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 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).

Rising government spending on vaccination programmes and rising healthcare institutions’ and biopharmaceutical firms investments in vaccine research and development will propel the market growth during the projected period. This industry is expected to increase as a result of the lack of Internal storage capacity, expertise, and financial restrictions faced by biopharmaceutical businesses, governmental organisations, and academic institutions. The market for vaccine storage equipment is also being driven by the consistently expanding worldwide immunisation coverage.

Technological developments in the market, such SDD refrigerators and RFIDs, are expected to propel the market. In order to satisfy the unmet medical needs in the storage and packaging of vaccines in healthcare institutions, the majority of the top corporations have made considerable investments in R&D. The market for vaccine storage is also being driven by growing knowledge about early illness detection and prevention as well as the rise in the prevalence of infectious diseases.

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