The global vaccine storage and packaging market size is expected to reach USD 43.3 billion by 2027, expanding at a CAGR of 10.0%, according to a new report by Grand View Research, Inc. Technological advancement in the storage and packaging for medicines, rising government support for research activities and clinical trials, and the growing prevalence of infectious disease are anticipated to drive the market over the forecast period. In addition, increasing government focus on immunization programs, increasing R&D expenditure in biotechnological industries for medical research, and the rising number of pharma retailers are expected to boost the growth of the market. For instance, there are only about 40.0% wards in Nigeria that are equipped with active cold chain equipment. The government of Nigeria is installing at least one functional cold chain equipment in each ward in collaboration with UNICEF, WHO, and CHAI.
Furthermore,
most of the biopharmaceutical companies and healthcare institutions are
increasingly investing in the development of vaccines. This, in turn, is
expected to drive the market over the forecast period. For instance, Innovate
UK announced about £66.0 million investment to build and establish a U.K.
National Vaccines Manufacturing Innovation Centre in 2018. However, factors
such as the availability of refurbished products and stringent regulations are
expected to restrain the growth of the market over the forecast period.
Moreover,
the COVID-19 outbreak is expected to increase the demand for efficient storage
and packaging equipment in the healthcare industry. Most of the global
pharmaceutical and biopharmaceutical companies are researching to find a
potential vaccine against SARS-CoV-2, the virus causing the COVID-19 pandemic.
The National Institutes of Health (NIH) has partnered with more than 18
biopharmaceutical companies for the development of vaccines against SARS-CoV-2.
With the need for global distribution of the approved medicine, high pressure
is expected to be built on the cold-chain logistics industry, thus showcasing
an opportunity of collaborative efforts among players, leading to industry
growth.
In
addition, rising awareness about early disease diagnosis and prevention and
increasing incidence of infectious diseases has stimulated demand for
protective medicines, hence further driving the market. Several efforts
undertaken by healthcare organizations such as UNICEF have increased the
adoption of protective medicines over the years. UNICEF supply division and Pan
American Health Organization (PAHO) revolving fund allow the procurement of
medicines at lower prices for various countries. Annually, UNICEF and PAHO
procure vaccines for more than 100 countries, which, in turn, is impacting the
adoption rate. Thus, capturing market share by means of public contracts is a
routine activity of this industry and provides a sustained revenue flow for
companies working with government agencies.
An
increase in the implementation of the vaccination program by the different
governments is one of the major drivers for the market. Increasing vaccination
programs have initiated the utilization of public hospitals, clinics, and
vaccination centers that has escalated the demand for efficient storage units
for the medicines.
Full Research Report On Vaccine Storage & Packaging Market Visit Here:
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Vaccine Storage
& Packaging Market Report Highlights
- By function, the storage
segment held the largest market share in 2019 owing to the high cost
involved in maintaining the potency of vaccines
- The storage services segment
held the largest market share of over 90.0% in 2019 owing to the
increasing demand for vaccine storage services in the industry
- The packaging segment by the
material is sub-segmented into vaccine bags, vials, and ampoules,
corrugated boxes, and others. The vaccine bags, vials, and ampoules segment
held the largest segment in 2019
- The packaging segment by
packaging level is sub-segmented into the primary, secondary, and tertiary
segments. The primary segment held the largest revenue share in 2019 owing
to the higher cost of the primary packaging in the industry
- Europe is anticipated to
dominate the market over the forecast period owing to the increasing
investments by government and non-government organizations for vaccine
development and the high prevalence of infectious diseases within the region.
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Vaccine Storage
& Packaging Market Segmentation
Grand View Research has segmented
the global vaccine storage and packaging market based on function and region:
Vaccine Storage
& Packaging Function Outlook (Revenue, USD Million, 2016 - 2027)
- Storage
- Storage equipment
- Refrigerator
- Freezer
- Others
- Service
- Warehouse storage
- Transportation
- Packaging
- By Packaging Material
- Vaccine bags, vials,
ampoules
- Corrugated boxes
- Others
- By Packaging Level
- Primary
- Secondary
- Tertiary
Vaccine Storage
& Packaging Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
- Egypt
List of Key Players
of Vaccine Storage & Packaging Market
- Lineage Logistics
- AmerisourceBergen
- DHL
- DB Schenker
- Cardinal Logistics
- McKesson
- Thermo Fischer Scientific
- PANASONIC HEALTHCARE CO., LTD
- American Biotech Supply
- Arctiko A/S
- NIPRO
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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