Global Vaccine Storage Equipment Market Size USD 3,950 Million By 2031 | CAGR of 12.83%

Introduction

The term "vaccine storage and packaging" refers to a variety of laboratory tools and equipment used to transport, store, and protect vaccines. Refrigerators and freezers used to store vaccine vials, ampoules, and corrugated boxes are standard vaccine storage devices. Vaccines are packaged and kept in cold chain facilities that manage and maintain the proper internal temperature to ensure the product's safe transit in individual containers, cold boxes, and carriers. Therefore, they are utilized in various ways in hospitals, pharmacies, laboratories, and other healthcare facilities.

Market Dynamics

Economic Incentives by Various Governments Drive the Global Market

Governments provide financial help and commercial incentives to private vaccine storage equipment companies worldwide. Due to the high cost of producing vaccine storage equipment, firms are incentivized to invest in developing innovative and environmentally friendly products through tax credits, grants, infrastructural support, no-interest financing, free land, and tax reductions. In 2019, the Thai government permitted businesses to deduct up to 1.25 times the cost of vaccine storage equipment purchased between January 1, 2019, and December 31, 2021. These tax initiatives are anticipated to encourage 10% of existing plastics manufacturers to switch to bioplastics.

Global Corporations Adopting Eco-Friendly Packaging Due to Changing Consumer Trends Creates Tremendous Opportunities

The demand for greener products and less packaging has increased. A study conducted by the Center for Sustainable Business (CIB) discovered that customers are purchasing more sustainability-marketed items and attempting to reduce their plastic footprint in response to increased knowledge of the negative environmental effects of plastic. They also pay more attention to packaging while making purchasing selections, and many are altering their shopping practices. Additionally, due to these shifting global consumer patterns, many brands and multinational organizations are adopting eco-friendly packaging. Therefore, businesses will increasingly look to innovators in the vaccine storage equipment sector who develop viable, cost-effective, and scalable packaging alternatives to conventional materials, creating lucrative opportunities for players operating in the vaccine storage equipment category in the coming years.

Regional Analysis

Europe is the most significant shareholder in the global vaccine storage equipment market and is projected to grow at a CAGR of 13.06% over the forecast period. The shift to a low-carbon and circular economy, improved government support for the bioeconomy, and heightened consumer awareness of sustainable products and packaging are driving the expansion of the European vaccine storage equipment market. As a result of the European Union's intention to reduce the region's overall usage of thin plastic bags by around 80% compared to 2010 levels, the market for biodegradable plastics is projected to grow considerably in the following years. The demand for biodegradable plastics from traditional end-user industries, such as packaging, agriculture, and textiles, has increased noticeably. Particularly in European nations, the use of biodegradable polymers in additional specialized applications, such as medical implants and drug delivery systems, is increasing. These advancements contribute to the overall expansion of the market.

North America is projected to grow at a CAGR of 12.76% over the forecast period. The market for vaccine storage equipment in North America is expanding rapidly because of rising environmental concerns surrounding plastic usage, which drive the adoption of biodegradable plastic alternatives. Invasive species that wreak havoc on ecosystems can travel on plastic waste that can float in water for thousands of years. As a result of the above-described factor, the market for vaccine storage equipment is expanding. With a growing demand for vaccine storage equipment from major chains such as McDonald's, which intend to utilize 100 percent sustainable packaging by 2025, producers are opting to gain customer trust by proactively addressing environmental concerns rather than opposing change. In addition, it presents a tremendous potential for vaccine storage equipment makers to access the market and increase their market share.

Key Highlights

• The global vaccine storage equipment market was valued at USD 1,333 million in 2022. It is estimated to reach USD 3,950 million by 2031, growing at a CAGR of 12.83% during the forecast period (2023–2031).
• Based on product type, the global vaccine storage equipment market is bifurcated into starch-based plastic, cellulose-based plastics, polylactic acid (PLA), polyhydroxyalkanoates (PHA), and others. The starch-based plastic segment owns the highest market share and is estimated to grow at a CAGR of 12.88% during the forecast period.
• Based on application, the global vaccine storage equipment market is segmented into food, beverage, pharmaceutical, personal/homecare, and others. The food segment is the highest contributor to the market and is anticipated to grow at a CAGR of 12.90% throughout the forecast period.
• Europe is the most significant shareholder in the global vaccine storage equipment market and is projected to grow at a CAGR of 13.06% over the forecast period.

Competitive Players

Competitive Players

The key players in the global vaccine storage equipment market are Thermo Fisher Scientific Inc., Labnet International, Inc., Eppendorf AG, Cole-Parmer Instrument Company, LLC, Arctiko A/S, American Biotech Supply, Inc, Evermed S.R.L., Panasonic Healthcare Co., Ltd, Helmer, Inc., and Philipp Kirsch GmbH.

Recent Developments

Market News

• In November 2022, A technology license deal between Voltas Limited and Vestfrost Solutions will result in the development, production, sale, and service of medical refrigeration and vaccine storage equipment. Voltas Limited will produce vaccine storage equipment, such as ice-lined refrigerators, vaccine freezers, and ultra-low temperature freezers, for the Indian market. 

• In November 2022, The Japan International Cooperation Agency (JICA) formally sent cold chain and logistical equipment worth P80 million to aid in deploying COVID-19 vaccinations throughout the Philippines. This includes two service trucks, two refrigerated vans, and 600 units of biothermal packaging, which are reusable, ice-free vaccine storage containers.

Segmentation

Global Vaccine Storage Equipment Market: Segmentation

By Product Type

• Starch-Based Plastic
• Cellulose-Based Plastics
• Polylactic Acid (PLA)
• Polyhydroxyalkanoates (PHA)
• Others

By Applications

• Food
• Beverage
• Pharmaceutical
• Personal/Homecare
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• RoW