine is a biological material that needs to store properly from the time they are manufactured until they are administered, to maintain its efficacy.
Increasing government initiatives for the vaccination program is one of the major drivers for the vaccine storage market. Increasing vaccination programs have initiated utilization of government authorised 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 diseases 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 boosted the demand for vaccine storage equipment. On the other hand, high cost associated with equipment’s such as refrigerator, deep freezer and cryo freezer and their maintenance can hamper the growth of the vaccine storage equipment market. However, new innovations with technology to produce efficient and cost-effective refrigerator equipment’s can produce better opportunities for the market.
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. Presence of major biotech companies, increasing research and development activities for efficient vaccine production and growing awareness about immunization programs among people are some of the factor 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. Growing prevalence of the viral disease, initiatives by major pharma players in this region for vaccine production, and rising government initiatives for immunisation programs have expected to boost the vaccine storage equipment market in this region.
The report on global vaccine storage equipment market covers segments such as product, type, and end user. On the basis of product, the sub-markets include refrigerators, freezers, and other products. On the basis of type, the sub-markets include refrigerated storage, and refrigerated transport. On the basis of end user, the sub-markets include retailers, distributors, clearing and forwarding agents, and other end users.
The report provides profiles of the companies in the market such as 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 Other companies.
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 2019-2025. 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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