Vaccine refrigerators are used to store vaccines to protect them from deterioration at the temperature necessary. Vaccine coolers have stable, ultra-low temperatures specially designed to preserve vaccine stability. Vaccine storage is influenced by the sunny climate in developed nations and by energy shortage problems in rural areas and thus, 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 Vaccine Refrigerators market are the growth in the number of infectious diseases contributing to an increase in vaccine demand, in turn fueling the market growth. The last decades have seen an increase in the number of epidemics with the introduction of new viruses into society. For example, the outbreak of Ebola virus that threatened the African region between 2014-16 and the annual recurring seasonal influenza virus. Large-scale vaccination of the risk-associated population is needed to fight these diseases, which raises the demand for glass vaccine vials during the forecast era. As of March 2016, the Ebola virus resulted in nearly 29 thousand outbreaks and over 11.3 thousand deaths, according to the World Health Organisation. Although the flu outbreak leads to deaths worldwide between 290 thousand to 650 thousand persons. In comparison, the last COVID-19 pandemic resulted in 111 million cases of positive Corona Virus. Owing 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 growth of the industry. Also, 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. A broad patient pool for immunization is produced by the high prevalence of infectious diseases such as flu, mumps and other viral infections. This provides the vaccine refrigerator industry with growth opportunities. In addition, technologically advanced products such as solar vaccine coolers are projected to provide the industry with growth opportunities in the near future. However, the high cost of refrigerators designed specifically for vaccines is a key factor expected to curtail the growth of the global market over the forecast period. Moreover, the growing trend of using refurbished equipment is another factor expected to hinder the growth of the total market in the near future.
The global Vaccine Refrigerators Market is valued at approximately USD 421 million in 2019 and is anticipated to grow with a healthy growth rate of more than 6.1 % over the forecast period 2020-2027.
The main regions of Asia Pacific, North America, Europe, Latin America, and the Rest of the World are included in the geographical overview of the global Vaccine Refrigerators industry. North America is the leading region across the world in terms of market share owing to the growing demand for vaccines 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. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2020-2027. Factors such as the rapidly increasing number of infectious diseases in the country and government efforts to raise awareness about immunization services to prevent outbreak diseases would create lucrative growth prospects for the Vaccine Refrigerators market across the Asia-Pacific region.
Major market player included in this report are: 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.
The detailed segments and sub-segment of the market are explained below:
By Product: Vaccine stainless steel refrigerators, Vaccine dual-temperature refrigerators, Vaccine under-counter refrigerators, Solar vaccine refrigerators, Others
By End-User: Hospitals, Blood banks, Pharmaceutical companies, Academic & research institutes
By Region: North America, Europe, Asia Pacific, Latin America, Rest of the World
Furthermore, the years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Vaccine Refrigerators Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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