Global Vaccine Storage and Packaging Market is Estimated to Account for US$ 15 Bn by End of 2027, Says Coherent Market Insights (CMI)
SEATTLE--(BUSINESS WIRE)--Apr 15, 2021--
Vaccine storing &packaging is a concept of packaging vaccines in order to distribute them around the globe without any damage or contamination. Refrigerator, freezer, warehouse storage, vaccine bags, vials, ampoules, and corrugated boxes are some of the packaging and storing materials for vaccines.
The global vaccine storage and packaging market is estimated to account for 15 Bn in terms of value by the end of 2027, witnessing a CAGR of 8.04%.
Growing investment in the research and development for vaccines by the government and healthcare sector is driving the growth of the vaccine storage and packaging market. Increasing government initiatives on immunization programs are also anticipated to augment the growth of the market. Each year government spends hundreds millions of dollars on the research and development of vaccines to distribute them. Also, the government is conducting lots of educational and outreach activities in order to promote the use of the vaccine.
Lack of in-house storage &packaging facilities across developing countries and budget constraints faced by the biopharmaceutical industry is estimated to foster the growth of the market. Steady growth in the global immunization coverage is again driving the growth of the vaccine storage and packaging market. Recently, most of the companies have made a significant investment in R &D in order to address the growing demand regarding medical facilities in the healthcare industry. Furthermore, increasing awareness regarding the early diagnosis of disease and prevention of infectious disease is further estimated to fuel the growth of the vaccine storage and packaging market over the forecast period.
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An increasing number of partnerships and agreements among key players in the region is projected to provide potential growth opportunities in the region. For instance, in March 2017, Catalent, the global provider of advanced delivery technologies, development, and manufacturing solutions for drugs, biologics, cell and gene therapies, and consumer health products announced a partnership with Janssen Pharmaceutica NV and Janssen Pharmaceuticals, Inc., for increasing the manufacturing capacity for large-scale commercial supply of Janssen’s COVID-19 vaccine at Catalent’s manufacturing facility in Anagni, Italy.
The increasing launch of Solar Vaccine Refrigerator (SDD refrigerators) and Radio Frequency Identification (RFID) Refrigerators for storing vaccines is anticipated to bring profitable opportunities. These advanced refrigerators &freezers help in the regulation of temperature and prevention of vaccines. Moreover, growth in the government ventures on vaccination programs is further expected to offer enormous opportunities for the market of vaccine storage and packaging market in the near future.
Increasing global spending on the healthcare sector by the government for improving medical treatment and patient care is one of the growing trends in the vaccine storage and packaging market. According to the World Health Organization, global spending on health continues to rise. It was US$ 7.8 trillion in 2017 or about 10% of GDP and $1,080 per capita – up from US$ 7.6 trillion in 2016. Between 2000 and 2017, global health spending in real terms grew by 3.9% a year while the economy grew 3.0% a year.
The growing adoption of business strategies such as acquisition and merger for distributing vaccines among key manufacturers is one of the emerging trends. For instance, in January 2021, SeaCube Containers LLC–a company that buys, sells, manages, and leases shipping containers–recently acquired 200 Carrier Pods monitored by Sensitech to help address the anticipated increase in demand for refrigerated storage capacity and cargo visibility in support of COVID-19 vaccine distribution. Furthermore, with the outbreak of the COVID-19 pandemic the necessity for vaccine storage and packaging has expected to be very high in the near future.
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SeaCube Containers LLC–a company that buys, sells, manages, and leases shipping containers–recently acquired 200 Carrier Pods monitored by Sensitech to help address the anticipated increase in demand for refrigerated storage capacity and cargo visibility in support of COVID-19 vaccine distribution.
Global Vaccine Storage & Packaging Market, By Function:
- Storage Equipment
- Warehouse Storage
- Storage Equipment
- Packaging Material
- Plastic Bottles
- Blister Packs
- Packaging Level
- North America
- Asia Pacific
- Latin America
- Middle East &Africa
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. Our client base includes players from across various business verticals in over 57 countries worldwide.
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CONTACT: Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights
KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON
INDUSTRY KEYWORD: PACKAGING PHARMACEUTICAL HEALTH MANUFACTURING
SOURCE: Coherent Market Insights
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PUB: 04/15/2021 08:30 AM/DISC: 04/15/2021 08:31 AM