Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 151.47 Billion | USD 440.74 Billion | 12.6% | 2023 |
According to Zion Market Research, the global Vaccine Storage & Packaging Market was worth USD 151.47 Billion in 2023. The market is forecast to reach USD 440.74 Billion by 2032, growing at a compound annual growth rate (CAGR) of 12.6% during the forecast period 2024-2032.
The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Vaccine Storage & Packaging Market industry over the next decade.
The proper storage and handling of vaccines are one of the most critical aspects of immunization. The effectiveness of vaccine-preventable disease campaigns can be attributed in part to adequate vaccine storage and handling. Temperatures above the recommended ranges will reduce the efficacy and safety of vaccines. Vaccine waste and revaccination will cost thousands of dollars due to storage and handling errors. When repeat doses are needed, errors can lead to a loss of patient trust. It is preferable to not vaccinate than to administer a vaccine dose that has been tampered with. Good immunization practices are based on the foundation of vaccine management, which includes adequate storage and handling procedures.
Vaccines must be carefully preserved from the moment they are produced until they are sent out. The cold chain refers to how vaccines are kept cool during transport. A proper cold chain is a temperature-controlled supply chain that involves all processes and machinery used in the transportation, handling, and storage of vaccines from the time they are manufactured to when they are administered. Suppliers should ensure that patients receive the full benefit of vaccines by taking a few basic measures and adopting the best storage and handling practices.
Report Attributes | Report Details |
---|---|
Report Name | Vaccine Storage & Packaging Market |
Market Size in 2023 | USD 151.47 Billion |
Market Forecast in 2032 | USD 440.74 Billion |
Growth Rate | CAGR of 12.6% |
Number of Pages | 110 |
Key Companies Covered | Lineage Logistics, DHL, AmerisourceBergen, DB Schenker, McKesson, Cardinal Logistics, PANASONIC HEALTHCARE CO., LTD, Thermo Fischer Scientific, American Biotech Supply, NIPRO, and Arctiko A/S |
Segments Covered | By Type,By end-user, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The market is expected to be driven by increasing government spending on immunization programs and increased investment in vaccine research and development by healthcare organizations and biopharmaceutical companies. For example, the United States government funds a number of public agencies and initiatives involved in vaccine research and development. The U.S. government spends hundreds of millions of dollars per year on vaccine research and development, as well as purchasing and distributing vaccines to nations, ensuring the protection of existing vaccines, and conducting educational and other outreach programs to promote vaccine use. Moreover, due to the Covid-19 pandemic, vaccine storage and transportation will be highly important in 2021.
Furthermore, the lack of in-house storage and packaging facilities, knowledge, and budget constraints faced by biopharmaceutical firms, government agencies, and academic institutions are expected to propel the industry forward. In addition, the vaccine storage equipment market is being driven by steadily expanding worldwide immunization coverage. According to the World Health Organization (WHO), global vaccine coverage for Diphtheria, Tetanus, and Pertussis (DTP3) was reported to be about 86.0% in 2018.
Technological developments in the industry, such as SDD refrigerators and RFIDs, are expected to drive the market. The majority of the major corporations have made substantial R&D investments to meet unmet patient needs in vaccine storage and packaging in healthcare facilities. Moreover, growing awareness of early disease detection and prevention, as well as an increase in the occurrence of infectious diseases, has boosted the demand for preventive vaccines, propelling the vaccine storage and packaging industry even further.
The storage segment accounted for the largest revenue share in 2019 due to the growing demand for vaccine storage and handling toolkit and services in the industry. The storage section is further divided into storage equipment and services. The services segment is expected to dominate the market in the near future as most biopharmaceutical companies employ third parties for storage and transport services.
Based on packaging material, the demand for vaccine packaging is divided into vaccine bags, ampoules, vials, corrugated boxes, and others. The vaccine bags, ampoules, and vials segment had the largest revenue in 2019 due to higher compatibility with sensitive materials. On the basis of the packaging level, the vaccine storage and packaging market are segregated into the primary level, secondary level, and tertiary level. The primary packaging level segment held the largest market share in 2019 and is also anticipated to report a higher CAGR over the forecast period due to higher design costs and the growth of primary packaging in the industry.
By Geography, the vaccine storage & packaging market is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa.
In 2019, the North American region dominated the vaccine storage & packaging market as a result of increased public and private R&D funding in the region. Growing vaccine research, increasing people's knowledge of immunization services, the presence of major organizations in the region, and the growing prevalence of infectious diseases are contributing to the growth of the market. For example, in 2015, 1.5 billion has been invested in vaccine research by the U.S.-based National Institute of Health (NIH). The emergence of new vaccine manufacturers, especially in the underutilized vaccine market, also resulted in lower vaccine rates attributed to greater competition and increased manufacturing capacity for individual vaccines. The government has taken steps to encourage technological innovations and initiatives to accelerate the development of vaccines, thereby contributing to the growth of the vaccine storage & packaging market in the region.
Europe held a considerable share in 2019, due to rising awareness of vaccination programs, growing vaccine research, increasing prevalence of infectious diseases, and the presence of major logistic providers with years of experience in this field. These factors are also expected to boost the market demand in Europe in the coming years.
However, Middle East & Africa is anticipated to post a higher CAGR over the forecast period due to increasing government spending on healthcare infrastructure in the region. The growing emphasis on prominent players in the vaccine storage and packaging market in the region is also projected to push the market growth. In addition, Saudi Arabia and South Africa offer a number of opportunities to market players. Immunization initiatives in South Africa are projected to make a significant contribution to the growth of revenue over the next seven years. The increase in communicable diseases is also a key driver of the market in the region.
The major players in the global vaccine storage & packaging market include-
The report segment of the global vaccine storage & packaging market is as follows:
FrequentlyAsked Questions
The market is expected to be driven by increasing government spending in immunisation programmes and increased investment in vaccine research and development by healthcare organisations and biopharmaceutical companies. For example, the United States government funds a number of public agencies and initiatives involved in vaccine research and development. The U.S. government spends hundreds of millions of dollars per year on vaccine research and development, as well as purchasing and distributing vaccines to nations, ensuring the protection of existing vaccines, and conducting educational and other outreach programmes to promote vaccine use. Moreover, due to the Covid-19 pandemic, vaccine storage and transportation will be highly important in 2021.
global Vaccine Storage & Packaging Market was worth USD 151.47 Billion in 2023. The market is forecast to reach USD 440.74 Billion by 2032, growing at a compound annual growth rate (CAGR) of 12.6% during the forecast period 2024-2032.
In 2019, the North American region dominated the vaccine storage & packaging market as a result of increased public and private R&D funding in the region. Growing vaccine research, increasing people's knowledge of immunisation services, the presence of major organizations in the region, and growing prevalence of infectious diseases are contributing to the growth of the market. For example, in 2015, 1.5 billion has been invested in vaccine research by the U.S. based National Institute of Health (NIH). The emergence of new vaccine manufacturers, especially in the underutilised vaccine market, also resulted in lower vaccine rates attributed to greater competition and increased manufacturing capacity for individual vaccines. Government has taken steps to encourage technological innovations and initiatives to accelerate the development of vaccines, thereby contributing to the growth of the vaccine storage & packaging market in the region.
The major players in the global vaccine storage & packaging market include Lineage Logistics, DHL, AmerisourceBergen, DB Schenker, McKesson, Cardinal Logistics, PANASONIC HEALTHCARE CO., LTD, Thermo Fischer Scientific, American Biotech Supply, NIPRO, and Arctiko A/S among others.
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