The pharmaceutical industry is undergoing huge momentum in demand and supply in the current crisis of COVID-19. With a growing number of coronavirus patients, the demand is predicted to spike for different materials and devices used in the medical industry. To contain the spread of coronavirus, global leaders and pharmaceutical professionals are aggressively involved in finding drugs and vaccines for coronavirus. This quest is influencing several related aspects of the medical sector including storage and transport.
"Among the major restraints in the pharmaceutical industry are the disrupted supply chain and restricted supply from leading producers of pharmaceutical ingredients - India and China. The real extent of the impact may be hard to quantify at the moment and can only be assessed after the end of the ongoing crisis. Most pharmaceutical companies may be well equipped but if the current situation continues, a severe crisis in the pharmaceutical sector may arise. The development of the COVID-19 vaccine becomes mandatory to avoid any major crisis in near future," states the analyst from PMR.
Development Of COVID-19 Vaccine Increases Demand
Several scientific organizations and institutions, in different locations of the globe, are involved in the development of vaccines for COVID-19. Such initiatives account for the high demand for different types of vaccines and temperature-sensitive medical components which require vaccine transport containers for storage and transfer between different locations. Moreover, the development of the COVID-19 vaccine is projected to experience world-wide demand, creating a significant use case in the market. PMR predicts the above-mentioned factors to exponentially increase the demand for vaccine transport containers.
Shortage of Containers Inflates Price
The international focus on vaccine development is anticipated to assure the fulfillment of global demand. However, the transaction of vaccines in different parts of the world may face a shortage of vaccine transport containers. This shortage may spike the price of these containers, making the vaccine container market very lucrative. COVID-19 crisis is projected to have a long term impact on the vaccine industry. With better awareness regarding the importance of vaccines, the demand for transport and other mandatory vaccines is expected to surge in the future, creating long term revenue prospects for the manufacturers of vaccine transport containers. Hike in demand for containers will also influence the market for associated accessories such as the coolant packs placed inside these containers.
Market Competition Intensifies
Assessing the revenue prospects in the vaccine transport containers business, the number of market players may enter the market. The surge in the competition is foresighted to deliver vaccine transport containers with improved attributes. PMR highlights the robustness and lightweight nature as the desired quality of these vaccine containers. The ongoing research of vaccines can fuel the development of highly efficient containers, with improved storage capacity, better robustness and reduced weight. Such developments will drive the growth of the market for vaccine transport containers.
Lightweight Containers Highly Demanded in Market
Mobile type of vaccine transport containers is expected to gain traction in the market with the development of COVID-19 vaccine. Research and development centers are anticipated to generate huge opportunities for the use of vaccine transport containers on the back of the presence of a huge concentration of vaccines. Lightweight and small containers will be highly preferred for their ease of carriage by health providers in reaching remote locations during vaccination drives.
The report published by persistence research provides details about the latest developments in vaccine transport containers. It provides insight into the major developments in the market after the COVID-19 pandemic. This report talks about the major players in the market with their updated infrastructural, production and supply capacities.