Vaccine Storage Equipment Market (2020-2027)
The Vaccine Storage Equipment Market is expected to grow at a CAGR of 10.6% from 2020 to reach $1.83 billion by 2027.
- Published
- Jan 2021
- Pages
- 185
- Format
- PDF + Excel
- Report ID
- MR-464
- Base year
- 2019
- 2027 · FORECAST
- $1.83B
- 2027
- $1.83B
- CAGR 2020–2027
- 10.6%
2019 baseline · 2020–2027 forecast at 10.6% CAGR · hover a bar for the value
Key highlights
The Vaccine Storage Equipment Market is expected to grow at a CAGR of 10.6% from 2020 to reach $1.83 billion by 2027.
Distributor end user segment to witness rapid growth during the forecast period
North America commanded the largest share of the global vaccine storage equipment market in 2020 and is expected to maintain its dominance throughout the forecast period.
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2019 |
| Estimated Year | 2020 |
| Forecast Period | 2020–2027 |
| Market Size (2027) | USD 1.83 billion |
| CAGR (2020–2027) | 10.6% |
| Format | PDF, Excel & Cloud Portal · 185 pages |
| Segments Covered | By Type: Chest Ultra Low Temperature Freezer, Upright Low Temperature Freezer, Chest Low Temperature Freezer, Electric, Solar, Others · By End User: Hospitals and Medical Institutes, Distributors, Others |
| Countries Covered | Europe (RoE), Asia-Pacific (RoAPAC) |
| Key Companies | Thermo Fisher Scientific, Inc. (U.S.), B Medical Systems, Eppendorf AG, Cole-Parmer Instrumentation Company, LLC (U.S.), Haier Group Corporation, Philipp Kirsch GmbH, PHC Corporation, Helmer Scientific, Inc. (U.S.), EVERmed S.R.L, Vestfrost Solutions |
Report overview
Segments covered: type, end user. Regions: Europe, Asia-Pacific.
Vaccines are extremely sensitive in nature and require to be kept at recommended temperature to maintain its efficiency. Purpose-built storage equipment, such as refrigerators and freezers, provides optimum cooling to the vaccines.
The growth in the vaccine storage equipment market is majorly propelled by large scale vaccination programs implemented by the global health agencies (such as WHO, UNICEF, GAVI (Global Alliance for Vaccines and Immunization), Vaccine for Children Program), high incidence of infectious diseases, launch of COVID-19 vaccines, among others. However, high cost of cold storage equipment and stringent vaccine storage requirements are expected to hinder the growth of the vaccine storage equipment market to some extent. In addition, development of highly stable and energy efficient ultra-low temperature freezers, and technology advancements serve as an opportunity for vendors in vaccine storage equipment market.
On March 11, 2020, the World Health Organization declared a global pandemic arising from corona virus disease – 19 (COVID-19). The pandemic triggered a race among leading drug-makers and research institutes to develop a vaccine at the earliest. On December 02, 2020, the U.K. approved covid-19 vaccines co-developed by Pfizer, Inc. (U.S.) and BioNTech. Since then, few other COVID-19 vaccines were approved for emergency use. Further, at least 7.7 billion vaccine doses have been purchased and another 3.9 billion reserved by varied countries and regions (Duke Global Health Innovation Center). These significant volume deliveries required in short duration is expected to create huge demand for vaccine storage equipment globally.
A large number of vaccination programs are run by international organizations as well as local governments across the globe. These programs have created a significant network that manages vaccinations at large scale. Some of the leading global programs include The Global Vaccine Action plan (GVAP), Immunization Program by UNICEF, among others.
Table of contents
12 chapters · 86 sections · 185 pages · click to expandSegmental analysis
| Segment | Largest share (2020) | Fastest growth (2020–2027) |
|---|---|---|
| By End User | — | Distributors |
By End User
- Distributor end user segment to witness rapid growth during the forecast period
- Distributors segment is rapidly gaining traction and is expected to witness the highest growth, mainly attributed to the urgency and large-scale delivery requirement of COVID-19 vaccines across the globe.
Geographic analysis
North America
Fastest growthNorth America commanded the largest share of the global vaccine storage equipment market in 2020 and is expected to maintain its dominance throughout the forecast period. This region is also expected to grow at the highest growth during the forecast period. The large share of this region is mainly attributed to the U.S. and significant volume order placed by the U.S. and Canada for COVID-19 vaccine & vaccine storage equipment. North America: The fastest growing market
Competitive landscape
- Thermo Fisher Scientific, Inc. (U.S.)
- B Medical Systems · Luxembourg
- Eppendorf AG · Germany
- Cole-Parmer Instrumentation Company, LLC (U.S.)
- Haier Group Corporation · China
- Philipp Kirsch GmbH · Germany
- PHC Corporation · Japan
- Helmer Scientific, Inc. (U.S.)
- EVERmed S.R.L · Italy
- Vestfrost Solutions · Denmark
Frequently asked questions
Cite this report
Meticulous Research. (2021). Vaccine Storage Equipment Market - Global Opportunity Analysis and Industry Forecast (2020-2027) (Report No. MR-464). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/vaccine-storage-equipment-market-5160