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The South Korea vaccine refrigerator market size reached a value of more than USD 31.30 million in 2022. The South Korea vaccine refrigerator industry is expected to grow at a CAGR of 4.8% between 2023 and 2028, reaching a value of USD 41.40 million by 2028.
Vaccine refrigerators are made to keep vaccines and other medical supplies at a controlled temperature, so they don't deteriorate. Immunobiologics' efficacy can be reduced or destroyed if the specified guidelines for storage and handling are not followed, which can lead to an insufficient or non-existent immunological response in the recipient. From the time a vaccine is made until it is administered, everyone who handles the vaccine is jointly responsible for maintaining vaccine quality.
The high incidence of infectious diseases, the introduction of COVID-19 vaccines, and other factors are major drivers of the vaccine refrigerator market. Increase in funding by government organizations and large-scale vaccination programmes are being implemented by international health organisations like GAVI (Global Alliance for Vaccines and Immunization), UNICEF, and WHO, among others. Moreover, a race to create the COVID-19 vaccine was started in response to the COVID-19 pandemic by top pharmaceutical companies and research organisations. Therefore, there was a considerable demand for vaccine refrigerators as a result of the substantial volume of deliveries that were necessary for a short period of time, thereby bolstering the growth of the vaccine refrigerator market in South Korea.
The demand for blood surpasses the supply despite Korea's blood donation rate of approximately 5.04%, which is greater than the WHO-reported 3.15% in high-income nations. Blood transfusion-based operations are becoming more common as a result of the growing number of surgeries and diseases like leukaemia and kidney diseases, among others, that are becoming more common. Furthermore, when transporting and storing blood as well as medical products, it is essential to maintain the ideal temperature and level of sanitation. This increases the requirement for vaccine refrigerators globally. For manufacturers of vaccine storage, the development of very reliable, energy-efficient, ultra-low temperature refrigerators has opened up new market opportunities in South Korea.
Based on product, the South Korea vaccine refrigerator market is segmented into vaccine stainless steel refrigerators, vaccine under counter refrigerators, vaccine dual temperature refrigerators, and solar vaccine refrigerators. On the basis of end user, the South Korea vaccine refrigerator market is divided into pharmaceutical companies, hospitals, Blood Banks, and Academic and Research Institutes.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea vaccine refrigerator market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
With the introduction of new viruses, several diseases have become more common during the past few decades. The rising research and development work by pharmaceutical industries, academic and research institutes are providing significant impetus to the market growth across all segments. vaccine dual temperature refrigerators are expected to secure a significant market share during the forecast period. Modern technology does not require batteries to keep solar refrigerators at a constant temperature. As a result, the price of solar vaccine refrigerators has decreased, which has fuelled demand for these items.
The requirement for a vaccine refrigerator for efficient storage and transportation of the vaccine is driving the industry's growth because of the high occurrence and recurrence of these illnesses. On the other hand, a significant factor anticipated to restrain the growth of the worldwide market over the forecast period is expensive refrigerators made particularly for vaccines.
Based on the end user, the vaccine refrigerator market of South Korea is classified into pharmaceutical companies, hospitals, Blood Banks, and Academic and Research Institutes and all these segments will perform well grow at the fast pace during the forecast period due to increased demand for several treatments, surgical operations, and research work.
WINIA Electronics Co., Ltd - South Korean home appliance manufacturer Winia Electronics, formerly known as Daewoo Electronics, is a part of the Winia Group. Since its founding in 1971, the company has expanded into a global enterprise with more than 64 manufacturing facilities, research and development centres, and sales offices spread across more than 40 nations. Utilizing its cutting-edge technology and distinctive goods, WINIA Electronics offers items that are tailored to the needs of its customers.
PHC Holdings Corporation - A multinational company, Panasonic Healthcare is dedicated to the advancement of medical and research technologies. PHC Holdings Corporation develops, produces, and sells medical equipment. The company makes testing instruments for diabetes, blood glucose, and other associated conditions. PHC Holdings also provides additional services, including the development of life sciences and medical information technology solutions.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Product||
|Breakup by End User||
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Industry Opportunities and Challenges
8 South Korea Vaccine Refrigerator Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Vaccine Refrigerator Historical Market (2018-2022)
8.3 South Korea Vaccine Refrigerator Market Forecast (2023-2028)
8.4 South Korea Vaccine Refrigerator Market by Product
8.4.1 Vaccine Stainless Steel Refrigerators
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.4.2 Vaccine Under Counter Refrigerators
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.4.3 Vaccine Dual Temperature Refrigerators
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.4.4 Solar Vaccine Refrigerators
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.5 South Korea Vaccine Refrigerator Market by End User
8.5.1 Pharmaceutical Companies
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.5.3 Blood Banks
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.5.4 Academic and Research Institutes
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Competitive Landscape
10.1 Market Structure
10.2 Company Profiles
10.2.1 WINIA Electronics Co., Ltd.
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.2 PHC Holdings Corporation
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.3 Dometic Group AB
10.2.3.1 Company Overview
10.2.3.2 Product Portfolio
10.2.3.3 Demographic Reach and Achievements
10.2.4 Helmer Scientific Inc.
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
10.2.5 Haier Biomedical
10.2.5.1 Company Overview
10.2.5.2 Product Portfolio
10.2.5.3 Demographic Reach and Achievements
10.2.6 Thermo Fisher Scientific Holdings, Inc.
10.2.6.1 Company Overview
10.2.6.2 Product Portfolio
10.2.6.3 Demographic Reach and Achievements
11 Key Trends and Developments in the Market
List of Key Figures and Tables
1. South Korea Vaccine Refrigerator Market: Key Industry Highlights, 2018 and 2028
2. South Korea Vaccine Refrigerator Historical Market: Breakup by Product (USD Million), 2018-2022
3. South Korea Vaccine Refrigerator Market Forecast: Breakup by Product (USD Million), 2023-2028
4. South Korea Vaccine Refrigerator Historical Market: Breakup by End User (USD Million), 2018-2022
5. South Korea Vaccine Refrigerator Market Forecast: Breakup by End User (USD Million), 2023-2028
6. South Korea Vaccine Refrigerator Market Structure
In 2022, the South Korea vaccine refrigerator market attained a value of nearly USD 31.30 million.
The market is projected to grow at a CAGR of 4.8% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 41.40 million by 2028.
The emergence of the COVID-19 pandemic and other diseases, increasing awareness regarding immunization programs, and growing demand for the storage of vaccines and medical equipment are the major industry drivers.
An increase in funding by government organizations and extensive R&D activities are the key trends in the South Korea vaccine refrigerator market.
The major players in the industry are WINIA Electronics Co., Ltd., PHC Holdings Corporation, Dometic Group AB, Helmer Scientific Inc., Haier Biomedical, and Thermo Fisher Scientific Holdings, Inc., among others.
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