Vaccine Refrigerators Market Size, Share, Growth, and Industry Analysis by Type (Common Indoor Vaccine Refrigerators, Cold Chain Vaccine Refrigerators), by Application (Hospitals, Epidemic Prevention Station, Others), Regional Insights and Forecast to 2031

Updated On: 06 May 2024

VACCINE REFRIGERATORS MARKET REPORT OVERVIEW

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The global vaccine refrigerators market size was USD 206.3 million in 2019 and the market is projected to touch USD 311.6 million by 2026, exhibiting a CAGR of 6.0% during the forecast period.

Vaccine refrigerators are used to store vaccines at the mandatory temperature and prevent them from degradation. Vaccines are highly temperature-sensitive and fluctuations in the storage temperature may lead to their degradation. Commercial refrigerators face the issue of temperature fluctuations that can expose vaccines. Vaccine refrigerators provide stable, ultra-low temperature designed specially to maintain the stability of vaccines. Proper vaccine storage and handling are important factors in preventing and eradicating many common vaccine-preventable diseases. Vaccines are one of the highest innovations of modern medicine, effectively eradicating deadly diseases such as smallpox and polio. But, for vaccines to work successfully, stern handling, transport, and storage procedures must be exactly followed.

Rising research and development activities in academic and pharmaceutical sectors, growing consciousness about immunization programs, and high health care costs in the region are boosting the demand for vaccines. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact:  Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

VACCINE REFRIGERATORS MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into common indoor vaccine refrigerators, cold chain vaccine refrigerators

Common indoor vaccine refrigerators will capture the maximum market share through forecast period.  

Common indoor vaccine refrigerators - These are standard refrigerators used in medical settings, typically found in hospitals or clinics. They are designed to maintain a consistent temperature to keep vaccines safe.

Cold chain vaccine refrigerators– These refrigerators are part of a larger cold chain used to transport and store vaccines from the manufacturer to the point of use, maintaining the required low temperatures throughout.

• By Application Analysis

According to application, the market can be segmented into hospitals, epidemic prevention station, others

Vaccine refrigerators market players cover segment as hospitals will dominate the market share during forecast period.

Hospitals– In hospitals, vaccine refrigerators are used to store a variety of vaccines for patient care.

Epidemic prevention station – These stations are crucial during outbreaks and mass vaccination efforts. They might be temporary setups or permanent facilities dedicated to disease control.

Others - This category might include clinics, research facilities, pharmacies, and any other places where vaccines need to be stored.

DRIVING FACTORS

"Increase In Number Of Infectious Diseases To Boost The Market Growth"

Increase in the number of infectious diseases spread across the world, 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. 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 industries growth.

"Technological Advancement and Innovation To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the vaccine refrigerators market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices. Rising technological advancements in response to storage device advancements and increased R&D expenditure on biotechnology for the development of vaccine research.

RESTRAINING FACTOR

"High Cost To Hamper The Market Growth"

The high budget of vaccine refrigerators and the increasing trend of using renewed equipment are crucial hindering factors for the market. Technical difficulties will reduce the industry revenue.

VACCINE REFRIGERATORS MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Region Due To Expanding Number Of Infectious Diseases"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.

Asia Pacific is further expected to witness growth in the vaccine refrigerators market share. The region is dominating the market due to the expanding number of infectious diseases in the region. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List Of Market Players Profiled

• Panasonic (Japan)
• Dometic (Sweden)
• Haier (China)
• Helmer (Indiana)
• Standex (U.S.)

INDUSTRIAL DEVELOPMENT

March 2021: Helmer Scientific announced launch of its Plasma Freezers and GX Solutions Laboratory for blood therapies, vaccines, sample storage, and medications.  The launch is anticipated to consolidate Helmer Scientific’s presence in the medical refrigeration market.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.