Global Vaccine Storage & Packaging Market Size, Share, Growth Analysis, By Storage Type, By Packaging Type, By End Use Industry, By Function - Industry Forecast 2023-2030

Vaccine Storage & Packaging Market size was valued at USD 8.39 billion in 2021 and is poised to grow from USD 9.24 billion in 2022 to USD 17 billion by 2030, growing at a CAGR of 10.2% in the forecast period (2023-2030).

The major factors anticipated to propel the growth of the global vaccine storage & packaging market over the forecast period include rising investment in research & development of various types of vaccines by numerous large biopharmaceutical companies and healthcare institutions, along with growing government efforts on improving immunisation. Our research indicates that the federal government of the United States invests hundreds of millions of dollars in the purchase and distribution of research and development to the states.

Additionally, the worldwide industry's high technology breakthroughs, particularly in highly developed nations like the United States and France, such as SDD refrigerators and RFIDs, are anticipated to fuel the market for vaccine storage and packaging in the years to come. The global vaccine storage & packaging market is expected to experience a boom in the near future as a result of the rapidly expanding awareness regarding early diagnosis of diseases and the consistently rising incidence of different types of infectious diseases around the world.

Additionally, the lack of packaging knowledge, skills, financial limitations, and a shortage of in-house storage faced by numerous healthcare institutions and biopharmaceutical companies globally are also likely to fuel demand and growth for the global vaccine storage & packaging market at a high growth rate over the forecast period.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Vaccine Storage & Packaging Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

Global vaccine storage & packaging market is segmented on the basis of storage type, packaging type, end use industry, function, and region. By storage type, the market is sub-segmented into refrigerator, storage equipment, freezer, and others. By packaging type, the market is categorized into vaccine bags, ampoules, corrugated boxes, and others. By end use industry, the market is segmented into diagnostic centres, clinical research organization, and other healthcare units. By function, the market is segmented into storage, packaging. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.

Driver

Over the course of the forecast period, it is anticipated that rising immunisation refrigerator demand and increased focus on storage equipment for various types of vaccines would be the key driving factors for the worldwide vaccine storage & packaging market. The Centres for Disease Control and Prevention is placing a lot of emphasis on raising knowledge about vaccine storage procedures in order to safeguard people from a variety of vaccine-preventable diseases, which is expected to drive demand for vaccine storage & packaging market in the years to come.

Restraint

The two main factors that are projected to have the biggest impact on the worldwide vaccine storage & packaging market during the forecast period are strict government restrictions and the high cost of the devices needed for vaccine packaging and storage. A major restraint on the worldwide market is probably the implied rules that various governmental bodies have on the packaging and storage of vaccines.

Market Trends

The development of cold chain facilities, expanding end-use sector penetration, including diagnostic centres, hospitals, and research programmes, are driving market growth globally. These factors are also driving up research and development activities in the healthcare infrastructure. The development of cutting-edge technological items and equipment is a top priority for major industry players in order to make their customers' lives easier and more comfortable. The global market for vaccine storage and packaging has benefited from a rise in disease brought on by the rapid global population growth.