Vaccine Storage & Packaging Market Size, Share, Growth Analysis, By Storage Type(Refrigerator, storage equipment, freezer, others), By Packaging Type(Vaccine Bags, Ampoules, Corrugated Boxes, others), By End Use Industry(Diagnostic Centres, Clinical Research Organization, Other Healthcare Units), By Function(Storage, Packaging), By Region - Industry Forecast 2024-2031

Vaccine Storage & Packaging Market size was valued at USD 8.39 billion in 2019 and is poised to grow from USD 9.24 billion in 2023 to USD 17 billion by 2031, growing at a CAGR of 10.2% in the forecast period (2024-2031).

Rising investment in research & development of various types of vaccines by many large biopharmaceutical companies and healthcare institutions coupled with the growing government efforts on improvement of immunization are the major factors expected to drive the growth of the global vaccine storage & packaging market over the forecast period. According to our findings, the United States government spends hundreds of millions in dollars on research and development of purchase and distribution to the states.

Furthermore, high technological advancements like SDD refrigerators and RFIDs in the global industry especially in highly developed countries including United States and France is likely to propel the demand for vaccine storage & packaging market in the coming years. Moreover, an extensively growing awareness regarding early diagnosis of diseases and continuously rising incidence of various types of infectious disease across the globe has resulted in a significant growth in the demand for vaccines and in turn, the global vaccine storage & packaging market is likely to have a boom in the near future.

In addition, lack of packaging expertise, capabilities, budget constraints, and shortage of in-house storage face by various healthcare institutions and biopharmaceutical companies around the globe are also likely to fuel the demand and growth for global vaccine storage & packaging market at a high growth rate over the forecast period.

US Vaccine Storage & Packaging Market is poised to grow at a sustainable CAGR for the next forecast year.