London, Jan. 20, 2021 (GLOBE NEWSWIRE) -- According to a new market research report “Vaccine Storage Equipment Market by Type (Electric Refrigerator, Solar Refrigerator, Ultra low temperature (ULT) Freezer, Consumables), End User (Hospitals and Medical Institutes, Distributors & Logistics) and Geography- Global 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 reach $1.83 billion by 2027.
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The global vaccine storage equipment market is witnessing a consistent growth owing to the 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, and 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 overall vaccine storage equipment market to some extent.
The overall vaccine storage equipment market study presents historical market data in terms of value and volume (2018, 2019), estimated current data (2020), and forecasts for 2027- by type (freezer, refrigerator, and consumables and accessories), end-user (hospitals and medical institutes, distributors, and others), and by geography. The study also evaluates industry competitors and analyzes the market at a country level.
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Based on type, the vaccine storage freezers segment commanded the largest share of the overall vaccine storage equipment market in 2020. Freezers provide optimal storage temperature ranging from -15°C to -86°C for major vaccine types.
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 launch of COVID-19 vaccines and focus of governments to prepare the care providers for mass vaccinations.
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The vaccine storage equipment market scope varies greatly across different continents. The reason for this lies in the rate of technological developments and impact of COVID-19 in different parts of the world. 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. This region is also expected to grow at the highest CAGR of 11.6% during the forecast period. The large share of this region is mainly attributed to the significant volume orders placed by the U.S. and Canada for COVID-19 vaccine & vaccine storage equipment.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years. The global vaccine storage equipment market is highly competitive in nature. Some of the leading players 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
- Freezer
- Ultra Low Temperature Freezer
- Upright Ultra Low Temperature Freezer
- Chest Ultra Low Temperature Freezer
- Low Temperature Freezer
- Upright Low Temperature Freezer
- Chest Low Temperature Freezer
- Ultra Low Temperature Freezer
- Refrigerator
- Electric
- Solar
- Others
- Consumables & Accessories
Vaccine Storage Equipment Market, by End User
- Hospitals and Medical Institutes
- Distributors
- 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
- China
- India
- Japan
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Middle East & Africa
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