What is the global market size of Vaccine Storage Equipment Market?

Vaccine Storage Equipment Market size was valued at USD 15.11 billion in 2021 and is poised to grow from USD 16.3 billion in 2022 to USD 33.11 billion by 2030, growing at a CAGR of 10.3% in the forecast period (2023-2030).

Vaccine Storage Equipment Market Size, Share, Growth Analysis, By Type(Refrigerated transportation, refrigerated storage), By Product(Refrigerator, Freezer, cold boxed), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2149 | Region: Global | Published Date: April, 2024
Pages: 219 | Tables: 62 | Figures: 75

Vaccine Storage Equipment Market Dynamics

Drivers

Increasing R&D in Vaccines to Bolster Market Growth

The majority of the top businesses have invested much in R&D to solve the unmet medical needs in the storage. They are focusing on advancements technology such as SDD refrigerators and RFIDS to storage improve version of vaccine. The need for protective vaccinations is fueled by increased awareness of early disease detection and prevention, as well as an increase in the occurrence of infectious diseases, which is fueling the growth of the vaccine storage industry. That is why major players need to increase their Storage facilities.

Restraints

High Cost to Hinder Market Growth

High cost of bench top refrigerators, stringent requirements for vaccine storage, and lack of skilled personnel in operating vaccine freezers are projected to restrain the global vaccine storage equipment market.

Vaccine Storage Equipment Market Report Snapshots

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FAQs

Vaccine Storage Equipment Market size was valued at USD 16.30 billion in 2022 and is poised to grow from USD 17.98 billion in 2023 to USD 39.39 billion by 2031, growing at a CAGR of 10.3% during the forecast period (2024-2031).

Vaccine Storage Equipment Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Thermo Fisher Scientific Inc.', 'B Medical Systems S.à r.l.', 'Haier Biomedical', 'Helmer Scientific', 'PHC Holdings Corporation (formerly Panasonic Healthcare Holdings Co. Ltd.)', 'Dometic Group AB', 'Binder GmbH', 'Follett LLC', 'Eppendorf AG', 'Angelantoni Life Science S.r.l.', 'Labcold Ltd.', 'Arctiko A/S', 'Stirling Ultracold', 'Migali Scientific', 'Desmon S.p.A.', 'Bionics Scientific Technologies (P) Ltd.', 'Bioline Technologies', 'SunDanzer', 'Vestfrost Solutions', 'AccuCold'

The majority of the top businesses have invested much in R&D to solve the unmet medical needs in the storage. They are focusing on advancements technology such as SDD refrigerators and RFIDS to storage improve version of vaccine. The need for protective vaccinations is fueled by increased awareness of early disease detection and prevention, as well as an increase in the occurrence of infectious diseases, which is fueling the growth of the vaccine storage industry. That is why major players need to increase their Storage facilities.

Rapid technological advances undertaken for efficient storage of medicines and vaccines are projected to propel the growth of the market during the forecast period. The use of monitors In vaccine detection for essentially all cold-chain breaks, and can detect issues, such as inadvertent freezing, that are presently not detected by other vaccine stability monitors such as Vaccine Vial Monitors.

North America dominated the vaccine storage market and accounted for a revenue share of 45% in 2021. The main reasons driving the market in the region include rising public awareness of vaccination programmes, expanding vaccine research, an increase in the prevalence of infectious diseases, and the presence of several logistic providers in the area with years of experience.

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Vaccine Storage Equipment Market Size, Share, Growth Analysis, By Type(Refrigerated transportation, refrigerated storage), By Product(Refrigerator, Freezer, cold boxed), By Region - Industry Forecast 2024-2031

Vaccine Storage Equipment Market Dynamics

Vaccine Storage Equipment Market Report Snapshots

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