Increased Demand for Vaccines During Pandemic and Surge in Government Expenditure on Healthcare Drive the Growth of the Vaccine Refrigerators Market

Vaccine refrigerator is a unit that is intended to store vaccines that need a low temperature. These are specifically developed refrigerators for storing samples such as blood, vaccines, medicines, and so on. The vaccine refrigerators advance the standard storage situations for medical products. It is widely used in clinics, hospitals, research laboratories, epidemic prevention stations, pharmacies, and other settings.

The growth in infectious diseases has increased demand for vaccines, which is what is driving the market for vaccine refrigerators. The need for vaccine coolers has increased as a result of expanding research and development initiatives in government and academic institutions for the creation of novel vaccines. The global market for vaccine refrigerators is being driven by an increase in government financing as well as significant R&D efforts by pharmaceutical companies for the development of novel vaccines. Moreover, regularly growing global immunization coverage is improving the vaccine refrigerators market. For instance, as per the WHO the projected global vaccination coverage of Diphtheria-tetanus-pertussis (DTP3) was around 86.0% in 2018.

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The global demand for vaccine refrigerators market was predicted to be about USD 990 million in 2022, and by the end of 2031, existing and expected developments would hit valuations of around USD 5,300 million. The industry players and analysts predict the global Vaccine refrigerators market growth of around 5.5% in terms of CAGR. During the forthcoming years, examinations and investigations of vaccines, increasing public awareness regarding immunisation programme is further driving the vaccine refrigerators market. However, shortage of skilful healthcare professionals and the concern associated with the sizeable initial expenditure are the challenges presented to vaccine refrigerators market development and growth.

Some of the leading and top vaccine refrigerators companies in the global vaccine refrigerators market include  Thermo Fisher Scientific, Inc., Haier Biomedical, Aegis Scientific, Inc., Godrej Medical Refrigerators, Eppendorf AG, LABREPCO, Panasonic Healthcare Co., Standex, Leibherr Group, B Medical Systems S.à r.l., Philipp Kirsch GmbH, Helmer Scientific among others. The leading five players such as Thermo Fisher Scientific, Inc., Haier Biomedical, Eppendorf AG, LABREPCO, Haier Biomedical hold around 30% market share of the global vaccine refrigerators market.

On the basis of type, the global vaccine refrigerators market can be segmented into cold chain type and common indoor type, with the ‘cold chain type’ category having the leading market share of about 65 percent, closely followed by the “common indoor type” category at about 35 percent of the global vaccine refrigerators market share. On the basis of end user, the market can be bifurcated into epidemic prevention stations, hospitals & clinics, research laboratories, pharmacies, and others. In terms of geography, North America region held the leading market share of around 40% among other regions such as Asia Pacific, Europe, Latin America, and Middle East & Africa in the global vaccine refrigerators market.

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