South Korea Vaccine Refrigerator Market to Reach Around USD 49.94 Million by 2032, Driven by the Growing Demand for Portable and Compact Vaccine Storage Refrigerators

The South Korea vaccine refrigerator market growth can be attributed to government support aimed at revolutionising the healthcare system and the growth of the immunisation programmes. Vaccine storage refrigerators are refrigeration units with specialised designs that are used to keep vaccinations at the proper temperature range to preserve their effectiveness. Since vaccines are sensitive to temperature changes, these coolers are essential to the healthcare sector.

Due to the expanding healthcare sector in this region, companies such as Winia Dimchae and Thermo Fisher Scientific Holdings, Inc. (NYSE: TMO) are developing new products to gain a competitive edge in the market. Moreover, there is a rising demand for vaccine refrigerators that can uniformly and accurately maintain temperatures while facilitating energy efficiency.

In June 2021, South Korean home appliance manufacturer, Winia Dimchae (KRX: 071460) started selling its Medibox ultra-low-temperature COVID-19 vaccine freezer locally. Dayou Plus, a telecommunications equipment affiliate of WInia, produced the company's Medibox, which received approval from the Ministry of Food and Drug Safety. The company successfully registered three related trademarks and the Medibox brand with the Korean Intellectual Property Office. Up to 18,000 vaccination units can be stored in Winia's 65-kilogram, 90-litre Medibox freezer, which can be kept at a temperature between minus 80 and 10 degrees Celsius. When using a separate power pack, Medibox can also sustain extremely cold temperatures for a duration of one to two hours. The vaccine refrigerator is manufactured by Dayou Plus, and Winia handles Medibox sales and distribution in South Korea.

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Market Analysis by Product and End User:

• The market, on the basis of product, can be divided into vaccine stainless steel refrigerators, vaccine under counter refrigerators, vaccine dual temperature refrigerators, and solar vaccine refrigerators.

• Based on end user, the market can be divided into pharmaceutical companies, hospitals, blood banks, and academic and research institutes.

Key Findings of the Report:

• Health spending in South Korea accounts for 9.7% of GDP annually. Rising government spending on healthcare supports the South Korea vaccine refrigerator market expansion.

• The immunisation programme offered by the Korean government, such as the National Immunisation Programme (NIP), under which children under the age of twelve are eligible for free and required vaccinations, propels the vaccine refrigerator demand.

• South Korea is the hub of leading pharmaceutical companies, such as LG Chem Ltd, Celltrion Inc, Yuhan Corp, GC Biopharma Corp, and others. According to industry reports in 2021, the R&D investment of 64 domestic pharmaceutical companies was about KRW 1.8 trillion, or 9.4% of KRW 19.6 trillion in sales. This is driving the requirement for vaccine refrigerators.

• South Korea is witnessing a trend towards portable and compact vaccine storage refrigerators that can function on battery power or alternate energy sources.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea vaccine refrigerator market for the periods (2017-2023) and (2024-2032).

• The report also offers the historical (2017-2023) and forecast (2024-2032) markets for the products and end users of vaccine refrigerator in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea vaccine refrigerator market are WINIA Electronics Co., Ltd., PHC Holdings Corporation, Dometic Group AB, Helmer Scientific Inc., Haier Biomedical, and Thermo Fisher Scientific Holdings, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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