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(Health-NewsWire.Net, February 09, 2022 ) Vaccine Storage and Packaging Market size is estimated to reach $39.8 billion by 2026, growing at a CAGR of 10.1% during the forecast period 2021-2026. Vaccine storage and packaging devices are laboratory products that are used to maintain the life of vaccines and also for avoiding degradation. Vaccine storage & packaging products are increasingly being adopted across the world owing to the growing awareness about the importance of vaccine packaging and the rise in focus by International Organizations, such as the Centers for Disease Control and Prevention (CDC). The rise in the demand for automated storage and retrieval systems for storing vaccines, growing adoption of deuterated solvents, increasing awareness about the importance of proper storage practices for Diphtheria-tetanus-pertussis vaccines, and the growing focus on developing vaccines and Immunization refrigerator by companies like Blue Star are the factors that are set to drive the growth of the Vaccine Storage & Packaging Market for the period 2021-2026.
Vaccine Storage & Packaging Market Segment Analysis - By Storage Type
The Vaccine Storage & Packaging Market based on the Storage Type can be further segmented into Refrigerator, Storage Equipment, Freezer, and Others. The Refrigerator segment held the largest share owing to the factors such as the growing demand for immunization refrigerators and the increase in the focus by the regulatory organizations regarding vaccine storage. The Food and Drug Administration (FDA) has been authorizing storage of the COVID-19 Vaccine vials in the refrigerator for up to 1 month at 2°C to 8°C. The rise in the importance of advanced refrigerators for storing vaccines is driving the growth of the Vaccine Storage & Packaging Market. The Storage Equipment segment is estimated to be the fastest-growing segment with a CAGR of 10.4% over the period 2021-2026. This growth is owing to the factors such as the increasing demand for automated storage and retrieval systems and the growing inclination towards cost-effective storage equipment.
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Vaccine Storage & Packaging Market Segment Analysis - By Packaging Type
The Vaccine Storage & Packaging Market based on the Packaging Type can be further segmented into Vaccine Bags, Ampoules, Corrugated boxes, Vials, and Others. The Corrugated boxes segment held the largest share in 2020 owing to the factors such as the rise in the demand for high compatibility packaging materials and the increase in the adoption of bio-degradable and light-weight corrugated boxes. The growing investment in packaging in countries, such as India is driving the growth of the Vaccine Storage & Packaging Market. According to the Indian Packaging Institute, the packaging companies in the country are using two million tons of Kraft paper to prepare corrugated boxes to meet the increasing demand from the food and pharmaceutical industries. The Ampoules segment is estimated to be the fastest-growing segment with a CAGR of 10.7% over the forecast period 2021-2026. This growth is owing to the factors such as the increase in the utilization of low-cost packaging solutions in emerging economies and the growing demand for glass ampoules for packaging injection-based drugs.
Vaccine Storage & Packaging Market Segment Analysis - By Geography
The Vaccine Storage & Packaging Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. North America held the largest share with 34% of the overall market in 2020. The growth in this segment is owing to the factors such as the growing awareness about the importance of proper storage practices for Diphtheria-tetanus-pertussis vaccines and the increase in the demand for glass ampoules for packaging injection drugs. The rise in the demand for automated storage and retrieval systems for storing vaccines is driving the growth of the Vaccine Storage & Packaging Market. Asia-Pacific segment is estimated to be the fastest-growing segment over the forecast period 2021-2026. The growth in this segment is owing to the factors such as the rise in the demand for deuterated solvents, growing adoption of bio-degradable corrugated boxes, and the increasing focus on developing Immunization refrigerators by companies like Blue Star.
Vaccine Storage & Packaging Market Drivers
Increase in the Focus on Storage Equipment for Diphtheria-tetanus-pertussis Vaccines is Projected to Drive Market Growth
The Centers for Disease Control and Prevention (CDC) is creating awareness about the importance of storage practices for diphtheria-tetanus-pertussis vaccines to protect individuals from vaccine-preventable diseases, which is one of the major factors driving the growth of the Vaccine Storage & Packaging Market.
Rise in the Demand for Immunization Refrigerators is Expected to Boost Product Demand
Companies, such as Blue Star are developing vaccine and immunization refrigerators owing to their ability to maintain the desired temperature for vaccines for up to 48 hours even without power. Moreover, the companies are also focusing on temperature-controlled refrigerators that are ideal for building an ecosystem for vaccine distribution, which is further propelling the growth of the Vaccine Storage & Packaging Market.
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Vaccine Storage & Packaging Market Challenges
Stringent Government Regulations Regarding Packaging is Anticipated to Hamper Market Growth
Stringent government regulations regarding the packaging of various vaccines are one of the major factors that is estimated to reduce the growth of the Vaccine Storage & Packaging Market. According to the World Health Organization (WHO), the warmest temperature inside the insulated vaccine Class A packaging materials should not rise above 8°C in outside ambient temperatures of 43°C for at least 48 hours.
Vaccine Storage & Packaging Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Vaccine Storage & Packaging Market. Key companies of this market are-
Helmer Scientific
DB Schenker
Cardinal Logistics
PHC Holdings Corporation
Tobin Scientific
DHL International GmbH
McKesson
Thermo Fisher Scientific
Labnet International, Inc,
Vestfrost Solutions among others.
Partnerships/Product Launches:
In March 2021, Helmer Scientific has launched GX Solutions freezers for vaccines, blood therapy, and sample storage that are optimized for healthcare applications through noise reduction, temperature performance, and decreased energy use.
In December 2020, Tobin Scientific has entered into a partnership with PHCbi to address the unique transportation and storage requirements of COVID-19 vaccines and to use ultra-low temperature freezers for maintaining the correct temperature throughout transit.
In October 2020, DHL International GmbH has expanded its facilities by launching state-of-the-art storage facilities. These healthcare-grade facilities will store an inventory of medical devices, vaccines, and pharmaceuticals.
Key Takeaways
Geographically, the North America Vaccine Storage & Packaging Market accounted for the highest revenue share in 2020 and it is poised to dominate the market over the period 2021-2026 owing to the rise in awareness about the importance of proper storage practices for Diphtheria-tetanus-pertussis vaccines.
The increase in the adoption of bio-degradable and lightweight corrugated boxes is driving the corrugated boxes segment. However, stringent government regulations regarding the packaging of various vaccines are one of the major factors that are said to reduce the growth of the Vaccine Storage & Packaging Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Vaccine Storage & Packaging Market report.
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