Vaccine Storage And Packaging Market Share, Trends, Global Analysis during Forecast period 2020-2027

 

Vaccine Storage And Packaging Market

Vaccine storage and packaging systems are used to ensure the safe transport and delivery of vital vaccines to end users. Increasing investment in vaccine research and development by healthcare institutions and biopharmaceutical companies, as well as rising government investment in immunisation programmes, are expected to drive the market during the forecast period. For example, the United States government funds a number of public agencies and programmes involved in vaccine-related activities.

The United States government spends hundreds of millions of dollars each year on vaccine research and development in order to purchase and distribute vaccines to states, ensure the safety of existing vaccines, and conduct educational and other outreach activities to encourage vaccine use.  Furthermore, with the Covid-19 pandemic, the necessity for vaccine storage and transport is expected to be extremely high in 2021.

The global Vaccine Storage And Packaging Market is projected to surpass US$ 15.45 billion by the end of 2027 in terms of revenue, exhibiting a CAGR of 8.04% during the forecast period (2020 to 2027).

Furthermore, biopharmaceutical companies, government institutions, and academic institutions are expected to benefit from a lack of in-house storage and packaging capabilities, expertise, and budget constraints. Furthermore, the vaccine storage equipment market is being driven by steadily increasing global immunisation coverage. According to WHO, global vaccination coverage for Diphtheria-tetanus-pertussis (DTP3) was estimated to be around 86.0% in 2018.

Technological advancements in the industry, such as SDD refrigerators and RFIDs, are expected to drive the market. The majority of the leading companies have made significant R&D investments to address unmet medical needs in vaccine storage and packaging in health care facilities. Furthermore, rising awareness about early disease diagnosis and prevention, as well as the increasing incidence of infectious diseases, has stimulated demand for protective vaccines, driving the vaccine storage and packaging market even further.

Because of the increasing demand for vaccine storage equipment and services in the industry, the storage segment had the highest revenue share of 58.8% in 2019. Storage is further subdivided into storage equipment and storage services. The services segment is expected to dominate the market over the forecast period, as most biopharmaceutical companies outsource warehouse storage and transportation services to third parties.

The vaccine packaging market is divided into vaccine bags, vials, ampoules, corrugated boxes, and others based on packaging material. Because of its higher compatibility with sensitive materials, the vaccine bags, vials, and ampoules segment is expected to dominate the market in 2019. Furthermore, the vaccine packaging market is divided into primary, secondary, and tertiary segments based on packaging level. The primary segment is anticipated to dominate the market in 2019 and also expected to register a higher CAGR over the forecast period owing to the higher cost of the design and development of the primary packaging in the industry.

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