Global Vaccine Storage Equipment Market Report 2023: High Prevalence of Communicable Infectious Diseases in Low-income Countries Drives Growth

Dublin, June 23, 2023 (GLOBE NEWSWIRE) -- The "Global Vaccine Storage Equipment Market 2023-2028 by Storage Type, Packaging Type, End-Users, and Geography, Competitive Analysis, Impact of Covid-19 and Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global Vaccine Storage Equipment Market is estimated to be USD 1.16 billion in 2023 and is expected to reach USD 1.5 billion by 2028, growing at a CAGR of 5.28%.

The demand for vaccine storage equipment has witnessed significant growth in recent years, particularly driven by the global vaccination efforts in response to the COVID-19 pandemic. This trend is expected to continue as more countries aim to expand their vaccination programs and improve their vaccine storage infrastructure. The increasing prevalence of infectious diseases, such as COVID-19, measles, and hepatitis, is a key driver for the vaccine storage equipment market, as the demand for vaccines escalates.

However, the high cost of specialized vaccine storage equipment, including ultra-low temperature freezers and refrigerators, may pose a restraint to the market's growth, particularly in developing countries where healthcare providers face financial barriers. Maintenance and repair costs also add to the overall cost of ownership.

Nevertheless, there are opportunities in the market, such as the increasing popularity of portable vaccine storage equipment like vaccine carriers and vaccine fridges due to their ease of use and flexibility in storage and transportation. For instance, the World Health Organization (WHO) has procured a significant number of vaccine carriers and fridges for low and middle-income countries.

However, challenges such as negative environmental effects, lack of proper infrastructure, and resources in low-income countries may hinder the growth of the global vaccine storage equipment market. Many low-income countries struggle with inadequate healthcare infrastructure and resources, including unreliable electricity and refrigeration, which can impact effective vaccine storage and distribution. For example, in Sub-Saharan Africa, over 50% of health facilities lack access to reliable electricity, posing challenges for maintaining proper vaccine storage temperatures.

Competitive Quadrant

The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

The report presents a detailed Ansoff matrix analysis for the Global Vaccine Storage Equipment Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development, and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.

The analyst analyses the Global Vaccine Storage Equipment Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.

Based on the SWOT analysis conducted on the industry and industry players, The analyst has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Vaccine Storage Equipment Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter's 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Key Attributes:

Market Dynamics

Drivers

• High Prevalence of Communicable Infectious Diseases in Low-Income Countries
• Expansion of Transmission & Distribution Networks
• Growing Manufacturing Industries in Emerging Economies

Restraints

• Lack of Existing Government Policies Specific to Vacuum Interrupters
• The High Cost of Vaccine Storage Equipment

Opportunities

• Increasing Investments in Smart Grid & Power Distribution in Developing Regions
• Demand for Innovation of Technologies That Reduce Energy Losses in Power Generation and Transmission

Challenges

• The Lack of Proper Infrastructure and Resources in Low-Income Countries

Companies Mentioned

• ABB Ltd.
• AmerisourceBergen Corp.
• Antylia Scientific
• Arctiko AS
• B Medical Systems S.a r.l.
• Biobase Biodusty(Shandong), Co. Ltd.
• C.F. di Ciro Fiocchetti & C. s.n.c.
• Cardinal Health, Inc.
• Dulas Ltd.
• Eppendorf Ag
• EVERMED S.r.l
• Helmer Scientific Inc.
• Labcold Ltd.
• PHC Holdings Corp.
• Philipp Kirsch GmbH
• Qingdao Haier Biomedical Co., Ltd.
• Schenker Ag
• Standex International Corp.
• Thermo Fisher Scientific Inc.
• Vestfrost, AS

Market Segmentation

The Global Vaccine Storage Equipment Market is segmented based on Storage Type, Packaging Type, End-Users, and Geography.

• By Storage Type, the market for vaccine storage equipment can be categorized into refrigerators and freezers. Refrigerators and freezers are commonly used to store vaccine vials, ampoules, and corrugated boxes. The vaccines are packed and stored in individual containers and then bundled together in cold boxes and carriers within cold chain facilities. These facilities are designed to regulate and maintain the desired internal temperature, ensuring the safe transportation of vaccines.
• By Packaging Type, the market for vaccine packaging can be categorized into vaccine cool bags, vials & ampoules, and corrugated boxes. The vaccine packaging industry is divided into three sectors based on the level of packaging, namely primary, secondary, and tertiary. The primary sector is expected to gain market share and grow at a faster pace during the forecast period, as it requires more design and development, making it relatively more expensive.
• By End-Users, the market for vaccine storage equipment is classified into biopharmaceutical companies, hospitals, and medical laboratories. Among these segments, the distributor segment is expected to dominate the market, mainly due to the urgent demand for COVID-19 vaccines and the large-scale global delivery requirements associated with them.
• By Geography, the market for vaccine storage equipment is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific regions. Europe is expected to hold the largest market share in the global vaccine storage equipment market. This can be attributed to various factors such as the presence of established logistic providers with extensive experience in the region, increasing public awareness about vaccination programs, rising vaccine research activities, growing prevalence of infectious diseases, and a well-developed network of logistic providers with years of experience in the field.

For more information about this report visit https://www.researchandmarkets.com/r/s0wg20

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• Global Vaccine Storage Equipment Market