The global vaccine storage & packaging market was valued at USD 20.1 billion in 2019 and is expected to grow at a CAGR of 10.4% during the forecast period. Expanding interest in research & development of various treatments by the pharmaceutical & biopharmaceutical, technologies involved in vaccine storage and the pre-occupied challenges in its supply chain, and address to the factors such as toxicity and reactivity to internal and external factors are few prime factors responsible for its growth.
Moreover, growing government venture on vaccination programs is estimated to fuel the global market over the estimated time frame. For example, the U.S. government assists various organizations and projects associated with immunization related activities. Every year, the U.S. government disbursed a countless dollar on research & development of treatment to buy and dispense vaccines to the states to make sure the well-being of existing vaccines and to conduct educational activities to support immunization usage.
The demand for these products is increasing due to the necessity of treatments in various chronic & infectious diseases. As vaccines are adequate route drug of administration for the unconscious & hospitalized patients, hence its increasing demand has led to an increase in demand for the global market. They are stored with lids enclosed in different containers until it is ready for administration to protect it from the exposure of light and to provide thermal protection. Appropriate stockpiling and handling practices plays a significant role in shielding people and society from vaccine-preventable diseases. Vaccine quality is the common obligation for everybody, from the time vaccine is developed until its administration.
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The challenges such as the absence of dedicated stockpiling and packaging abilities, mastery, and budget constraints, government establishments, and academic foundations are estimated to drive the development of the global market. Besides this, increasing worldwide vaccination coverage is further propelling the global industry. For example, the assessed worldwide immunization program for Diphtheria-tetanus-pertussis (DTP3) was about 86.0 percent in 2018, as per the estimates of the World Health Organization.
The SDD refrigerators and RFIDs usage in the businesses will further fuel the growth of the global market in the estimated time frame. Majorly most of the prominent key players have made a huge investment in Research & Development to address the clinical needs in the storage and packaging of vaccines in healthcare facilities. Additionally, increasing awareness regarding preliminary illness diagnosis & prevention is further propelling the growth of the industry. Moreover, the rising prevalence of infectious disorders has generated demand for preventive vaccines, thus fueling the market.
The market is primarily segmented based on function type, by end-use, and by geographic region.
By Function Type
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Based on product type, the global market is categorized into Storage and Packaging. Of all, the storage segment held the majority share, in 2019, due to the rising demand for vaccine storage in the industry. The services segment is witnessed to dominate the industry over the estimated time frame as the majority of the biopharmaceutical organizations hire third parties for distribution stockpiling and transportation services.
The vaccine bags segment accounted for the highest market share in 2019 due to its compatibility with the vaccine being stored. However, within packaging level, the primary segment is expected to have a significant share in 2019 & is estimated record the growth rate over the gauge period inferable from the greater expenses of the designs and advancement of the primary packaging in the businesses.
Based on end-use, the global vaccine storage & packaging market is categorized into Retailers, Forwarding & Clearing Agents, Distributors and Others. The distributors held the major market share, in 2019, as the demand for the medication is increasing continuously. Hence, this trend led to an increase in distribution operation & thus the distributors have a dominant market share.
While the retailers are estimated to have a dominant market share in the forecasted period due to the increase in usage of vaccines & awareness amongst the individuals regarding the prevention of infectious disease which will promote retailers regarding the stocking of vaccines. Hence, all these factors will fuel the growth of the global market in the forecasted period.
Based on the region, the global vaccine storage and packaging market has been categorized into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Among all, Europe held a major market share, due to the raising awareness amongst the people regarding vaccination, rising research & development of vaccines, increasing cases of infectious disorders, and the presence of an enormous number of warehouses providers in the region are the key factors fueling the regional growth of the global market.
With several European governments in line to develop COVID-19 vaccine, there are chances of “vaccine nationalism”. This is the case when an individual country prefers its citizens over others to monopolize vaccine development. This is done through pre-purchase agreements between the developer and the individual government. In line with this, the German government in June 2020, had bought 23 percent stake in CureVac, which is one of the leading companies in the race to develop COVID-19 vaccine through an investment of USD 340 million.
Moreover, Middle East & Africa is witnessed to register a higher CAGR over the estimated period due to the increasing government investments in the healthcare infrastructure in this region. While the increasing concentration of key players for the vaccine storage and packaging in the Middle East & Africa is also projected to fuel the market growth.
Additionally, South Africa and Saudi Arabia extends various opportunities for market players. Also, the vaccination programs in South Africa, are estimated to majorly contribute towards the revenue generation over the upcoming few years. However, rising communicable disorders are the key driver for the global market in this region.
Key players operating in the global market are concentrating on the joint ventures, collaborations, regional expansion and investments for fortifying their worldwide impressions by entering into undiscovered markets.
In June 2020, SiO2 Materials Science, the U.S. advanced materials science corporation has launched the newer technology for the packaging of vaccines & biological pharmaceuticals has signed a USD 143 million agreement with the federal government. This agreement with Department of Defense’s Joint Program Executive Office for Biological, Radiological, Chemical, and Nuclear Defense (JPEO-CBRND) in collaboration with the Biomedical Advanced Research and Development Authority (BARDA), to ramp up the production capacity of the company’s packaging facility for storing newer SARS-CoV-2 vaccines & other therapeutic agents. Some of the major players operating the global market include Lineage Logistics, Sentry BioPharma Services, DB Schenker, AmerisourceBergen, DHL, Thermo Fischer Scientific, Cardinal Logistics, McKesson; Panasonic Healthcare co., LTD., Arctiko A/S, American Biotech Supply, NIPRO.