The Vaccine Storage and Packaging market was valued at USD 3,544.28 million in 2020 and is expected to reach USD 5,661.25 million by 2026 growing at a CAGR of 8.12%
The following factors are likely to contribute to the growth of the vaccine storage and packaging market-
• Impact of COVID-19 outbreak
• Improvement in storage infrastructure
• Continuous technological advancements in cold chain facilities
• Improvement in the quality of the packaging material
• Increased production capacity of vaccines by key manufacturers
• Impact of growing government initiatives to promote immunization & its awareness
VACCINE STORAGE AND PACKAGING MARKET OVERVIEW
The COVID-19 outbreak has led to intensifying demand for vaccines to fight the disease; thus, it has contributed to the growth of the global vaccine storage & packaging market. With the utilization of technology, the disruptors and innovators are reimaging the daily lives of the past few decades. The influence of technology on the cold chain logistics industry is equally intense. Automations at the coldest temperature is an innovation that has provided ease to the vaccine storage process. The prevalence of COVID-19 has provided vast opportunities to the vaccine freezers, refrigerators, ampoules, vials, and other packaging material providers. COVID-19 has enabled the key vaccine players to partner with the key vendors in the vaccine storage equipment market.
KEY HIGHLIGHTS
• To promote the importance of immunization among people, the government is organizing vaccination camps, public conferences, and immunization programs in collaboration with several players. WHO provides knowledge and assistance to immunization programs worldwide, contributing to the market’s demand throughout a rapidly evolving situation.
• Technological advancements such as RFID tags, BFS technology, temperature monitoring devices, etc., are improving the penetration of the global vaccine storage and packaging industry.
• Due to the emergence of COVID-19, the demand for vaccine storage equipment increased significantly. These vaccines have specific cold storage requirements that should not be too cool or too hot to maintain the vaccine’s potency.
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• The sudden onset of covid-19 gave significant growth opportunities for manufacturers offering packaging and storage solutions for the vaccine supply chain. With the immunization process happening globally in many countries, vendors need to prioritize and manufacture products required for packaging and storage of a wide range of covid-19 vaccines to have a good and efficient supply chain between vaccine manufacturers and vaccine administrators.
The study considers a detailed scenario of the present vaccine storage and packaging market and its market dynamics for the period 2022−2031. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
VACCINE STORAGE AND PACKAGING MARKET SEGMENTATION
• Product Type
o In 2020, the global vaccine packaging industry by vials accounted for a revenue share of 41.68%. The most used material for packaging vaccines is borosilicate glass vials because of their unresponsiveness nature. As the demand for vaccines increases, the vial manufacturers are also increasing their production and are implementing advancements in vaccine packaging.
• End-User
o The increasing use of drugs in laboratory procedures provides an excellent opportunity for pharmaceutical refrigerators and freezers to develop their markets. Research institutions will be one of the most targeted segments of the pharmaceutical refrigerator and freezer market.
GEOGRAPHICAL ANALYSIS
• Europe: The rising number of vaccines manufactured, increasing acceptance and awareness among the population, increasing demand for COVID-19 vaccine, and growing government initiatives are propelling the demand for the global vaccine storage and packaging industry in Europe.
• North America: With an increasing number of newborns in the region, the need for immunization is arising. The US government supports many public agencies and programs that are involved in vaccine-related activities. Each year, they spend hundreds of millions of dollars to research new and improved vaccines. These factors are propelling the market demand.
• APAC: The rise in new coronavirus cases impacted patients in mid-2021 has once again highlighted the need to accelerate and expand vaccination programs in the Asia-Pacific region, which will fuel the market growth.
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VENDOR ANALYSIS
• One of the key vendors, Gerresheimer, acquired Swiss technology company Sensile Medical in 2018, which has contributed to the inorganic growth in the company.
• COVID-19 provided significant growth opportunities for manufacturers offering packaging and storage solutions. Vendors should prioritize and manufacture products required for the packaging of COVID-19 vaccines to have a good and efficient supply chain.
• FedEx provides specialized and temperature-controlled packaging services to its healthcare logistics customers with fast, reliable, and secure deliveries.
Key Vendors
• Arctiko
• Gerresheimer
• Panasonic Healthcare
• Schott AG
• Stevanato Group
• Thermo Fisher Scientific
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