Vaccines are sensitive biological substances that can lose their power and effectiveness if exposed to temperatures outside the proper range. Vaccine storage equipment (such as refrigerators and freezers) plays a very significant role in protecting individuals and communities from vaccine-preventable diseases. A powerful vaccine “Cold Chain” is the first step in proper vaccination handling and storage. The potency of the vaccines may be lost if the cold chain is not properly maintained.
The Global Vaccine Storage Equipment Market is expected to grow at a rate of 8-10% by 2026. The rising incidence of infectious diseases and immunological disorders, large-scale implementation of vaccination programs by global health agencies, technical developments in vaccine storage equipment, rising R&D expenditure in biotechnological industries for vaccine research & storage, and increasing government focus on immunization programs are some of the main factors driving the global vaccine storage equipment market.
Implementation of the Global Vaccination Programs
Vaccination programs are among the most cost-effective ways to prevent disease. Currently, a large number of vaccination programs are run by international organizations (such as WHO, and UNICEF) as well as local governments across the globe. Vaccines for Children (VFC) and the Immunization Program by UNICEF are a couple of the major global programs.
Ultra-Low Temperature (ULT) Cold Storage for mRNA based Vaccine Drives the Vaccine Storage Equipment Market
When Pfizer-BioNTech and Moderna announced the growth of their COVID-19 vaccines that require ultra-cold storage at -70 °C to prevent degradation of mRNA-based covid vaccines, a newfound interest in ultra-cold storage started to rise.
In April 2022, To strengthen Armenia’s National cold chain capacity and boost COVID-19 immunization programs, UNICEF, with USAID funding, procured 80 refrigerators and 285 freezers
In December 2021, The UN Children’s Fund (UNICEF) with support from USAID delivered 14 ultra-low temperature freezers for storage of Pfizer vaccines in Ukraine
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Covid-19 Impact & Government Initiatives Fuels the Demand of Vaccine Storage Equipment Market
Worldwide demand for vaccines has increased due to the COVID-19 pandemic outbreak. Due to the differences between COVID-19 vaccines and other vaccines, COVID-19 vaccine products also had an impact on the types of vaccine storage units and temperature monitoring devices required to maintain the cold chain.
The initiatives taken by the government organizations have triggered a race among leading drug-makers and research institutes to develop a Covid-19 vaccine at the earliest which in turn is projected to raise the need for vaccine storage equipment in the future.
In October 2021, UNICEF procured the equipment with funding from the Government of Japan through its global vaccine initiative ‘Last One Mile Support
In September 2021, the Kenyan Ministry of Health received 12 items of ULT freezers and accessories for storage of COVID-19 vaccines
Lack of Infrastructure in Emerging Economies
The absence of storage infrastructure is the most basic challenge in evolving countries, typically in the areas of operational efficiency, planning, talent availability, transportation, and warehousing infrastructure, as well as data systems and governance models.
Companies Adopting Inorganic Growth Strategies to Increase their Market Share
Players operating in the vaccine storage equipment market adopt both organic and inorganic growth strategies such as collaborations and acquisitions, to garner market share.
In April 2022, Dulas announced the agreement with IoT Company Beyond, to provide integrated remote temperature monitoring on its Solar Direct Drive vaccine refrigerators
In June 2021, AmerisourceBergen Corporation announced the acquisition of Alliance Healthcare
The vaccine storage equipment market is a rising market that is expected to gain further momentum in the coming years due to an increase in the development of technology, a favorable regulatory landscape, and increasing investments from the government globally.
Competitive Landscape Analysis of Vaccine Storage Equipment Market
Some of the key/promising players operating in the global vaccine storage equipment market include AmerisourceBergen Corporation, Arctiko, B Medical Systems, Sartorius, and Vestfrost Solutions, among others.
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