Vaccine Storage Equipment Market to Hit US$1.21 Billion by 2029 with 7.2% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Jan. 23, 2025 /PRNewswire/ -- The global vaccine storage equipment market, valued at US$0.82 billion in 2023, is forecasted to grow at a robust CAGR of 7.2%, reaching US$0.86 billion in 2024 and an impressive US$1.21 billion by 2029. Innovation in technology and regulatory changes are changing the landscape of the vaccine storage equipment market. Automation is improving efficiency by offering real-time monitoring and control of critical components like temperature. This also helps in reducing energy consumption and operational costs while increasing the quality of the product. Another significant driving factor is the escalation in conditions necessitating vaccination is creating a conducive environment for market expansion. The diseases such as dengue fever, influenza, tuberculosis, malaria, Zika virus, chikungunya, pneumonia, and HIV has created a favourable environment for the expansion of the vaccine storage equipment market. However, the environmental concerns regarding greenhouse gas emissions are presenting a significant challenge to the growth of vaccine storage equipment market.
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Based on product, the vaccine storage equipment market is divided into refrigerators, freezers, vaccine carriers/cold boxes, monitoring devices, and others. Among these, in 2023, the refrigerator segment accounted for the highest market share in the vaccine storage equipment market. This is owing to increasing investments from key players such as Thermo Fisher Scientific Inc. (US), Cardinal Health Inc. (US) in vaccine storage equipment market. These players are actively investing to increase their product portfolios and global presence. In 2023, for example, Thermo Fisher Scientific Inc. (US) spent USD 1,337 million on research and development. The company also introduced a new refrigerator in August 2023, thus increasing demand for refrigerators worldwide. Over the course of the projection period, it is anticipated that major global players' investments and innovations will continue to propel the refrigerator segment's expansion.
Based on type, the vaccine storage equipment market is segmented into refrigerated storage and refrigerated transport. Among these the refrigerated storage segment accounts for the largest share in the vaccine storage equipment market in 2023, owing to the strict regulatory compliance coupled with the efforts undertaken by the government to boost the market growth. The temperature-controlled refrigerator storage equipment is made to maintain vaccinations at the ideal temperature range, which is normally between 2 and 8 degrees Celsius. Refrigerated storage equipment are used keep vaccines stable, effective, and safe for use by ensuring constant cooling over the course of storage. A vital part of the cold chain, refrigerated storage shields vaccines from environmental changes and heat exposure that could reduce their effectiveness. Additionally, government-led vaccination campaigns and efforts to improve healthcare facilities have increased funding for refrigerated storage. For instance, a WHO-led procurement initiative supported by the European Union (ELI) has allowed Azerbaijan to significantly improve its immunization programs in recent years. These initiatives ensure vaccinations stay within permissible temperature ranges until they are delivered to the designated patients. In addition to improving vaccination accessibility, these calculated actions encourage innovation and expansion in refrigerated storage.
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Some of the prominent players operating in the market include Cardinal Health Inc. (US), Eppendorf SE (Germany), Thermo Fisher Scientific Inc. (US), PHC Holdings Corporation (Japan), Azenta Inc. (US), Standex International Corporation (US), Blue Star Limited (India), Haier biomedical (China), Dulas Ltd. (UK), MVE Biological Solutions (US), Arctiko Ltd (UK), Evermed S.r.l., A Everlasting group Company (Italy), and Philipp Kirsch GmbH, A Hettich Group Company (Germany), and among others.
Azenta Inc. (US):
Azenta Inc. company is a global leader in providing biological and chemical compound sample exploration and management solutions for the life science science industry. The company formerly known as Brooks Automation, Inc, the company rebranded to Azenta Inc. in December 2021. On October 2022, Azenta Inc company expanded its portfolio by acquiring B Medical Systems S.a.r.l. The company caters to vaccine storage equipment market through its B Medical Systems segment. Through B Medical Systems segment delivers comprehensive cold chain equipment, including plasma freezers, ultra-low freezers, and among others. The company generates their revenue from key regions, including US, Africa, China, UK, Europe, and Asia Pacific.
Thermo Fisher Scientific (US):
Thermo Fisher Scientific Inc. is a global leader in serving science and a prominent plyer in the vaccine storage equipment market. The company caters to the vaccine storage equipment through their laboratory products and biopharma services segment. Through this segment the company provides comprehensive equipment for laboratories, serving diverse markets such as pharmaceuticals, biotechnology, academia, government, and other research and industrial sectors. The company serves a broad customer base of over 400,000 clients, including pharmaceutical and biotech firms, hospitals, diagnostic labs, universities, research institutions, government agencies.
Eppendorf SE (Germany):
Eppendorf SE is a market leader in vaccine storage equipment market. The company focuses on developing, manufacturing, and marketing high-end goods, software, and services. The company operates in four business segments: Separation & Instrumentation, Liquid Handling, Consumables, and Lab Solutions (Bioprocess & digital). Among these, the company caters to vaccine storage equipment business through their separation and instrumentation segment. The company offers state-of-the-art PCR thermal cyclers, ULT freezers, and centrifuges. This equipment is essential for preserving the integrity of vaccinations while they are being transported and stored. The company operates throughout Europe, US, China, Malaysia, Japan, India, Korea, the United Arab Emirates, Singapore, and other countries.
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