Grand View Research, a US-based market research and consulting company, has revealed that global vaccine storage and packaging market size is expected to reach $43.3 billion by 2027, expanding at a compound annual growth rate (CAGR) of 10.0%.
This is according to a new report by the company, which noted that increasing government focus on immunization programs, increasing R&D expenditure in biotechnological industries for medical research, and the rising number of Pharma retailers are expected to boost the growth of the market.
Also, technological advancement in the storage and packaging for medicines, rising government support for research activities and clinical trials, and the growing prevalence of infectious disease are anticipated to drive the market over the forecast period.
For example, there are only about 40.0% of wards in Nigeria that are equipped with active cold chain equipment. The government of Nigeria is installing at least one functional cold chain equipment in each ward in collaboration with UNICEF, WHO, and CHAI.
Key highlights of the report:
- By function, the storage segment held the largest market share in 2019 owing to the high cost involved in maintaining the potency of vaccines.
- The storage services segment held the largest market share of over 90.0% in 2019 owing to the increasing demand for vaccine storage services in the industry.
- The packaging segment by the material is sub-segmented into vaccine bags, vials, and ampoules, corrugated boxes, and others. The vaccine bags, vials, and ampoules segment held the largest segment in 2019.
- The packaging segment by packaging level is sub-segmented into the primary, secondary, and tertiary segments. The primary segment held the largest revenue share in 2019 owing to the higher cost of the primary packaging in the industry.
- Europe is anticipated to dominate the market over the forecast period owing to the increasing investments by government and non-government organisations for vaccine development and the high prevalence of infectious diseases within the region.
The COVID-19 outbreak is expected to increase the demand for efficient storage and packaging equipment in the healthcare industry. In addition, most of the biopharmaceutical companies and healthcare institutions are increasingly investing in the development of vaccines. This, in turn, is expected to drive the market over the forecast period.
Furthermore, rising awareness about early disease diagnosis and prevention and increasing incidence of infectious diseases has stimulated demand for protective medicines, thereby further driving the market.
What you should know
Grand View Research is a U.S.-based market research and consulting company that provides syndicated as well as customized research reports and consulting services.
