Market Research Report
Global Vaccine Refrigerators Market - 2020-2027
|Published by||DataM Intelligence||Product code||991643|
|Published||Pre-Order||Content info||180 Pages
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|Global Vaccine Refrigerators Market - 2020-2027|
|Published: Pre-Order||Content info: 180 Pages||
Vaccine refrigerators are used to store vaccines to protect them from deterioration at the temperature necessary. Vaccines are extremely temperature-sensitive, and their deterioration can result from variations in the storage temperature. The problem of temperature variations that can jeopardize vaccines is faced by commercial refrigerators. Vaccine coolers have stable, ultra-low temperatures specially designed to preserve vaccine stability. Vaccine storage is influenced by the sunny climate in developed nations and by energy shortage problems in rural areas. Solar power vaccine fridges are used in these countries. Refrigerators with vaccines are cost-effective and exceptionally reliable.
The global Vaccine Refrigerators market size was worth US$ XX billion in 2019 and further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).
The major factors propelling the growth of the vaccine refrigerators market are The growth in the number of infectious diseases has contributed to an increase in vaccine demand. The increasing research and development activities of advanced vaccine development institutes and government agencies have further increased the market for vaccine refrigerators. The global vaccine refrigerator market is powered by increased investment by government agencies and comprehensive pharmaceutical industry R&D efforts for new vaccine production. A broad patient pool for immunization is produced by the high prevalence of infectious diseases such as flu, mumps, and other viral infections. This provides the vaccine refrigerator industry with growth opportunities. In addition, technologically advanced products such as solar vaccine coolers are projected to provide the industry with growth opportunities in the near future.
The increase in the number of infectious diseases spread across the globe, which increases the demand for vaccines, simultaneously impacts the Vaccine Refrigerator market positively. These vaccines need to be stored with deterioration to avoid damage to the complex formulas. The last decades have seen an increase in the number of epidemics with the introduction of new viruses into society. For example, the outbreak of the Ebola virus that threatened the African Region between 2014-16 and the annual reoccurring seasonal influenza virus. Large-scale vaccination of the risk-associated population is needed to fight these diseases, which raises the demand for glass vaccine vials during the forecast era. As of March 2016, Ebola virus resulted in nearly 29 thousand outbreaks and over 11.3 thousand deaths, according to the World Health Organisation. However, the flu outbreak leads to deaths worldwide between 290 thousand to 650 thousand persons. In comparison, the last COVID-19 pandemic, which resulted in 111 million cases of positive Corona Virus. Owing to the high prevalence and recurrence of these diseases, the need for a vaccine refrigerator for proper storage and transport of the vaccine is stimulating the growth of the industry.
The high cost of refrigerators designed specifically for vaccines is a key factor expected to curtail the growth of the global market over the forecast period. Moreover, the growing trend of using refurbished equipment is another factor expected to hinder the growth of the total market in the near future.
COVID-19 Impact Analysis
The outbreak of COVID-19 has positively impacted the growth of the Vaccine Refrigerators market globally. The escalated cases of COVID-19 across the globe, along with the high number of vaccine trials and development coupled with COVID-19 vaccination drives, have triggered tremendous demand for vaccine refrigerators. Therefore, the COVID-19 pandemic boosted the market value of the Vaccine Refrigerators market in 2020.
Based on the product, the Vaccine Refrigerators market has been classified into vaccine stainless steel refrigerators and vaccine dual-temperature refrigerators, vaccine under-counter refrigerators, solar vaccine refrigerators, and others.
The vaccine dual-temperature refrigerators segment is projected to be the dominant segment in the market during the forecast period.
Vaccine dual-temperature refrigerators dominated the global market in 2019, whereas the Solar vaccine Refrigerators is expected to present considerable growth in the near future. Due to the high demand for dual-temperature systems in research and pharmaceutical industries, the category of vaccine dual-temperature refrigerators is expected to see substantial growth during the forecast period. Using solar photovoltaic cells, solar vaccine refrigerators produce electricity from sunlight and store the energy in batteries. Therefore, the increasing usage of Solar vaccine refrigerators in is expected to propel segmental growth in the near future.
Vaccine Refrigerators are segmented on the basis of End-User, which includes Hospitals, blood banks, pharmaceutical companies, and academic & research institutes.
Pharmaceutical companies are expected to dominate the Vaccine Refrigerators market.
Pharmaceutical companies held the dominant position in the global market during the forecast period. During the forecast era, the pharmaceutical industry segment is expected to dominate the market due to an increase in R&D activities and high investments by key players in the production of novel vaccines in partnership with government agencies. Moreover, the academic & research institutes are expected to project a considerable CAGR during the forecast period.
Based on geography, the study analyzes the Vaccine Refrigerators market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America was held a dominant position in the global Vaccine Refrigerators market in 2019. In North America, the U.S. is expected to represent considerable growth during the forecast period. Demand for vaccines in North America is growing due to increasing research and development activities in the academic and pharmaceutical industries, increasing awareness of immunization services, and high health care spending in the Region. Moreover, Europe is expected to represent significant growth in terms of value during the forecast period. The vaccine refrigerators market for the Asia Pacific is expected to observe rapid growth over the forecast period. Due to the increasing number of infectious diseases in the country and government efforts to raise awareness about immunization services to prevent outbreak diseases, Asia Pacific is witnessing fast-growing demand for vaccine refrigerators. In developing Asia Pacific countries, technical developments by key players in providing cost-effective solar vaccine refrigerators are propelling the demand for vaccine refrigerators in the Region.
The Vaccine Refrigerators market is highly competitive, owing to the presence of big food brands. The key Vaccine Refrigerators players which are contributing to the growth of the global market include Thermo Fisher Scientific Inc., Haier Biomedical, Aegis Scientific Inc., Godrej Medical Refrigerators, Eppendorf AG, LABREPCO, Panasonic Healthcare Co., Standex, Leibherr Group, B Medical Systems S.a r.l. And Philipp Kirsch GmbH, among others. The major players are adopting new product launch and expansion strategies for global growth in the Vaccine Refrigerators market.
The Product Offers Zero error on correct vaccine distribution and high traceability on cold chain monitoring; information on vaccinations and vaccination is submitted to the cloud network in real-time to realize fully automated rapid vaccination based on uninterrupted data communication; control of the smallest package units and multiple data-based verifications.
Product Portfolio: The company's portfolio comprises Cold Rooms, Nitrogen containers, among others
The global Vaccine Refrigerators market report would provide access to an approx. 51 market data table, 45 figures and 221 pages.