Redding, California, Nov. 09, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Vaccine Storage Equipment Market by Type (Freezer, Refrigerator, and Consumables and Accessories), End User (Hospitals and Medical Institutes, Distributors and Logistics, and Others) - Forecast to 2027” published by Meticulous Research®, the vaccine storage equipment market is expected to grow at a CAGR of 10.6% from 2020 to 2027 to reach $1.83 billion by 2027.
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Proper vaccine storage and handling are important factors in preventing and eradicating many common vaccine-preventable diseases. Each year, storage and handling errors result in the revaccination of many patients and significant financial loss due to wasted vaccines. Failure to store and handle vaccines properly can reduce vaccine potency, resulting in inadequate immune responses in patients and poor protection against disease.
Major factors contributing to the growth of this market include the growing prevalence of infectious diseases, large-scale implementation of vaccination programs by global health agencies, rising R&D expenditure for vaccine research & storage, technological advancements in vaccine storage equipment for transportation, and increasing focus on immunizing people. Vaccines are sensitive biological substances that can lose their potency and effectiveness if they are exposed to temperatures (heat and/or cold) outside the required temperature range of +2 ºC to +8 ºC or when exposed to light.
Impact of COVID-19 Impact on the Vaccine Storage Equipment Market
The outbreak of the COVID-19 pandemic created an urgent demand for vaccines worldwide. For instance, according to Our World in Data, as of November 2021, only 36-37% of the global population was fully vaccinated against COVID-19. A significant number of people are left to get vaccinated, which is expected to increase the demand for vaccine storage equipment in the future.
The initiatives by the government organizations to boost the production of Covid-19 vaccines are also expected to drive the growth of the overall vaccine storage equipment market. For instance, in September, 2021, the Kenyan Ministry of Health received 12 items of ultra-low temperature freezers and accessories for storage of COVID-19 vaccines that require very low temperatures. UNICEF procured the equipment with funding from the Government of Japan through its global vaccine initiative ‘Last One Mile Support.’ In February, 2021, the U.S.FDA announced that it is allowing undiluted frozen vials of the Pfizer-BioNTech COVID-19 Vaccine to be transported and stored at conventional temperatures commonly found in pharmaceutical freezers for a period of up to two weeks. This reflects an alternative to the preferred storage of the undiluted vials in an ultra-low temperature freezer between -80ºC to -60ºC (-112ºF to -76ºF). The change is reflected in updates to the Fact Sheet for Healthcare Providers Administering Vaccine (Vaccination Providers).
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Similarly, in April 2020, the COVAX initiative was launched, part of the WHO Access to COVID-19 Tools (ACT) Accelerator. The program was led by Coalition for Epidemic Preparedness Innovations (CEPI); Gavi, the Vaccine Alliance, and the WHO. The goal of this initiative was to work with vaccine manufacturers to offer low-cost COVID-19 vaccines to countries. Such activities are further expected to drive the demand for vaccine storage equipment.
Vaccine Storage Equipment Market: Future Outlook
The overall vaccine storage equipment market is segmented on the basis of type [freezer, refrigerator, and consumables and accessories], end user [hospitals and medical institutes, distributors and logistics, and others]and geography [North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa].
Based on type, the freezers segment commanded the largest share in the overall vaccine storage equipment market in 2020. Freezers can provide optimal storage temperatures ranging from -15°C to -86°C for major vaccine types. Developments like product launch for vaccines freezers is expected to improve the segment growth in the forecast.
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Based on end user, the hospitals & medical institutes segment commanded the largest share of the overall vaccine storage equipment market in 2020. This is mainly attributed to the emergence of COVID-19 vaccines and the growing focus of governments to provide vaccines. The high prevalence of infectious diseases and a significant number of people approaching hospitals & medical institutes for vaccines are further expected to contribute to the segment's growth.
Based on geography, the Asia-Pacific region is expected to show the fastest growth rate in the forecast period. Factors attributing towards the growth of this region include the prevalence of infectious diseases in the region, growing investment for developing the healthcare sector, and the presence of the key players in the region.
The key players operating in the global vaccine storage equipment market are 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), and Vestfrost Solutions (Denmark), among others.
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Scope of the Report
Vaccine Storage Equipment Market, by Type
- Freezers
-
- Ultra-low Temperature (ULT) Freezers
- Upright Ultra Low-temperature Freezers
- Ultra Low-temperature Chest Freezers
- Low-temperature Freezers
- Upright Low-temperature Freezers
- Chest Low-temperature Freezers
- Ultra-low Temperature (ULT) Freezers
-
- Refrigerators
-
- Electric Refrigerators
- Solar Refrigerators
- Others
-
- Consumables & Accessories
Vaccine Storage Equipment Market, by End User
- Hospitals and Medical Institutes
- Distributor & Logistics
- Others
Vaccine Storage Equipment Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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