The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global vaccine storage equipment market. In addition, complete analysis of changes on the global vaccine storage equipment market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. During COVID-19 pandemic, global vaccine storage equipment market had a positive effect attributing to constant demand for market products in storage and transport which has indeed fuelled the market growth to major extend. Also, post COVID-19 the market has witnessed the rising new growth opportunities and is expected to have emerging demand in upcoming years.
MARKET OVERVIEW- GLOBAL VACCINE STORAGE EQUIPMENT MARKET
MARKET DRIVERS
The market is driven by factors like technological advancement as well as rising government support for research activities and clinical trials. The global market is anticipated to have emerging demand for proper vaccine storage and handling, further preventing and eradicating many vaccine preventable diseases. The market has significantly created its emerging demand for storage and handling errors further avoiding cross contamination and revaccination of many patients and significant financial loss due to wasted vaccine. Furthermore, vaccine storage equipment helps to store and handle vaccine properly. For instance, during COVID-19 the vaccine storage equipment has certainly gained increasing requirement for vaccine storage units to maintain the cold chain including ultra-cold storage. The market significantly focuses on providing pharmaceutical and healthcare companies with effective products like refrigerators, freezers which is expected to benefit the market over the estimated time period. This factors is expected to contribute healthy growth in the market over the estimated time period.
MARKET OPPORTUNITY
The market is expected to have growing new growth opportunities with rising government support for research activities and clinical trials, emerging technological advancement in vaccine storage equipment market is expected to create ample of new growth opportunities for the market. Besides, increasing immunization programs is expected to create fuel the market to major extend. Likewise, high prevalence of diseases has indeed flourished the market growth. Similarly, growth and diversification of vaccine storage equipment market in vaccine supply and distribution, healthcare, pharmaceutical products supply is expected to create new market opportunity during the projection period.
MARKET RESTRAINTS
The global vaccine storage equipment market is expected to have major restraining factors like complex regulatory procedures, increasing capital investment which has indeed created certainly hurdler for the market growth. Also, lack of infrastructure for vaccine storage equipment is likely to restrain the market to some extend. This factor is expected to create hurdler for the market growth during the forecast period.
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MARKET GROWTH CHALLENGES
The major growth challenge for the market is high capital investments. Likewise, complex regulatory procedures is expected to be major growth challenge for the market.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of global vaccine storage equipment market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various vaccine storage equipment in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
MARKET SEGMENTAL OVERVIEW
The global vaccine storage equipment market comprises of different market segment like product, type, end user and geography.
VACCINE STORAGE EQUIPMENT MARKET BY PRODUCT
By product, the vaccine storage equipment includes key segment of refrigerators, freezers and others. The refrigerators is anticipated to rapid demand for market. The refrigerators plays an important role for vaccine as these are mostly at a risk of accidental freezing in the cold chain. Besides, the accidental freezing is pervasive and occurs across all segment of the cold chain. This has ultimately led the driving demand for refrigerators in the market. Also, pharmaceutical refrigerators offers a comprehensive selection of storage solution for high value vaccine and other biologics. Also, these are mostly based on high performance refrigeration platforms engineered for reliability, temperature uniformity, fast temperature recovery, this is anticipated to drive the market at rapid pace over the forecast period. However, freezers is anticipated to lead in the market over the forecast period. Freezers ideally provides optimal storage temperature ranging from -15 degree C to -86 degree C for major vaccine type. Also, new innovation in market is expected to further market with new growth avenue.
VACCINE STORAGE EQUIPMENT MARKET BY TYPE
The vaccine storage equipment market is significantly studied for key type like refrigerated storage, refrigerated transport. Vaccine refrigerated storage is expected to have rising demand in the market over the estimated time period. This medical refrigerators for vaccine storage are built to meet the recommended temperature requirement for safe storage of vaccine and medications. Besides, the refrigerated storage are used for pharmacy, hospital, or medical office for storing refrigerated vaccine such as influenza, coronavirus, among others. Also, most of the refrigerated storage provide a stable temperature range between: 35 degree F to 46 degree F. On the other hand, refrigerated transport is anticipated to have growing demand in the market.
VACCINE STORAGE EQUIPMENT MARKET BY END USER
The vaccine storage equipment market has its major end user in retailers, distributors, clearing and forwarding agents and others. Distributors is likely to have emerging demand in the market. The vaccine storage equipment are mostly have increasing demand among distributors. As most of the distributors further supply these products to different healthcare institute, diagnostics as well as for supply chain. Besides, increasing retailers demand for different type of vaccine storage equipment has certainly boosted the market growth. Furthermore, expanding market with new partnership, product launch in vaccine storage equipment is propelling the market.
VACCINE STORAGE EQUIPMENT MARKET BY GEOGRAPHY
The global vaccine storage equipment market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is anticipated to lead in the vaccine storage equipment market during the forecast period (2022-2028). The region is likely to have growth in market due to emerging research and development activities for vaccine production, further increasing number of vaccination for various diseases has further contributed healthy growth in the market. On the other presence of well-established market players is anticipated to boost the market to major extend during the forecast period. Likewise, Europe followed by Asia Pacific are contributing healthy growth in the market during the estimated time period.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of vaccine storage equipment market is majorly focused on expanding the global growth of vaccine storage equipment with new product launches, partnership/ agreement and merger acquisitions which has boosted the market growth at highest pace. Besides, presence of wide range of manufacturer operating in the market offers range of products in different application to fulfill the required demand has further contributed healthy growth in the market.
The key players studied in market are Thermo Fisher Scientific, Inc., American Biotech Supply, Arctiko A/S, Eppendorf Ag, Evermed S.R.L., Haier Biomedical, Helmer Scientific, Labcold, Panasonic Healthcare Co., Ltd, Philipp Kirsch Gmbh among others.
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