Vaccine Storage Equipment Market by Type (Electric Refrigerator, Solar Refrigerator, Ultra low temperature (ULT) Freezer, Consumables), End User (Hospitals and Medical Institutes, Distributors and Logistics) and Geography- Global Forecast to 2027

The Vaccine Storage Equipment Market is expected to grow at a CAGR of 10.6% from 2020 to reach $1.83 billion by 2027. Vaccines are extremely sensitive in nature and require to be kept at recommended temperature to maintain its efficiency. Purpose-built storage equipment, such as refrigerators and freezers, provides optimum cooling to the vaccines.

The growth in the vaccine storage equipment market is majorly propelled by 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, 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. In addition, development of highly stable and energy efficient ultra-low temperature freezers, and technology advancements serve as an opportunity for vendors in vaccine storage equipment market.

Launch of COVID-19 Vaccines

On March 11, 2020, the World Health Organization declared a global pandemic arising from corona virus disease – 19 (COVID-19). The pandemic triggered a race among leading drug-makers and research institutes to develop a vaccine at the earliest. On December 02, 2020, the U.K. approved covid-19 vaccines co-developed by Pfizer, Inc. (U.S.) and BioNTech. Since then, few other COVID-19 vaccines were approved for emergency use. Further, at least 7.7 billion vaccine doses have been purchased and another 3.9 billion reserved by varied countries and regions (Duke Global Health Innovation Center). These significant volume deliveries required in short duration is expected to create huge demand for vaccine storage equipment globally.

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Implementation and on-going focus on the Global Vaccination Programs

A large number of vaccination programs are run by international organizations as well as local governments across the globe. These programs have created a significant network that manages vaccinations at large scale. Some of the leading global programs include The Global Vaccine Action plan (GVAP), Immunization Program by UNICEF, 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.

Key Players

Some of the key players operating in the 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.

Scope of the Report:

Vaccine Storage Equipment Market, by Type                                           

• Freezer
  • Ultra Low Temperature Freezer
    • Upright Ultra Low Temperature Freezer
    • Chest Ultra Low Temperature Freezer
  • Low Temperature Freezer
    • Upright Low Temperature Freezer
    • Chest Low Temperature Freezer
• Refrigerator
  • Electric
  • Solar
  • Others
• Consumables & Accessories                                    

Vaccine Storage Equipment Market, by End User                                               

• Hospitals and Medical Institutes
• Distributors
• Others

Vaccine Storage Equipment Market, by Geography                               

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific
  • China
  • India
  • Japan
  • Rest of Asia-Pacific (RoAPAC)
• Latin America
• Middle East & Africa

Key Questions Answered: