Growing investment in the development of vaccines will boost the vaccine storage & packaging market, forecast to touch US$ 35 Bn by 2025 at a CAGR of 11%
Noida, Uttar Pradesh, India, February 22 2021 (Wiredrelease) Report Ocean Pvt Ltd –:Global Vaccine Storage & Packaging Market is estimated to see healthy growth, pegged at a CAGR of ~11% during the forecast period 2020-2025. Growing investment in research & development activities of vaccines by the healthcare institutions, governments, and biopharmaceutical companies, along with the rising government investment in immunization awareness, are expected to drive the market growth. For instance, the US government supports several public activities and agendas involved in vaccine-related activities in 2020-21. Each year, the US government spends millions of dollars on vaccine R&D to ease the purchase and distribute vaccines to the global market with safety confirmation of existing vaccines. The government of various nations is conducting educational and other outreach activities to influence vaccine use. Furthermore, the necessity for vaccine storage and transport is expected to be extremely high in the coming years with the Covid-19 pandemic.
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Rapid Advancement For The Production Of Vaccine with Storage & Packaging
Significant R&D investments have been made by several of the leading organizations to meet unmet patient needs in the storage and packaging of vaccines in health care facilities. For instance, the total global Diphtheria-tetanus-pertussis (DTP3) vaccination coverage was around 86.0%, according to the WHO. Besides, a growing understanding of early detection and prevention of diseases and the increasing incidence of infectious diseases has stimulated the demand for preventive vaccines, further boosting vaccine storage and packaging. Many initiatives made by healthcare organizations such as UNICEF have increased the use of preventative drugs is driving the market. UNICEF’s supply division and the revolving fund of the Pan American Health Organization (PAHO) allow different countries to procure medicinal products at lower prices. UNICEF and PAHO procure vaccines annually for more than 100 countries, which influences the rate of adoption.
Vaccine Storage & Packaging are laboratory devices used to preserve and maintain vaccines’ life in the desired state and avoid degradation. The vaccines are packed in individual cylindrical vials (each containing one or more doses) and bundled together in rectangular inner containers for transport into even larger groups, such as cold boxes and vaccine carriers. Storage facilities for vaccines provide storage at varying temperatures ranging from 86 degrees Celsius to 65 degrees Celsius and are available in various capacities depending on end-user requirements. In biotechnology firms, blood banks, hospitals & medical labs, drug stores, and related health care facilities, vaccine storage equipment has wide applications. Besides, the need for vaccine storage and transport is projected to be extremely strong in 2021 with the Covid-19 pandemic.
The lack of in-house storage and packaging capabilities, expertise, and budget constraints faced by biopharmaceutical companies, government institutions, and academic institutions are anticipated to propel this market’s growth. Moreover, steadily rising global immunization coverage is driving the vaccine storage equipment market. For instance, according to WHO, the estimated global vaccination coverage of Diphtheria-tetanus-pertussis (DTP3) was about 86.0% in 2018.
Lineage Logistics, Thermo Fischer Scientific, DB Schenker, Cardinal Logistics, McKesson, AmerisourceBergen, DHL, American Biotech Supply, Arctiko A/S, Panasonic Healthcare Co., Ltd, and NIPRO, among others, are some crucial players included in the research study of the global vaccine storage & packaging market.
By Function Outlook
Storage equipment (Refrigerator, Freezer, Others)
Service (Warehouse storage, Transportation)
By Packaging Material (Vaccine bags, vials, ampoules, Corrugated boxes, Others)
By Packaging Level(Primary, Secondary, Tertiary)
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