VACCINE STORAGE AND PACKAGING MARKET ANALYSIS

The global  Vaccine Storage and Packaging Market is projected to reach around US$ 19.9 Bn by the end of  2030, in terms of revenue, growing at a CAGR of  11.8% during the forecast period (2023-2030).

Global Vaccine Storage and Packaging Market: Growth Drivers

Rising demand for packaging & storage of vaccine due to the COVID-19 pandemic

Due to rising infectious and infections, there has been a high demand for vaccines over the globe, the global vaccine packaging and storage market is expected to drive the market over the forecasted period. Growing development in vaccine R&D by medical institutions, healthcare, and pharmaceutical companies, as well as substantial involvement of the government in vaccination campaigns, have driven up the demand for vaccine packaging over the last years.

Due to rise in demand for immunization refrigerators is expected to drive the vaccine storage market. Companies engaged in the production of vaccine storage and packaging developing vaccine and immunization refrigerators owing to their ability to maintain the desired temperature for vaccines for up to 48 hours even without power. Moreover, the companies are also focusing on temperature-controlled refrigerators that are ideal for building an ecosystem for vaccine distribution, which is further propelling the growth of the global vaccine storage & packaging market.

Global Vaccine Storage and Packaging Market: Restraints

High initial investment

Packaging of vaccines is essential to protect the product until it reaches the end user. However, due to the significant importance of the product, numerous government policies have been introduced for companies operating in the vaccine manufacturing supply chain. For instance, in September 2020, the Drugs Controller General of India (DCGI) issued a set of guidelines for pharmaceutical companies manufacturing COVID-19 vaccines in India, to maintain the safety and efficacy parameters of the manufacturers. Such factors have resulted in high initial investment requirements for companies trying to enter the vaccine storage & packaging market, which is expected to hamper the growth of the vaccine storage & packaging market globally.

Market Trends-

Companies engaged in the packaging & storage of vaccines are adopting different strategies to increase their product offerings and services provided to capture a larger market share in 2021 due to the high demand for COVID-19 vaccine, globally. For instance, on June 26, 2020, Schott AG, a German multinational glass company specializing in the manufacture of glass and glass ceramics, completed the delivery of 2 billion vials for the delivery of COVID-19 vaccines.

Covid 19 Impact:

The COVID-19 pandemic has had a huge impact on the global economy. In 2020, numerous countries across the world were under lockdown for extensive period of time. By the end of 2020, some countries have locked down their countries to safeguard themselves from the second wave of the infection. This situation has created enormous demand for vaccines, which in turn is driving the vaccine storage & packaging market growth at the global level.

Global Vaccine Storage and Packaging Market: Recent Developments

• In March 2021, Helmer Scientific, a medical device company specializing in specialized medical and laboratory equipment, launched GX Solutions freezers for vaccines, blood therapy, and sample storage that are optimized for healthcare applications through noise reduction, temperature performance, and decreased energy use.
• In January 2022, Gelesheimer increased vial production capacity at its Wertheim plant and two other plants in China and the U.S. The company is investing in Wertheim's production to increase bottling capacity to 150 million bottles per year and plans to create 70 new jobs in the process. 
• In October 2021, Becton Dickinson expands its production of injectable in the U.S. As flu vaccine season begins in the U.S. and patients receive their COVID-19 vaccines, he added production lines to safely operate injection equipment and stocked syringes at his Nebraska facility.

Global Vaccine Storage and Packaging Market: Market Segmentation

Figure 1: Global Vaccine Storage and Packaging Market Share (%) in terms of Value, By Region, in 2022

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Asia Pacific region dominated the Vaccine Storage and Packaging in 2022, accounting for a 34% share in terms of value, followed by North America and Europe, respectively.  

Figure 2: Global Vaccine Storage and Packaging Market Share (%) in terms of Value, By function, in 2022

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On the basis of function in 2022, the storage segment has accounted for the largest market share of 60% in terms of value.

Global Vaccine Storage and Packaging Market: Key Companies

Key Companies are Corning Incorporated, Primal Glass Private Limited, Schott AG, Amcor, AptarGroup Inc., DHL Group, FedEx, UPS, SF Express, and World Courier.

*Definition: Vaccine packaging is the process of securely packaging vaccines and medicines so that they keep their therapeutic potency from the time they are packaged. Vaccine packaging comprises vials, ampoules, prefilled syringes, and bags & pouches, which is the initial level of packaging. The vaccine is bottled in glass vials and suitably packaged for safe cold storage and transportation when it is manufactured in bulk quantities. Vaccine packaging must be capable of sustaining high temperatures as well as the risks associated with international distribution. As a result, the most frequent material used to make vaccine vials is glass, which is both resilient and capable of maintaining its integrity in severe temperatures