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Rising prevalence of infectious diseases to be key driver
The global vaccine storage and packaging market is projected to jump to $43.8 billion by 2027, according to a new study published by Polaris Market Research.
The market is also expecting a compound annual growth rate (CAGR) of 10.4% from 2020 to 2027. Technological advancements in the storage and packaging of medicines, a climb in the number of pharma retailers and an increase in the prevalence of infectious diseases are projected to drive demand for the worldwide market.
The Covid-19 pandemic has caused a rise in research studies for the development of a vaccine to prevent and cure the disease, as well as demand for reliable storage and packaging solutions to store these vaccines—doses such as Pfizer’s that use synthetic mRNA to activate the immune system against the virus have to be stored at -70 ºC (-94 ºF).