(EMAILWIRE.COM, January 18, 2025 ) The global Vaccine Storage Equipment Market, valued at US$0.82 billion in 2023, is forecasted to grow at a robust CAGR of 7.2%, reaching US$0.86 billion in 2024 and an impressive US$1.21 billion by 2029. The expansion of pharmaceutical manufacturing facilities across the globe, the increased demand for vaccines, and the rising need for temperature-controlled devices to store vaccines drive the growth of the vaccine storage equipment market. However, the increased demand for refurbished vaccine storage equipment is restraining the markets growth. The shortage of manpower & resources to maintain equipment and environmental concerns regarding greenhouse gas emissions are prominent challenges to market growth.
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The growth in the vaccine storage equipment market is driven by rising need for temperature control devices to prevent vaccine loss & potential health hazard and increasing government & various regulatory body support for the establishment and maintenance of an efficient vaccine cold chain system. Additionally, the availability of cold chain logistics in developing countries and increasing conditions necessitating vaccination creating a conducive environment thus poses a lucrative opportunity in the vaccine storage equipment market. But the high energy cost and need for initial capital investment is restraining the vaccine storage equipment market during the forecast period. Additionally, the shortage of trained manpower & limited resources to maintain equipment, and environmental concerns regarding greenhouse gas emmission is hindering market growth.
By product, freezer segment accounts for the second highest share in the vaccine storage equipment market in 2023.
Based on product, the vaccine storage equipment market is segmented into refrigerators, freezer, vaccine carrier/cold box, monitoring devices, and other associated accessories. Among these, in 2023, the freezer segment accounts for the second highest share in the vaccine storage equipment market. The freezers are used for vaccine storage, designed to maintain extremely low temperatures, typically between -50 degree C and -15 degree C (-58F and +50F), to preserve the efficacy of vaccines that require freezing. The freezer segment is sub-divided into low temperature freezers, and ultra-low temperature freezers. Among these in 2023, the ultra-low temperature freezer segment holds the major market share. As many vaccines such as mRNA-based vaccines demand storage at temperatures as low as as -70’C, necessitating the use of ULT freezers to ensure the safety, efficiency, and potency. Additionally, the increasing prevalence of infectious diseases is rising the demand for vaccines thus up surging the vaccination programs, consequently increasing the demand for freezers across the forecast period.
By end user, Hospiatals & Clinics holds the largest share in the Vaccine storage equipment market in 2023.
Based on end user, the vaccine storage equipment market is segmented into vaccination centers, pharmaceutical companies, hospitals & Clinics, and others including pharmacies, research laboratories, public health organizations, and among others. Among these hospitals & Clinics is holding the largest share in the vaccine storage equipment market in 2023, owing to increasing collaborations between government and hospitals & Clinics for vaccine campaigns. Additionally, the increasing funding programs such as grants, and government initiatives to build the infrastructure is boosting the segmental growth. This funding is increasing to avoid vaccine loss, and to maintain the efficacy & potency of the vaccines.For instance, in July 2021, HRSA granted 97 million to more than 1,970 eligible rural health clinics. Each participating received the grant to develop & implement activities designed to increase immunization rates. These increased funding, hospitals and clinics are investing in advanced temperature-controlled storage equipment thus increasing the segmental growth.
North America dominates the global vaccine storage equipment market in 2023.
The vaccine storage equipment market is segmented into six major regional segments, namely, North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and GCC Countries. The North America accounts for the largest market share in the vaccine storage equipment market in 2023. This is due to strict regulatory criteria set by regulatory bodies for appropriate storage of vaccines in North America. For instance, the Centers for Disease Control and Prevention’s Vaccine Storage and Handling Kit, which was released in March 2024, focuses on the importance of healthcare facilities to have storage equipment that is appropriately setup, maintained, and monitored. By focusing on these precautions, patients are protected against unsafe immunizations. Additionally, the vaccine storage equipment protect medical facilities from the financial losses brought on by revaccination, and eroded public trust. With vaccine quality being a shared responsibility across the supply chain, compliance with these standards necessitates investments in advanced storage equipment, including temperature-controlled refrigerators, freezers, vaccine carrier/cold box and monitoring devices. This regulatory emphasis, combined with increasing vaccination campaigns and the introduction of specialty vaccines is increasing the demand for vaccine storage equipment in North America.
Key Players
Prominent players in the Vaccine storage equipment market include, Cardinal Health Inc. (US), Eppendorf SE (Germany), Thermo Fisher Scientific Inc. (US), PHC Holdings Corporation (Japan), Standex International Corporation (US), Blue Star Limited (India), Azenta Inc. (US), Haier biomedical (China), Dulas Ltd. (UK), MVE Biological Solutions (US), Arctiko Ltd (UK), EVERMED S.r.l., A Everlasting group Company (Italy), Philipp Kirsch GmbH, A Hettich Group Company (Germany), Labcold Limited (UK)
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Recent Developments of Vaccine Storage Equipment Market
-In June 2024, Haier Biomedical introduced the Mini ULT Freezer, ideal for biobanks, vaccine storage, and transportation applications.
-In April 2024, Thermo Fisher Scientific Inc. introduced its latest line of high-performance ultra-low temperature (ULT) freezers. The Thermo Scientific TSX Universal Series ULT Freezers feature improved performance, enhanced user experience, and increased energy efficiency.
-In August 2023, Thermo Fisher Scientific Inc. introduced the Thermo Scientific TSG Series Refrigerators, designed to ensure the secure storage of critical vaccines and pharmaceuticals in laboratory, pharmacy, and clinical environments.
-In October 2022, Azenta, Inc. announced the acquisition of B Medical Systems S.á r.l. and its subsidiaries, enhancing Azentas cold chain capabilities with advanced solutions for the reliable and traceable transport of temperature-sensitive specimens.
