Summary

The global Vaccine storage equipment market is projected to reach USD 1.21 billion by 2029 from USD 0.86 billion in 2024, at a CAGR of 7.2% during the forecast period. This is due to increasing need for temperature control to prevent vaccine loss and potential health hazard. Temperature control is critical in preventing vaccine wastage and ensuring the safety and efficacy of vaccines consequently increasing the demand for the vaccine storage equipment. However, the increased demand for the refurbished vaccine storage equipment in pharmaceutical industry and high energy cost and huge initial capital investment are the major restraint to the market. Additionally, the shortage of trained manpower & limited resourcces to maintain equipment is major challenge for the market growth. But, availability of cold chain logistics in developing countries and the increasing conditions necessitating vaccination is creating a conducive environment for market expansion over the forecast period of 2024-2029. “The large capacity refrigerator segment of vaccine storage equipment market by type of refrigerator to hold largest position forecast period.” Based on the product, the vaccine storage equipment market is divided into refrigerators, freezers, vaccine carrier/cold box, monitoring devices and others. The market fro refrigerators is again divided into large capacity refrigerator and small capacity refrigerator. Among these, in 2023 large capacity refrigerator segment account for the largest market share in vaccine storage equipment market by refrigerator. These large capacity refrigerators are manufactured to hold large amounts of vaccine at precise temperatures, as these devices offer excellent temperature uniformity and plenty of storage space, large-capacity refrigerators are essential in healthcare facilities. The demand for these large capacity advanced refrigeration equipment is further increased by the rise in multi-dose vaccine production and the development of new vaccine types with particular storage needs. Consequently, the adoption of advanced large-capacity refrigerators to facilitate effective vaccine transportation and distribution is driving the expansion of large capacity refrigerator segment in vaccine storage equipment market. “The vaccination center segment accounts for the second largest market share in vaccine storage equipment market.” Based on end user, the vaccine storage equipment market is segmented into vaccination centers, pharmaceutical centers, hospitals & clinics, and others including pharmacies, research laboratories, public health organizations. The vaccination centers segment accounts for the second largest market share in vaccine storage equipment market due to its pivotal role in storage of vaccines. In the supply chain for vaccines, vaccination centers are the last end users. Until the vaccines are administered to patients, these vaccination centers need to preserve the effectiveness and integrity of vaccines, thus vaccine storage equipment including refrigerator, freezer, vaccine carrier/cold boxes, monitoring devices are in huge demand in these centers. Additionally, vaccination facilities are the crucial nodes in the distribution network, owing to governments and international organizations making significant investments in immunization programs. This directly affects the need for state-of-the-art vaccine storage equipment. “Europe accounted for the second largest share of the vaccine storage equipment market by region.” The global vaccine storage equipment market is segmented into six major regions, namely, North America, Europe, Asia Pacific, Latin America, Middle East & Africa and GCC Countries. Europe is the second largest regional market for vaccine storage equipment equipment, whereas the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Europe holds the second-largest position in the vaccine storage equipment market. This is due to the presence of key industry players such as Eppendorf SE (Germany), Dulas Ltd. (UK), Arctiko Ltd (UK), Philipp Kirsch GmbH, A Hettich Group Company (Germany), and Labcold Limited (UK). These major European players are making significant investments in R&D to create cutting-edge, innovative equipment. Furthermore, the European region's strong pharmaceutical manufacturing base, established regulatory framework, and focus on technological advancements all contribute to its strong market position. In Europe, the need for vaccine storage equipment is being driven by innovation and industry leadership. A breakdown of the primary participants referred to for this report is provided below: • By Company Type: Tier 1–40%, Tier 2–30%, and Tier 3– 30% • By Designation: C-level–50%, Director-level–30% and Others–20% • By Region: North America–38%, Europe–26%, Asia Pacific–15%, Latin America- 11%, and Middle east and Africa-7% and GCC countries-3% Note 1: Note: Companies are classified into tiers based on their total revenue. As of 2023, Tier 1 = >USD 10.00 billion, Tier 2 = USD 1.00 billion to USD 10.00 billion, and Tier 3 =

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Table of Contents

1 INTRODUCTION 26
1.1 STUDY OBJECTIVES 26
1.2 MARKET DEFINITION 26
1.3 STUDY SCOPE 27
1.3.1 MARKETS COVERED & REGIONAL SEGMENTATION 27
1.3.2 INCLUSIONS & EXCLUSIONS 28
1.3.3 YEARS CONSIDERED 28
1.3.4 CURRENCY CONSIDERED 29
1.4 STAKEHOLDERS 29
2 RESEARCH METHODOLOGY 30
2.1 RESEARCH DATA 30
2.1.1 SECONDARY DATA 31
2.1.1.1 Key data from secondary sources 32
2.1.2 PRIMARY DATA 32
2.1.2.1 Key data from primary sources 34
2.1.2.2 Key industry insights 34
2.2 MARKET SIZE ESTIMATION 35
2.3 MARKET BREAKDOWN & DATA TRIANGULATION 39
2.4 MARKET RANKING ANALYSIS 40
2.5 STUDY ASSUMPTIONS 40
2.6 RESEARCH LIMITATIONS 40
2.6.1 METHODOLOGY-RELATED LIMITATIONS 40
2.6.2 SCOPE-RELATED LIMITATIONS 41
2.7 RISK ASSESSMENT 41
3 EXECUTIVE SUMMARY 42
4 PREMIUM INSIGHTS 48
4.1 VACCINE STORAGE EQUIPMENT MARKET OVERVIEW 48
4.2 EUROPE: VACCINE STORAGE EQUIPMENT MARKET, BY PRODUCT 49
4.3 VACCINE STORAGE EQUIPMENT MARKET: GEOGRAPHIC SNAPSHOT 50
4.4 GEOGRAPHIC MIX: VACCINE STORAGE EQUIPMENT MARKET,
2024–2029 (USD MILLION) 51
4.5 VACCINE STORAGE EQUIPMENT MARKET: DEVELOPED MARKETS VS.
EMERGING ECONOMIES, 2024 VS. 2029 (USD MILLION) 51
 
5 MARKET OVERVIEW 52
5.1 INTRODUCTION 52
5.2 MARKET DYNAMICS 52
5.2.1 DRIVERS 53
5.2.1.1 Need for temperature control to prevent vaccine loss and
potential health hazards 53
5.2.1.2 Increasing government & regulatory body support for establishing and maintaining vaccine cold chain systems 53
5.2.2 RESTRAINTS 54
5.2.2.1 High energy costs and need for capital investments 54
5.2.3 OPPORTUNITIES 54
5.2.3.1 Rising disease prevalence to boost demand for vaccination
and storage equipment 54
5.2.3.2 Availability of cold chain logistics in developing countries 55
5.2.4 CHALLENGES 55
5.2.4.1 Shortage of trained manpower & limited resources to
maintain equipment 55
5.2.4.2 Environmental concerns regarding greenhouse gas emissions 55
5.3 TECHNOLOGY ANALYSIS 56
5.3.1 KEY TECHNOLOGIES 56
5.3.1.1 Thermoelectric cooling 56
5.3.1.2 Solar direct drive 56
5.3.2 COMPLEMENTARY TECHNOLOGIES 56
5.3.2.1 Temperature control and tracking systems 56
5.3.3 ADJACENT TECHNOLOGIES 57
5.3.3.1 Thermal insulation 57
5.4 INDUSTRY TRENDS 57
5.4.1 GROWTH OF IOT-ENABLED SOLUTIONS IN VACCINE STORAGE EQUIPMENT FOR ENHANCED MONITORING AND EFFICIENCY 57
5.4.2 RISING EMPHASIS ON ENERGY EFFICIENCY 57
5.5 VALUE CHAIN ANALYSIS 58
5.6 ECOSYSTEM ANALYSIS 58
5.7 SUPPLY CHAIN ANALYSIS 59
5.8 TRADE ANALYSIS 61
5.8.1 IMPORT SCENARIO FOR HS CODE 8418 61
5.8.2 EXPORT SCENARIO FOR HS CODE 8418 62
5.9 PORTER’S FIVE FORCES ANALYSIS 62
5.9.1 THREAT OF NEW ENTRANTS 63
5.9.2 THREAT OF SUBSTITUTES 64
5.9.3 BARGAINING POWER OF BUYERS 64
5.9.4 BARGAINING POWER OF SUPPLIERS 64
5.9.5 INTENSITY OF COMPETITIVE RIVALRY 64
 
5.10 KEY STAKEHOLDERS AND BUYING CRITERIA 65
5.10.1 KEY STAKEHOLDERS IN BUYING PROCESS 65
5.10.2 BUYING CRITERIA 66
5.11 REGULATORY LANDSCAPE 67
5.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 67
5.11.2 REGULATORY ANALYSIS 69
5.11.2.1 NORTH AMERICA 69
5.11.2.1.1 US 69
5.11.2.1.2 Canada 69
5.11.2.2 Europe 70
5.11.2.3 Asia Pacific 70
5.11.2.4 Latin America 71
5.11.2.5 Middle East & Africa and GCC Countries 71
5.12 PATENT ANALYSIS 72
5.12.1 INSIGHTS: JURISDICTION AND TOP APPLICANT ANALYSIS 73
5.13 PRICING ANALYSIS 74
5.13.1 INDICATIVE PRICE TREND OF VACCINE STORAGE EQUIPMENT, BY KEY PLAYER 75
5.13.2 INDICATIVE PRICE TREND OF VACCINE STORAGE EQUIPMENT, BY REGION 76
5.14 KEY CONFERENCES AND EVENTS, 2024–2025 77
5.15 ADJACENT MARKET ANALYSIS 78
5.15.1 COLD CHAIN PRODUCTS FOR PLASMA FRACTIONATION MARKET 78
5.16 UNMET NEEDS/END-USER EXPECTATIONS 78
5.17 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 79
5.18 INVESTMENT & FUNDING SCENARIO 80
5.19 IMPACT OF AI ON VACCINE STORAGE EQUIPMENT MARKET 80
6 VACCINE STORAGE EQUIPMENT MARKET, BY PRODUCT 82
6.1 INTRODUCTION 83
6.2 REFRIGERATORS 83
6.2.1 LARGE-CAPACITY REFRIGERATORS 85
6.2.1.1 Growing immunization programs to drive demand for refrigerators 85
6.2.2 SMALL-CAPACITY REFRIGERATORS 87
6.2.2.1 Adoption of advanced technologies by key players to drive market 87
6.3 FREEZERS 89
6.3.1 LOW-TEMPERATURE FREEZERS 91
6.3.1.1 Rising demand from small-scale laboratories and pharmacies
to boost growth 91
6.3.2 ULTRA-LOW-TEMPERATURE FREEZERS 92
6.3.2.1 High vaccine storage capacity to drive adoption 92
 
6.4 VACCINE CARRIERS/COLD BOXES 94
6.4.1 STANDARD VACCINE CARRIERS/COLD BOXES 96
6.4.1.1 Initiatives led by several agencies to boost market growth 96
6.4.2 FREEZE-PREVENTIVE VACCINE CARRIERS/COLD BOXES 98
6.4.2.1 Rising demand for temperature-sensitive vaccines to
aid market growth 98
6.5 MONITORING DEVICES 100
6.5.1 TEMPERATURE MONITORING SYSTEMS 102
6.5.1.1 Adoption of innovative technologies in temperature monitoring devices to drive market 102
6.5.2 ALARM & ALERT SYSTEMS 104
6.5.2.1 Regulatory compliance, automation, and smart storage
solutions to drive market 104
6.6 OTHER PRODUCTS 106
7 VACCINE STORAGE EQUIPMENT MARKET, BY TYPE 108
7.1 INTRODUCTION 109
7.2 REFRIGERATED STORAGE 109
7.2.1 STRICT REGULATORY COMPLIANCE AND GOVERNMENT SUPPORT
TO BOOST MARKET 109
7.3 REFRIGERATED TRANSPORT 111
7.3.1 FOCUS ON ENHANCING COLD CHAIN INFRASTRUCTURE WITH SUSTAINABLE SOLUTIONS TO AID MARKET GROWTH 111
8 VACCINE STORAGE EQUIPMENT MARKET, BY END USER 113
8.1 INTRODUCTION 114
8.2 HOSPITALS & CLINICS 114
8.2.1 RISING FUNDING PROGRAMS TO BUILD INFRASTRUCTURE TO
AID MARKET GROWTH 114
8.3 VACCINATION CENTERS 116
8.3.1 INCREASING IMMUNIZATION PROGRAMS CONDUCTED TO DRIVE MARKET 116
8.4 PHARMACEUTICAL COMPANIES 118
8.4.1 COLLABORATIVE INITIATIVES BY PHARMACEUTICAL COMPANIES FOR VACCINE DEVELOPMENT TO BOOST MARKET GROWTH 118
8.5 OTHER END USERS 120
9 VACCINE STORAGE EQUIPMENT MARKET, BY REGION 121
9.1 INTRODUCTION 122
9.2 NORTH AMERICA 123
9.2.1 MACROECONOMIC OUTLOOK FOR NORTH AMERICA 123
9.2.2 US 127
9.2.2.1 US to dominates North American vaccine storage equipment market 127
9.2.3 CANADA 130
9.2.3.1 Stringent regulatory guidelines for vaccine storage and handling to propel market growth 130
9.3 EUROPE 133
9.3.1 MACROECONOMIC OUTLOOK FOR EUROPE 133
9.3.2 GERMANY 136
9.3.2.1 Germany accounted for largest share of European market in 2023 136
9.3.3 FRANCE 139
9.3.3.1 Increasing investments by biopharma companies to drive market 139
9.3.4 ITALY 142
9.3.4.1 Rising vaccine manufacturing and local innovation to drive market 142
9.3.5 UK 145
9.3.5.1 Expanding vaccination coverage to propel demand for
storage equipment 145
9.3.6 SPAIN 148
9.3.6.1 Increasing incidence of infectious diseases in Spain to drive market 148
9.3.7 NORDIC COUNTRIES 151
9.3.7.1 Increasing investment by manufacturers to drive market 151
9.3.8 REST OF EUROPE 154
9.4 ASIA PACIFIC 157
9.4.1 MACROECONOMIC OUTLOOK FOR ASIA PACIFIC 157
9.4.2 JAPAN 161
9.4.2.1 Japan to hold largest market share in APAC 161
9.4.3 CHINA 164
9.4.3.1 Stringent regulations and enhanced immunization guidelines
to drive market 164
9.4.4 INDIA 167
9.4.4.1 Rising awareness campaigns to propel market growth 167
9.4.5 AUSTRALIA 170
9.4.5.1 Government initiatives and awareness campaigns to
propel market growth 170
9.4.6 SOUTH KOREA 173
9.4.6.1 Increasing geriatric population to drive market growth 173
9.4.7 REST OF ASIA PACIFIC 176
9.5 LATIN AMERICA 179
9.5.1 MACROECONOMIC OUTLOOK FOR LATIN AMERICA 179
9.5.2 BRAZIL 182
9.5.2.1 Rising disease prevalence and mRNA research to boost demand for vaccine storage equipment in Brazil 182
9.5.3 MEXICO 185
9.5.3.1 Emphasis on vaccination campaigns to drive demand for
storage equipment 185
9.5.4 ARGENTINA 188
9.5.4.1 Rising infectious disease prevalence and vaccine production to support adoption 188
9.5.5 REST OF LATIN AMERICA 191
 
9.6 MIDDLE EAST & AFRICA 194
9.6.1 EXPANSION OF VACCINE PRODUCTION TO SUPPORT MARKET GROWTH 194
9.6.2 MACROECONOMIC OUTLOOK FOR MIDDLE EAST AND AFRICA 194
9.7 GCC COUNTRIES 197
9.7.1 STRATEGIC INVESTMENTS BY PHARMACEUTICAL COMPANIES TO
BOOST MARKET GROWTH 197
9.7.2 MACROECONOMIC OUTLOOK FOR GCC COUNTRIES 197
10 COMPETITIVE LANDSCAPE 201
10.1 OVERVIEW 201
10.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 201
10.2.1 OVERVIEW OF STRATEGIES ADOPTED BY PLAYERS IN VACCINE
STORAGE EQUIPMENT MARKET 202
10.3 REVENUE ANALYSIS, 2021–2023 203
10.4 MARKET SHARE ANALYSIS, 2023 204
10.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 206
10.5.1 STARS 206
10.5.2 EMERGING LEADERS 206
10.5.3 PERVASIVE PLAYERS 206
10.5.4 PARTICIPANTS 206
10.5.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 208
10.5.5.1 Company footprint 208
10.5.5.2 Region footprint 209
10.5.5.3 Product footprint 210
10.5.5.4 Type footprint 212
10.5.5.5 End-user footprint 213
10.6 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 214
10.6.1 PROGRESSIVE COMPANIES 214
10.6.2 RESPONSIVE COMPANIES 214
10.6.3 DYNAMIC COMPANIES 214
10.6.4 STARTING BLOCKS 214
10.6.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 216
10.7 VALUATION & FINANCIAL METRICS 217
10.7.1 FINANCIAL METRICS 217
10.7.2 COMPANY VALUATION 217
10.8 BRAND/PRODUCT COMPARISON 218
10.9 COMPETITIVE SCENARIO 219
10.9.1 PRODUCT LAUNCHES 219
10.9.2 DEALS 219
10.9.3 EXPANSIONS 220
10.9.4 OTHER DEVELOPMENTS 220
 
11 COMPANY PROFILES 221
11.1 KEY PLAYERS 221
11.1.1 THERMO FISHER SCIENTIFIC INC. 221
11.1.1.1 Business overview 221
11.1.1.2 Products offered 222
11.1.1.3 Recent developments 225
11.1.1.3.1 Product launches 225
11.1.1.4 MnM view 226
11.1.1.4.1 Key strengths 226
11.1.1.4.2 Strategic choices 226
11.1.1.4.3 Weaknesses & competitive threats 226
11.1.2 CARDINAL HEALTH, INC. 227
11.1.2.1 Business overview 227
11.1.2.2 Products offered 228
11.1.2.3 MnM view 229
11.1.2.3.1 Key strengths 229
11.1.2.3.2 Strategic choices 229
11.1.2.3.3 Weaknesses & competitive threats 229
11.1.3 EPPENDORF SE 230
11.1.3.1 Business overview 230
11.1.3.2 Products offered 231
11.1.3.3 MnM view 233
11.1.3.3.1 Key strengths 233
11.1.3.3.2 Strategic choices 233
11.1.3.3.3 Weaknesses & competitive threats 233
11.1.4 AZENTA, INC. 234
11.1.4.1 Business overview 234
11.1.4.2 Products offered 235
11.1.4.3 Recent developments 238
11.1.4.3.1 Deals 238
11.1.4.3.2 Other developments 238
11.1.5 PHC HOLDINGS CORPORATION 239
11.1.5.1 Business overview 239
11.1.5.2 Products offered 241
11.1.5.3 Recent developments 243
11.1.5.3.1 Expansions 243
11.1.6 STANDEX INTERNATIONAL CORPORATION 244
11.1.6.1 Business overview 244
11.1.6.2 Products offered 246
11.1.7 BLUE STAR LIMITED 251
11.1.7.1 Business overview 251
11.1.7.2 Products offered 252
11.1.7.3 Recent developments 253
11.1.7.3.1 Expansions 253
11.1.8 HAIER BIOMEDICAL 254
11.1.8.1 Business overview 254
11.1.8.2 Products offered 256
11.1.8.3 Recent developments 257
11.1.8.3.1 Product approvals 257
11.1.9 DULAS LTD. 258
11.1.9.1 Business overview 258
11.1.9.2 Products offered 258
11.1.10 MVE BIOLOGICAL SOLUTIONS 259
11.1.10.1 Business overview 259
11.1.10.2 Products offered 259
11.1.11 ARCTIKO LTD. 261
11.1.11.1 Business overview 261
11.1.11.2 Products offered 261
11.1.12 EVERMED S.R.L. (EVERLASTING GROUP) 264
11.1.12.1 Business overview 264
11.1.12.2 Products offered 264
11.1.13 PHILIPP KIRSCH GMBH (HETTICH GROUP) 268
11.1.13.1 Business overview 268
11.1.13.2 Products offered 268
11.1.14 LABCOLD LIMITED 270
11.1.14.1 Business overview 270
11.1.14.2 Products offered 270
11.1.15 HELMER SCIENTIFIC INC. (TRANE TECHNOLOGIES) 275
11.1.15.1 Business overview 275
11.1.15.2 Products offered 275
11.2 OTHER PLAYERS 278
11.2.1 THERMOLINE SCIENTIFIC 278
11.2.2 DICKSON DATA 279
11.2.3 SO-LOW ENVIRONMENTAL EQUIPMENT CO. 280
11.2.4 VESTFROST SOLUTIONS 282
11.2.5 ZHONGKE MEILING CRYOGENICS COMPANY LIMITED 283
11.2.6 APOTHECARIES SUNDRIES MFG. PRIVATE LIMITED 285
11.2.7 HELAPET (CLINIMED) 286
11.2.8 NUAIRE, INC. 287
11.2.9 NIHON FREEZER CO., LTD 288
11.2.10 ROCKWELL INDUSTRIES LIMITED 289
 
12 APPENDIX 290
12.1 DISCUSSION GUIDE 290
12.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 296
12.3 CUSTOMIZATION OPTIONS 298
12.4 RELATED REPORTS 298
12.5 AUTHOR DETAILS 299