A new study by Coherent Market Insights says the vaccine storage and packaging market is projected to surpass $15 billion by 2027 and grow at a CAGR of 8.04% from 2020-2027. The study finds packaging of vaccines is essential to protect the product until it reaches the end user. Due to the importance of the product, government policies have been introduced for companies operating in the vaccine manufacturing supply chain. 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. The study says such factors have resulted in high initial investment requirements for companies trying to enter the market, which is expected to hamper growth of the vaccine storage and packaging market globally.
Asia Pacific accounted for a significant market share in 2019. Populations growth and the rising awareness among individuals in the region are expected to increase the demand for vaccines, driving growth in Asia Pacific. According to statistical data from the World Bank, the Indian population grew from 1.353 billion in 2018 to 1.366 billion in 2019. Similarly, the population of China grew from 1.386 billion in 2018 to 1.398 billion in 2019.
Impact of Coronavirus (Covid-19) Pandemic
The study states the growth of the global market is driven by the demand for the vaccine due to increasing numbers of the population being infected by the COVID-19 virus coupled with the rise in the global population and awareness about the importance of vaccination for babies for various life threatening diseases including polio, diphtheria, hepatitis, rotavirus, and measles.
The storage segment accounted for a significant market share in 2019. Storage solutions increase the shelf life of vaccines and adequate refrigeration systems are required for various modes of transportation to different locations. In 2020, freight transport companies worked on increasing its vaccine transport capacity at low temperatures to enable vaccine manufacturers to transport large quantities of vaccine doses to the global population in a shorter time.
Regulations that promote vaccination are boosting the market growth. In January 2020, the U.S. mandated that college students be vaccinated against bacterial meningitis in order to attend classes.
Initiatives to promote R&D in poultry is also expected to aid market growth, for example with the U.S. Poultry Foundation awarding grants in 2020 to the University of North Georgia to recruit students into the poultry science program. The study lists Corning Incorporated, Piramal Glass Private Limited, Schott AG, Amcor, AptarGroup Inc., DHL Group, FedEx, UPS, SF Express, and World Courier as key players operating in the vaccine storage and packaging market.
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