The global Vaccines Storage Equipment market was valued at USD 932.1 Million in 2019 and is projected to reach USD 2,802.1 Million by 2027, expanding at a CAGR of 15.4% during the forecast period. Myopia is a medical condition, associated with the blurring of vision. Vaccines Storage Equipment is designed for the storage of vaccine. The Vaccines Storage Equipment are refrigerators designed to store vaccines and other medical products at a controlled and stable temperatures to prevent degradation. Vaccines Storage Equipment and handling practices are essential for protecting individuals and communities from vaccine-preventable diseases. The market is driven by factors such as growing focus on immunization programs, increasing awareness among consumers for vaccines, and rising investment in research & development.
Vaccines exposed to temperatures outside the ranges may not be effective. Doses are repeated to increase the potency of the vaccines. Errors in the handling of the vaccines result in the loss of potency. Vaccine management, which consist of storage and handling procedures, follows guidelines. Vaccines need to be stored in a cool place from the time they are manufactured until they are administered. A proper cold chain is a temperature-controlled supply chain that includes all equipment and procedures used in the transport, storage, and handling of vaccines from the time they’re manufactured to time they are administered.
Vaccines are sensitive to temperature. They need to be maintained at temperature recommended by vaccine manufacturers and protected from light. Several live virus vaccines are stored at freezing temperatures, as vaccines deteriorate at a rapid rate after they are removed from the storage. Inactivated vaccines can be damaged by the exposure to temperature fluctuations (extreme heat or freezing temperatures). Potency can be adversely affected if vaccines are left out too long or exposed to multiple temperature excursions (out-of-range temperatures) that can have a cumulative negative effect. Rise in the prevalence of infectious and chronic diseases has led to the rise in the demand for new vaccines, which in turn, boosts the demand for Vaccines Storage Equipment.
History of Vaccines Storage Equipment
In 1974, the World Health Organization (WHO) established the Expanded Program on Immunization (EPI). Dr. Rafae Henderson was the director designed the methods for the storage of the vaccines. The vaccines are sensitive to temperatures; therefore, WHO built capacity storages for vaccines by developing technologies, systems, and established guidelines for the vaccine cold chains.
Challenges in the transportation of vaccine:
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An absence of systems to monitor the temperature of the sensitive vaccines
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An absence of appropriate equipment to store and transport vaccines
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An insufficient number of trained staff to handle vaccines
Rise in the prevalence of infectious and chronic diseases has led to the rise in the demand for the introduction of new vaccines, which in turn, boosts the global viral clearance market. Increase in investments in R&D fuels the demand for vaccines. Several companies have introduced several vaccines to treat infectious disease, which increases the requirement for research and development (R&D). Rise in urbanization has led to the adoption of sedentary lifestyle. This has increased the prevalence of infectious diseases worldwide. According to the Center for Disease Control (CDC), 45% of people in the US have infectious diseases. The growth in infectious diseases has led to the rise in the demand for vaccines, thereby propelling the demand for Vaccines Storage Equipment.
Market Dynamics
The market is driven by factors such as increasing investment in research & development, growing awareness among consumers for vaccines, and rising focus on immunization programs. Conversely, lack of information and unavailability of vaccines in rural areas and high cost of vaccine development are key restraints of this market. Growing opportunities for vaccine manufacturers and technological development in preservation of vaccines by government are boosting the market.
Segmental Outlook
On the basis of types, the market is bifurcated into portable and non-portable equipment. The portable segment accounted for 43.3% share of the market in 2019. Several consumers are adopting portable equipment for the transportation of vaccines, as they are more convenient in storing the vaccines, thus boosting segment growth.
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