Global Vaccine Storage and Packaging Market is estimated to be valued at US$ 8.39 Billion in 2021, according to the Global Vaccine Storage and Packaging Market Report, by Function (Storage (Storage Equipment and Service) and Packaging (Packaging Material and Packaging Level)), by Region (North America, Europe, Asia-pacific, Latin America, Middle East & Africa), published by Coherent Market Insights.
Global vaccine storage and packaging market was valued at US$ 8.39 Billion in 2021. Vaccine storage and packaging market is expected to register a CAGR of 10.2 % over the forecast period (2022–2030), to reach US$ 20.01 Billion by 2030.
Vaccine storage equipment is a laboratory equipment that is used to keep vaccines in the best possible condition and prevent them from degrading. Minor temperature fluctuations have negative effects on patients who are being immunized, so maintaining vaccines at the required temperature is critical and one of the major challenges faced by health care facilities. Vaccine storage equipment can be used at temperatures ranging from -86°C to 65°C and comes in a variety of capacities to meet the needs of the end user. Biotechnology companies, blood banks, hospitals and medical laboratories, pharmacy stores, and other health-care institutions all use vaccine storage equipment.
Rapid surge in demand for vaccine, owing to increasing population being infected by the COVID-19 virus coupled with the significant rise in the global population are driving growth of the global vaccine storage & packaging market. Rising awareness among the global population about the importance of vaccination for babies for various life threatening diseases, including polio, diphtheria, hepatitis, rotavirus, and measles is expected to drive demand for vaccine storage & packaging.
Emergence of Covid-19 is expected to propel growth of the global vaccine storage & packaging market over the forecast period. For instance, globally, as of December 18, 2020, there have been 73,275,943 confirmed cases of COVID-19, including 1,650,348 deaths, as reported by the World Health Organization.
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