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Press Release: Vaccine Storage & Packaging Market To Surpass US$ 15.45 Billion By 2027
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).
Drivers
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
Market Restraints
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.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 8.34 Bn |
| Historical Data for: | 2017 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 8.04% | 2027 Value Projection: | US$ 15.45 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Corning Incorporated, Piramal Glass Private Limited, Schott AG, Amcor, AptarGroup Inc, DHL Group, FedEx, UPS, SF Express, and World Courier |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Opportunities
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
Market Trends
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.
Competitive Section
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.
The global vaccine storage & packaging market is expected to surpass US$ 15 billion by 2027, exhibiting a CAGR of 8.04% during the forecast period (2020-2027). Rapid surge in demand for vaccine, owing to increasing population being infected by the COVID-19 virus coupled with the significant growth in the global population are driving growth of the global vaccine storage & packaging market.
The 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 are locked down to safeguard themselves from the second wave of the infection.
Among regions, Asia Pacific accounted for a significant market share in 2019. The growth of the population in the region and the rising awareness among individuals in the region are expected to boost demand for vaccines in the region, thus driving the vaccine storage & packaging market growth in Asia Pacific. According to statistical data from the World Bank, the Indian population grew from 1.353 billion in 2018 to 1.366 billion in 2019. Similarly, the population of China grew from 1.386 billion in 2018 to 1.398 billion in 2019. The demand for vaccine storage & packaging products and services will increase, owing to rising awareness regarding vaccinations of new born babies, which in turn will drive growth of the vaccine storage & packaging market.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
* Browse 25 market data tables* and 10 figures* on "Vaccine Storage & Packaging Market” - Global forecast to 2027
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