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.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/vaccine-storage-and-packaging-market-4313

Browse 50 market data tables* and 40 figures* on "Global Vaccine Storage and Packaging Market” - Forecast to 2030.

Key Trends and Analysis of the Global Vaccine Storage and Packaging Market:

  • Among regions, Asia Pacific accounted for a significant market share in 2021. 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 Global Vaccine Storage and Packaging Market:

  • Among function, storage segment accounted for a significant market share in 2021. 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.
  • 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.
  • 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.

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