Vaccine refrigerators are used to store vaccines at the required temperature and prevent them from degradation. Vaccines are highly temperature-sensitive and fluctuations in the storage temperature may lead to their degradation. Commercial refrigerators face the issue of temperature fluctuations that can jeopardize vaccines. Vaccine refrigerators provide stable, ultra-low temperature designed specifically to maintain the stability of vaccines. The sunny climate in developing countries and electricity supply issues in rural areas affect the vaccine storage. In these regions, solar power vaccine refrigerators are used. Vaccine refrigerators are cost-effective and highly reliable.
The vaccine refrigerators market is driven by increase in the number of infectious diseases, which has raised the demand for vaccines. Growing research and development activities in institutes and government organizations for the development of innovative vaccines have further augmented the demand for vaccine refrigerators. Increase in funding by government organizations and extensive R&D activities by pharmaceutical companies for new vaccine development are driving the global vaccine refrigerators market. However, high cost of vaccine refrigerators and growing trend of using refurbished equipment are major restraining factors for the market. High prevalence of infectious diseases such flu, mumps, and other viral infections creates a large population base for immunization. This offers growth opportunities to the vaccine refrigerators market. Moreover, products with technological innovation such as solar vaccine refrigerators are anticipated to provide growth opportunities to the market in the near future.
The global vaccine refrigerators market has been segmented based on product, end-user, and region. In terms of product, the vaccine refrigerators market can be segmented into vaccine stainless steel refrigerators, vaccine dual-temperature refrigerators, vaccine under-counter refrigerators, solar vaccine refrigerators, and others. The vaccine dual-temperature refrigerators segment is likely to witness significant growth during the forecast period, owing to high demand for dual-temperature systems in research and pharmaceutical companies. Solar vaccine refrigerators use solar photovoltaic panels to generate electricity from sunlight and store the energy in batteries. Latest technologies do not use batteries to maintain the temperature of solar refrigerators. This has reduced the cost of solar vaccine refrigerators, which has led to high demand for these products. Based on end-user, the vaccine refrigerators market has been segmented into hospitals, blood banks, pharmaceutical companies, academic & research institutes, and others. The pharmaceutical companies segment is likely to dominate the market during the forecast period, owing to rise in research and development activities and high investments by key players in the development of innovative vaccines in collaboration with government organizations.
Geographically, the global vaccine refrigerators market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounts for a leading share of the global market for vaccine refrigerators. Growing research and development activities in academic and pharmaceutical sectors, increasing awareness regarding immunization programs, and high health care expenditure in the region are augmenting the demand for vaccines in North America. This would have a positive impact on the vaccine refrigerators market in North America during the forecast period. Asia Pacific is a rapidly growing market for vaccine refrigerators, due to rising number of infectious diseases in the region and government initiatives to create awareness regarding immunization programs to eradicate epidemic diseases. Technological advancements by major key players to provide cost-effective solar vaccine refrigerators in developing countries of Asia Pacific are propelling the vaccine refrigerators market in the region.
Key players operating in the global vaccine refrigerators market are 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, and Helmer Scientific.
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