Global Vaccine Storage and Packaging Market to Grow at 9.2% During 2023-2028, Spurred by Technological Advancements in Cold Chain Facilities

According to the latest report by IMARC Group, titled "Vaccine Storage and Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global vaccine storage and packaging market reached a value of US$ 27.8 Billion in 2022. Vaccine storage and packaging are laboratory devices that are utilized to preserve and store vaccines in optimum temperatures and ensure proper handling of vaccine vials and ampoules during transportation and storage. These storage solutions, including refrigerators and freezers, are widely available in a vast range of capacities that vary depending upon the user requirements. Since exposure to temperatures outside the recommended range can reduce the potency and protection offered by the vaccines, they are packed in individual cylindrical vials and then bundled together in inner containers called cold boxes and vaccine carriers. Consequently, these devices are extensively used across blood banks, hospitals, pharmacies, medical laboratories, and other healthcare centers.
 

Global Vaccine Storage and Packaging Market Trends:

The global market is primarily driven by the increasing incidences of numerous viral infections and immunological disorders, which have impelled the need for efficient vaccine storage and packaging facilities. Moreover, the rising awareness among the masses regarding early diagnosis and prevention of infectious diseases has provided an impetus to the demand for protective vaccines, which, in turn, is anticipated to create a positive outlook for the market. This is being supported by the increasing focus of several governments on immunization programs, which has contributed to the escalating requirement for vaccine storage and packaging solutions across public clinics, hospitals and vaccination centers. The market is further driven by the continual technological advancements in cold chain facilities, which has led to the advent of storage solutions that offer minimal risks of vaccine freezing and improved quality control. Apart from this, the rapid outbreak of COVID-19 has created an escalating need for efficient storage and packaging equipment across the globe. Cold chain logistics companies are actively investing in the development of their infrastructure due to the rising requirement for efficient global distribution of the approved vaccines. Some of the other factors contributing to the market growth include extensive research and development (R&D) activities in the field of biotechnology, increasing government support toward research activities and clinical trials, and the growing number of pharma retailers on the global level. On account of the aforementioned factors, the market is expected to grow at a CAGR of 9.2% during 2023-2028.
 

Market Summary:

• On the basis of the segment, the market has been bifurcated into vaccine storage and packaging.
• Based on the vaccine storage segment, the market has been divided into storage equipment (refrigerators, freezers and others) and service (warehouse storage and transportation services).
• On the basis of the vaccine packaging type, the market has been classified into packaging type (vaccine cool bags, vials and ampoules, corrugated boxes, and others) and packaging level (primary, secondary and tertiary).
• Based on the end user, the market has been categorized into biopharmaceutical companies, hospitals, medical laboratories and others.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has been studied in the report, with the detailed profiles of the key players. Some of these players include AmerisourceBergen Corporation, Arctiko A/S, Cardinal Logistics Management Corporation, DHL International GmbH (The Deutsche Post AG), Lineage Logistics LLC, McKesson Corporation, Nipro Corporation, PHC Holdings Corporation, Schenker Aktiengesellschaft, and Thermo Fisher Scientific Inc.

Report Scope:

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