Market Size of Vaccine Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 10.62 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vaccine Packaging Market Analysis
The vaccine packaging market is expected to register a CAGR of 10.62% during the forecast period. Due to the COVID-19 pandemic, demand for vaccines and packaging for these vaccines skyrocketed. Market players have been expanding their production capacities to meet the surge in demand.
- One of the main factors fueling the market's expansion is the rising incidence of various viral infections and immunological disorders in different parts of the world. The need for effective vaccine packaging facilities has significantly increased with the appearance of the coronavirus disease (COVID-19). Additionally, growing consumer awareness of the importance of early detection and prevention of infectious diseases has increased the demand for protective vaccines and is contributing to the market's growth.
- Healthcare spending by people and governments has been increasing, which is beneficial for the vaccine packaging market growth. For instance, according to China's National Health Commission, the total size of the Chinese healthcare industry is anticipated to reach CNY 16 trillion (USD 2.39 trillion) by 2030.
- According to the Chinese Center for Disease Control and Prevention of the Institute for Health Metrics and Evaluation, China reached a health 'tipping point,' with chronic conditions replacing infectious diseases as the leading causes of early deaths in the nation of 1.4 billion people. Such huge investments have anticipated the drive of the market.
- Leading vaccine manufacturers are preparing to establish adequate production facilities for future pandemics. These developments are fueling the market growth in the long term. For instance, in April 2022, Sanofi, a pharmaceutical company, announced to spend EUR 900 million (USD 618.55 million) to build two new Evolutive Vaccine Facilities (EVFs) in France and Singapore.
