Global Vaccine Refrigerators Market - 2022-2029

Global Vaccine Refrigerators Market - 2022-2029

Market Overview

Vaccine Refrigerators Market is expected to grow at a high CAGR of 5.8% during the forecasting period (2022-2029).

Vaccine refrigerators are used to store vaccines to protect them from deterioration at the temperature necessary. Vaccines are extremely temperature-sensitive, and their deterioration can result from variations in the storage temperature. Commercial refrigerators face the problem of temperature variations that can jeopardize vaccines. Vaccine coolers have stable, ultra-low temperatures specially designed to preserve vaccine stability—the sunny climate influences vaccine storage in developed nations and energy shortage problems in rural areas. Solar power vaccine fridges are used in these countries. Refrigerators with vaccines are cost-effective and exceptionally reliable. The major factors propelling the growth of the vaccine refrigerators market are That the number of infectious diseases has contributed to increased vaccine demand. The increasing research and development activities of advanced vaccine development institutes and government agencies have further increased the market for vaccine refrigerators. The global vaccine refrigerator market is powered by increased investment by government agencies and comprehensive pharmaceutical industry R&D efforts for new vaccine production.

Market Dynamics

The increase in the number of infectious diseases spread across the globe, which increases the demand for vaccines, simultaneously impacts the vaccine refrigerator market. These vaccines need to be stored with deterioration to avoid damage to the complex formulas. The last decades have seen an increase in the number of epidemics with introducing new viruses into society. For instance: WHO declared Ebola outbreak in May 2021. On February 7, 2021 the Ministry of Health (MOH) in the Democratic Republic of the Congo (DRC) announced that a case of Ebola virus disease (EVD) had been confirmed in Biena Health Zone, North Kivu Province. To combat these diseases, large-scale vaccination of the risk-associated population is required, which surges the demand for glass vaccine vials during the forecast period. Simultaneously, for the 2021-22 flu season so far, the CDC estimated there have been 1,700 flu deaths, 2.9 million flu cases, and 28,000 hospitalizations because of the flu in the United States. Due to the high prevalence and recurrence of these diseases, the need for a vaccine refrigerator for proper storage and transport of the vaccine is stimulating the industry's growth.

On the other hand, the high cost of refrigerators designed specifically for vaccines is a key factor expected to curtail the global market's growth over the forecast period. Moreover, the growing trend of using refurbished equipment is expected to hinder the total market's growth shortly.

Market Segmentation: The vaccine dual-temperature refrigerators segment is projected to be the dominant market segment during the forecast period

Vaccine dual-temperature refrigerators dominated the global market in 2021, whereas the solar vaccine refrigerators are expected to present considerable growth shortly. Due to the high demand for dual-temperature systems in research and pharmaceutical industries, the category of vaccine dual-temperature refrigerators is expected to see substantial growth during the forecast period. Using solar photovoltaic cells, solar vaccine refrigerators produce electricity from sunlight and store the energy in batteries. Therefore, the increasing usage of Solar vaccine refrigerators is expected to propel segmental growth shortly.

Pharmaceutical companies held the dominant position in the global market during the forecast period. During the forecast era, the pharmaceutical industry segment is expected to dominate the market due to an increase in R&D activities and high investments by key players in producing novel vaccines in partnership with government agencies. Moreover, the academic & research institutes are expected to project a considerable CAGR during the forecast period.

Geographical Penetration: North America is the dominating region during the forecast period

North America was held a dominant position in the global vaccine refrigerators market in 2021. In North America, the U.S. is expected to represent considerable growth during the forecast period. Demand for vaccines in North America is growing due to increasing research and development activities in the academic and pharmaceutical industries, increasing awareness of immunization services, and high health care spending in the region. Moreover, Europe is expected to represent significant growth in terms of value during the forecast period. The vaccine refrigerators market for the Asia Pacific is expected to observe rapid growth over the forecast period. Due to the increasing number of infectious diseases in the country and government efforts to raise awareness about immunization services to prevent outbreak diseases, Asia Pacific is witnessing fast-growing demand for vaccine refrigerators. In developing Asia Pacific countries, key players' technical developments in providing cost-effective solar vaccine refrigerators propel the demand for vaccine refrigerators in the region.

Competitive Landscape:

The vaccine refrigerators market is highly competitive, owing to the presence of big food brands. The key Vaccine Refrigerators players contributing to the global market's growth include Thermo Fisher Scientific Inc., Haier Biomedical, Aegis Scientific Inc., Godrej Medical Refrigerators, Eppendorf AG, LABREPCO, Panasonic Healthcare Co., Standex, Leibherr Group, B Medical Systems S.à r.l. And Philipp Kirsch GmbH, among others. The major players are adopting new product launch and expansion strategies for global growth in the vaccine refrigerators market. Leading medical refrigerator makers such as Godrej Appliances, Voltas and Blue Star are gearing up to cater to needs of Covid vaccine manufacturers by enhancing their cooling technologies in view of the requirement to store vaccines at ultra-low temperatures. In February 2021, Blue Star Limited launched a new range of commercial refrigeration products and solutions which are ideal for storing vaccines.

COVID-19 Impact: Positive impact on the global vaccine refrigerators market

The outbreak of COVID-19 has positively impacted the growth of the vaccine refrigerators market globally. The escalated cases of COVID-19 across the globe, along with the high number of vaccine trials and development coupled with COVID-19 vaccination drives, have triggered tremendous demand for vaccine refrigerators. Therefore, the COVID-19 pandemic boosted the market value of the vaccine refrigerators market in 2021.

The global vaccine refrigerators market report would provide an access to approximately 51 market data tables, 45 figures and 190 pages