The global vaccine storage & packaging market was valued at US$ 8.34 billion in 2019, according to Vaccine Storage & Packaging Market Report, by Function (Storage (Storage Equipment and Service) and Packaging (Packaging Material and Packaging Level)) and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
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 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. Such factors are expected to drive growth of the global vaccine storage & packaging market during the forecast period.
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 to the World Health Organization.
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Browse 25 market data tables* and 10 figures* on “Vaccine Storage & Packaging Market” - Global Forecast to 2027.
Key Trends and Analysis of the Vaccine Storage & Packaging Market:
- 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 the demand for vaccines in this 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.
Key Takeaways of the Market:
- Among function, storage segment accounted for a significant market share in 2019. Storage of vaccines is an essential part of the vaccine manufacturing supply chain. Adequate storage solutions are essential for increasing the shelf life of vaccines. Moreover, adequate refrigeration systems are required for the transport of vaccines to different locations through various modes of transport. In 2020, numerous freight transport companies are working exorbitantly on increasing their vaccine transport capacity at low temperatures to enable vaccine manufacturers to transport large quantities of vaccine doses to the global population in a shorter time period.
- Stringent regulations that promote vaccination are boosting the market growth. For instance, in January 2020, the Government of the U.S. mandated college students to be vaccinated against bacterial meningitis as a condition to attend classes in the institution and prevent the disease from spreading among students.
- Moreover, initiatives to promote R&D in poultry is also expected to aid in growth of the market. For instance, in May 2020, The US Poultry Foundation awarded US$ 7,000 grant to the University of North Georgia to recruit students into the poultry science program.
- Major 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
Global Vaccine Storage & Packaging Market - Impact of Coronavirus (Covid-19) Pandemic
- The global vaccine storage & packaging market is expected to witness growth in the near future, owing to rising number of infections across the globe due to Covid-19 pandemic and the colossal impact it has had in the global economy. 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. The global population is growing at a tremendous rate and government bodies are working extensively on the vaccination of babies to minimize the occurrence of illnesses including polio, diphtheria, hepatitis, rotavirus, and measles.