Vaccine Storage Equipment Market Worth $1.83 billion by 2027

According to this latest publication, the Vaccine Storage Equipment Market is expected to grow at a CAGR of 10.6% from 2020 to reach $1.83 billion by 2027. The substantial growth in the global vaccine storage equipment market is mainly attributed to the large-scale vaccination programs implemented by the global health agencies (such as WHO, UNICEF, GAVI (Global Alliance for Vaccines and Immunization), Vaccine for Children Program), high incidence of infectious diseases, and launch of COVID-19 vaccines, among others. However, high cost of cold storage equipment and stringent vaccine storage requirements are expected to hinder the growth of the vaccine storage equipment market to some extent.

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The global vaccine storage equipment market study presents historical market data in terms of value and volume (2018, 2019), estimated current data (2020), and forecasts for 2027- by type (freezer, refrigerator, and consumables and accessories), end-user (hospitals and medical institutes, distributors, and others), and by geography. The study also evaluates industry competitors and analyzes the market at a country level.

Based on type, the vaccine storage freezers segment commanded the largest share of the overall vaccine storage equipment market in 2020. Freezers provide optimal storage temperature ranging from -15°C to -86°C for major vaccine types.

Based on end-user, the hospitals & medical institutes segment commanded the largest share of the overall vaccine storage equipment market in 2020. This is mainly attributed to the launch of COVID-19 vaccines and focus of governments to prepare the care providers for mass vaccinations.

Geographically, North America commanded the largest share of the global vaccine storage equipment market in 2020 and is expected to maintain its dominance throughout the forecast period. This region is also expected to grow at the highest growth during the forecast period. The large share of this region is mainly attributed to the largest share of the global vaccine storage equipment market, by country, accounted by the U.S. and significant volume orders placed by the U.S. and Canada for COVID-19 vaccine & vaccine storage equipment.

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Some of the key players operating in global vaccine storage equipment market are Thermo Fisher Scientific, Inc. (U.S.), B Medical Systems (Luxembourg), Eppendorf AG (Germany), Cole-Parmer Instrumentation Company, LLC (U.S.), Haier Group Corporation (China), Philipp Kirsch GmbH (Germany), PHC Corporation (Japan), Helmer Scientific, Inc. (U.S.), EVERmed S.R.L. (Italy), and Vestfrost Solutions (Denmark), among others.

Key findings in the global vaccine storage equipment market study:

Freezers to register rapid growth during the forecast period

Freezer market is slated to grow at the fastest CAGR during the forecast period. freezers provide optimal storage temperature ranging from -15°C to -86°C for major vaccine types. Further, launch of Pfizer's and Moderna's COVID-19 vaccines which requires -70°C to -86°C and -20°C is expected to provide tremendous growth to the ultra-low temperature freezer market in the next 2-3 years.

Distributor end user segment to witness rapid growth during the forecast period

Distributors segment is rapidly gaining traction and is expected to witness the highest growth, mainly attributed to the urgency and large-scale delivery requirement of COVID-19 vaccines across the globe.

North America: The fastest growing market

North America commanded the largest share of the global vaccine storage equipment market in 2020 and is expected to maintain its dominance throughout the forecast period. This region is also expected to grow at the highest growth during the forecast period. The large share of this region is mainly attributed to the U.S. and significant volume order placed by the U.S. and Canada for COVID-19 vaccine & vaccine storage equipment.

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Key questions answered in the report-

Which are the key application areas for vaccine storage equipment technologies that can bolster your revenue growth strategies?

Which are the high growth markets in vaccine storage equipment that you should be focusing on to achieve sustainable growth?

Which geographic markets provide the fastest and highest revenue growth opportunities?

What are the major drivers, restraints, opportunities, and challenges in the global vaccine storage equipment market?

Who are the competitors to look out for in the vaccine storage equipment market? What market position do they hold in the vaccine storage equipment market?

How is the competitive landscape in the global vaccine storage equipment market? What strategies key vendors have been following to strengthen their market presence?

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This release was published on openPR.