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The market for vaccine refrigerators was estimated at USD 980.0 million in 2021, and it is anticipated to reach around 5,200 million in 2030, growing at a CAGR of 5.5% over the forecasted years. The examinations and investigations of vaccines is one of the major factors for the market growth and increasing public awareness regarding immunisation programme. Furthermore, the market is expanding rapidly due to growing R&D spending and technological developments in the healthcare sector. Moreover, the incidence and prevalence of infectious diseases have been on the rise. However, it is anticipated that the shortage of skilful healthcare professionals and the concern associated with the sizeable initial expenditure would hinder the vaccine refrigerator market’s growth.

The rise 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, gradually increasing global immunization coverage is boosting 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.

The market is significantly constrained by the high price of vaccine refrigerators and the expanding trend of using used equipment. A sizable population base for immunisation is created by the high occurrence of infectious diseases including the mumps, flu, and other viral infections. The market for vaccine refrigerators has forecasts for expansion as a result. Moreover, it is projected that in the near future, goods with technical innovation would offer the market growth scenarios, such as solar vaccine refrigerators.

The global market for vaccine refrigerators is growing owing due to the outbreak of the COVID-19 outbreak. A huge demand for vaccine refrigerators has been created by the increase in patients around the world, the large number of vaccine trials and development, and the COVID-19 vaccination programmes. Hence, the COVID-19 pandemic increased the market size for vaccine refrigerators in 2021.

Type Insights                  

The cold chain type segment accounts for the largest revenue share of the market in 2021 and is anticipated to dominate the market over the forecast period owing to the increased demand for this vaccine refrigerator from the healthcare industry due to maintenance of optimal temperature and hygiene during the storage which will further drive the market growth of vaccine refrigerator in this segment during the projected period.

End User Insights

The hospitals & clinics segment is expected to hold the largest revenue share of the market during the forecast period owing to the increasing number of patients suffering from various infectious diseases, and rising awareness about these diseases. Moreover, the availability of several diagnostics and treatment facilities, advanced healthcare infrastructure, higher purchasing power, and the presence of highly skilled healthcare professionals are driving the growth of the market in this segment.

Region Insights

North America accounts for a major share of the global market for vaccine refrigerators. The need for vaccinations in North America is being boosted by expanding academic and pharmaceutical sectors’ research and development efforts, rising public awareness of immunisation campaigns, and high health care spending in the area. During the projected period, this would have a favourable effect on the market for vaccine refrigerators in North America.

Owing to an increase in infectious diseases in the region and government campaigns to increase public awareness of immunisation programmes to combat epidemic diseases, the Asia Pacific region is home to a fast expanding market for vaccine refrigerators. The market for vaccine refrigerators in the Asia Pacific region is growing as a result of technological improvements made by major key players to supply solar vaccine refrigerators in developing nations that are affordable.

Key Companies Insights

Key players are focusing on their technological collaborations, partnerships, and merger & acquisitions strategies to gain a competitive edge and expand their product portfolio & business mark. The enduring Covid-19 pandemic hampered the medical systems across the globe and drove market players to update products for unexploited prospects. Some of the key players operating 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
• Other players

Some of the Recent Developments:

• In August 2019, Helmer Scientific launched professional medical refrigerators which incorporated OptiCool cooling technology under its GX Solution Refrigerator line.
• In July 2018, Thermo Fisher Scientific launched a novel series of TSG compact refrigerators. These were introduced to meet the needs of clinical laboratories and patient care facilities for cold storage equipment.

Segments

By Type

• Cold Chain Type
• Common Indoor Type

By End User

• Epidemic Prevention Stations
• Hospitals & Clinics
• Research Laboratories
• Pharmacies
• Others

By Geography

• North America
  • S.
  • Canada
  • Mexico
• Europe
  • K.
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • ASEAN
• Latin America
  • Brazil
  • Argentina
  • Colombia
• MEA
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt