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Global Vaccine Refrigerators Market Size, Share, Analysis Challenges, and Future Growth Forecast 2022-2031

Kenneth Research has recently added a report titled Global Vaccine Refrigerators Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2022-2031.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for products.

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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

Global Vaccine Refrigerators Market is valued 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. 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, 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, High cost of refrigerators designed specifically for vaccines is a key factor expected to curtail growth of the global market over the forecast period. Moreover, growing trend of using refurbished equipment is another factor expected to hinder growth of the total market in the near future.

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 highest growth rate over the forecast period 2020-2027. Factors such as 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 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 objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. 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
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, 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
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  •  Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

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Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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