Vaccine Refrigerators Market Size and Growth Rate:
Vaccine Refrigerators Market was valued at USD xx Million in 2017 and is expected to reach USD xx Million by 2023 growing at a CAGR of 6% during the forecast period 2018 to 2023.
Vaccine Refrigerators Market – Growth Drivers, Challenges and Opportunities:
The vaccine refrigerators market is driven by an increase in the number of transmissible diseases, which has increased the demand for vaccines. Growing research and development actions in institutes and government organizations for the advancement of innovative vaccines have further increased the demand for vaccine refrigerators. Increase in funding by government regulations and extensive R&D activities by pharmaceutical companies for new vaccine development are driving the global vaccine refrigerators market.
However, the high cost of vaccine refrigerators and the growing trend of using refurbished equipment are important restraining factors for the market. High prevalence of infectious diseases such as flu, mumps, and other viral infections creates a large population base for immunization that offers growth opportunities for the market. Moreover, products with a technological change such as solar vaccine refrigerators are anticipated to provide growth opportunities to the market shortly.
The risk of blood transmission errors is increasing rapidly due to unscientific inventory management systems. The presence of stringent regulations for storage of blood components is a crucial factor driving the segment's growth. For instance, in the U.S., the Center for biologics evaluation and research (CBER) actively regulates the acquisition and storage of blood and blood components, which may be used for blood transfusion or the manufacturing of pharmaceutical commodities.
However, the pharmacies are supposed to emerge as the fastest growing category over the forecast period. A growing number of adverse reactions and building wastage of vaccines due to thermal shock is a significant factor in boosting the growth.
Vaccine Refrigerators Market – Regional Analysis:
Geographically, the global vaccine refrigerators market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounts for a principal share of the global market for vaccine refrigerators. Growing research and development projects in academic and pharmaceutical sectors, raising awareness regarding immunization programs, and high health care investment in the region are augmenting the market for vaccines in North America. The Asia Pacific is a rapidly growing market for vaccine refrigerators, due to the rising number of dangerous diseases in the region and government initiatives to create consciousness regarding immunization programs to eradicate pandemic diseases. Technological advancements by major vital players to provide cost-effective solar vaccine refrigerators in emerging countries of Asia Pacific are driving the vaccine refrigerators market in the region.
Some of the promising companies leading the Vaccine Refrigerators Market are:
- Thermo Fisher Scientific, Inc.
- Haier Biomedical
- Aegis Scientific, Inc.
- Godrej Medical Refrigerators,
- Eppendorf AG
- Panasonic Healthcare Co.
- Leibherr Group
- B Medical Systems S.à r.l.
- Philipp Kirsch GmbH
- Helmer Scientific
This research report includes following segmentation for the Vaccine Refrigerators Market size and forecast until 2023:
Vaccine Refrigerators Market – By Product Type:
- Blood Bank Refrigerators
- Ultra-Low Heat Freezers
- Laboratory/Pharmacy Refrigerators
Vaccine Refrigerators Market – By Region:
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa