The global vaccine storage & packaging market size is expected to reach USD 43.8 billion by 2027 according to a new study by Polaris Market Research. The report “Vaccine Storage & Packaging Market Share, Size, Trends, Industry Analysis Report, By Type (Storage [Storage Equipment (Refrigerator, Freezer, Others), Service (Warehouse Storage, Transportation)], Packaging [By Packaging Material (Vaccine Bags, Vials, Ampoules, Corrugated boxes, Others), By Packaging Level (Primary, Secondary, Tertiary)]; By End-Use (Retailers, Forwarding & Clearing Agents, Distributors and Others); By Regions; Segment Forecast, 2020-2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Vaccines are being stored in its original packaging with lids enclosed in separate containers until it is ready for administration to protect it from the light and to provide additional thermal protection. Vaccine storage equipment is the laboratory equipment utilized to maintain and preserve the life of vaccines in the desired condition. It also helps to prevent vaccines from degradation.
Vaccine storage equipment provides storage at varying temperatures ranging from 86 to 65 degree Celsius. Also, it is available in various capacities as per the necessities of an end-user. Moreover, vaccine storage equipment has a huge application in medical laboratories, biotechnology companies, pharmacy stores, blood banks, hospitals & other health care institutes.
Recent developments in the market include the launch of Solar Vaccine Refrigerator (SDD refrigerators) and Radio Frequency Identification (RFID) Refrigerators. The advanced refrigerators & freezers help in temperature regulation along with the preservation of vaccines.
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The growing government venture on vaccination programs will offer lucrative opportunities for the growth of the global market. The issues including in-house storage and packaging abilities and budget barriers faced by biopharmaceutical organizations, government centers, and academic institutions are estimated to drive the development of the global market. However, technological developments in refrigerators and freezers utilized for vaccine storage and transportation will further fuel the market growth.
Market participants such as Lineage Logistics, DB Schenker, AmerisourceBergen, DHL, Thermo Fischer Scientific, Cardinal Logistics, McKesson; Panasonic Healthcare co., LTD., Arctiko A/S, American Biotech Supply, NIPRO are some of the key players operating in the global market.
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Players in the market are focusing on the mergers & acquisitions, collaborations, product extension & geographical expansion. Also, the companies are making huge investments in research and development activities to develop new products & to compete with the other players.
In June 2020, Moderna, Inc., a clinical stage biotechnology company has announced a partnership for the large-scale, manufacturing of the Moderna’s mRNA-based COVID-19 vaccine (mRNA-1273) at Catalent’s biologics research center in Bloomington, Indiana. As per the agreement, Catalent will offer a vial filling & packaging capacity, alongwith the staff requirements for the 24×7 manufacturing operations at the site to assists in development of an initial 100 million doses of the vaccine to supply at the U.S. market by Q3 of 2020.
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The global solar panels market size is anticipated to reach USD 90.23 billion by 2026 growing at a CAGR of 12.4% from 2018 to 2026 according to a new report published by Polaris Market Research.
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