Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Vaccine storage & packaging systems are used for the safe transport and supply of essential vaccines to the end users. The global vaccine storage & 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).
The COVID-19 pandemic has had a huge impact on the global economy and the vaccine for the infection is essential to retain normalcy in the global economy. In 2020, numerous countries across the world were under lockdown for extensive period of time. By the end of 2020, some countries have locked down their countries to safeguard themselves from the second wave of the infection. This situation has created enormous demand for vaccine, which in turn is driving the vaccine storage & packaging market growth at the global level.
Among region, Asia Pacific held dominant position in the global vaccine storage & packaging market in 2019, reporting 33.7% market share in terms of revenue, followed by North America and Europe.
Figure 1. Global Vaccine Storage & Packaging Market Revenue Share (%), By Region, 2019
Packaging of vaccines is essential to protect the product until it reaches the end user. However, due to the significant importance of the product, numerous government policies have been introduced for companies operating in the vaccine manufacturing supply chain. For instance, in September 2020, the Drugs Controller General of India (DCGI) issued a set of guidelines for pharmaceutical companies manufacturing COVID-19 vaccines in India, to maintain the safety and efficacy parameters of the manufacturers. Such factors have resulted in high initial investment requirements for companies trying to enter the vaccine storage & packaging market, which is expected to hamper growth of the vaccine storage & packaging market globally.
Vaccine Storage & Packaging Market Report Coverage
||Market Size in 2019:
||US$ 8.34 Bn
|Historical Data for:
||2017 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 15.45 Bn
- Regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
- By Function: Storage (Storage Equipment and Service) and Packaging (Packaging Material and Packaging Level)
Corning Incorporated, Piramal Glass Private Limited, Schott AG, Amcor, AptarGroup Inc, DHL Group, FedEx, UPS, SF Express, and World Courier
- Rising demand for packaging & storage of vaccine due to the COVID-19 pandemic
- Growing global population
|Restraints & Challenges:
Key players are focusing on adoption of growth strategies such as contracts & agreements to create growth opportunities at a global level for the vaccine storage & packaging market. For instance, in May 2020, Corning Incorporated signed a multiyear agreement to supply Pfizer Inc its glass packaging products, which significantly boosted sales for Corning Incorporated in 2020.
Figure 2. Global Vaccine Storage & Packaging Market – Opportunity Analysis
Companies engaged in the packaging & storage of vaccines are adopting different strategies to increase their product offerings and services provided to capture a larger market share in 2021 due to high demand for COVID-19 vaccine, globally. For instance, on June 26, 2020, Schott AG completed the delivery of 2 billion vials for the delivery of COVID-19 vaccines.
Figure 3. Global Vaccine Storage & Packaging Market Revenue Share (%), By Function, 2019
On the basis of function, the vaccine storage & packaging market is segmented into storage and packaging. In 2019, the storage segment accounted for 60% of the revenue share. The storage segment is further sub-segmented as storage equipment and service. The packaging segment is further sub-segmented as packaging material and packaging level.
Global Vaccine Storage & Packaging Market - Impact of Coronavirus (Covid-19) Pandemic
The global vaccine storage & packaging market is expected to witness substantial growth in 2020, owing to rising demand for vaccine for the COVID-19 infection. As vaccination will be required for the entire global population, the market is expected to witness substantial growth during the forecast period.
Key players operating in the global vaccine storage & packaging market include Corning Incorporated, Piramal Glass Private Limited, Schott AG, Amcor, AptarGroup Inc, DHL Group, FedEx, UPS, SF Express, and World Courier.