Thursday, August 18, 2022

Amid pandemic and other factors, global vaccine market to hit over $43 billion by 2027

global vaccine market

The global vaccine, storage, and packaging market size in anticipated to hit $43.3 billion by 2027 and a 10 percent growth rate during over the forecast period, 2020 to 2027, according to market intelligence firm Million Insights.

The rising number of investments undertaken by biopharmaceutical companies and healthcare institutions to carry out R&D is projected to drive the market growth.

According to the report, the storage function segment held a share of 58.8 percent in 2019 due to the increasing demand for services and equipment for vaccine storage. The service segment is projected to gain traction in the upcoming years based on third party hiring for transportation services and warehouses being carried out by the key players operating across the biopharma and healthcare sector.

“Biopharmaceutical companies are facing several problems like lack of packaging capabilities, in-house storage, budget constraints, and expertise required for the smooth operation of the supply chain” the study company reported, “thus, they have started relying on their party sources for packaging & distributions of the vaccines.”

The report added, “Also, the linear growth of immunization across the world is estimated to trigger market growth. For example, in 2018, the coverage of the DTP3 (Diphtheria-tetanus-pertussis) vaccine was about 86.0 percent, as stated by WHO.”

In 2019 the segment of storage accounted for the largest share of around 58.8 percent across the global vaccine storage & packaging market. The rising demand for services and equipment for vaccine storage is projected to propel the market growth.

Further, the sub-segment of services is expected to trigger market growth since most biopharmaceutical organizations have started hiring third-party transportation services and warehouses.

The packaging material segment is classified into vials, vaccine bags, corrugated boxes, ampoules, and others. The sub-segment of vials, vaccine bags, ampoules is projected to account for the largest share in the upcoming years due to its compatibility with several sensitive materials.

Further, the study reported, the segment of the packaging level is classified into primary, secondary, and tertiary levels. The segment of primary packaging level accounted for the largest share across the global vaccine market in 2019. It is also projected to register faster growth in the upcoming years due to more cost incurred in the development and designing of primary packaging.

In 2019, Europe accounted for the highest share across the global vaccine market owing to the surging number of research activities and the increasing number of vaccine awareness programs conducted across this region. On the other hand, the MEA is estimated to witness faster growth in the upcoming years on account of increasing expenditure on healthcare infrastructure.

The report noted that the vaccine storage and packaging market has been positively impacted due to the COVID-19 pandemic. The intake of immunity-boosting medicines and syrups has increased significantly since the start of the pandemic. This has in turn caused a substantial rise in the requirement for packaging solutions.

Also, as the COVID-19 vaccine trials are nearing final stages, world governments have started planning for vaccine distributions among their citizens. Therefore, the demand for vaccine storage and packaging solutions is expected to trigger over the post-pandemic period.

The vaccine storage & packaging market across the globe includes key players such as DB Schenker, DHL, AmerisourceBergen, Lineage Logistics, Arctiko A/S, McKesson, and American Biotech Supply Rapid product development and innovation is undertaken by these players to gain a cutting-edge advantage over other players.

Strategies such as acquisitions and mergers are being undertaken by key players for widening the reach of their products. Presently, the market is fragmented in nature but is expected to gain traction in the upcoming years owing to the rising awareness about hygiene for medicines and increasing demand for recyclable packaging.